ZB mulls job cuts, global economic downturn cited

ZB Holdings plans to retrench an unspecified number of workers as part of its restructuring exercise resulting from the global economic downturn and the effects of the Covid-19 pandemic, according to an internal note seen by this publication.

In an “invitation to participate in a voluntary disengagement scheme,” dated May 11, 2023, ZB chief people and culture officer Johnson Dhemba said the changing business environment, initially resulting from coronavirus and the global economic downturn has impacted the way the financial services group provides services.

“In line with this, we have revised our business model and supporting structures to effectively implement our strategy. New ways of delivering value, through digital channels and automation will continue to require new skill sets from our people.

“As we go through these changes, we are aware some colleagues may be uncomfortable with the changes and may wish to pursue other interests. It is on this basis that a decision has been made to offer a voluntary disengagement package to willing members of staff within the group.

“The scheme, which will open on Thursday, 11 May 2023, and close on Friday, 19 May 2023, will be offered to all categories of permanent staff from executives, senior managers, managers, and non-managers. Participation in this exercise is purely voluntary and no staff member may force, coerce or threaten,” said Mr Dhemba in the memo.

Efforts to seek further comment were not fruitful.

After the governments first imposed lockdowns to contain the virus in 2020, there was a growing consensus that more staff will in future be hired remotely, or work from home.

ZB said the scheme was open to all permanent staff members but management reserves the right to either accept or reject any application “at its sole discretion without assigning any reason and this will be communicated in writing to the affected staff member.”-ebusinessweekly