SAN FRANCISCO, June 02, (THEWILL) – ECOBANK Nigeria Limited has fired over 1,000 members of its staff in a bid to cut down on cost in order to ensure improved efficiency.
Although, it announced the conversion of over 200 outsourced personnel to permanent employees, the disengaged staff members included full time and contract workers.
According to Charles Kie, the bank’s Managing Director, the workers were adequately compensated adding that the bank had also implemented a merit-based pay increase for the top performers across all cadres.
“The bank, in its renewed drive for optimal performance, has in addition realigned certain roles bank wide to ensure improved efficiency. This necessitates the exits of some staff who were adequately compensated,” he said.
“This is in furtherance of a market repositioning exercise designed to strengthen the bank’s business across all markets where it operates.
“We understand that people are our key assets; so, we have emphasised the need to reward our best performers, continue to re-invigorate our people, while also opening up new opportunities for talented and committed people to join us as permanent employees.
“At the same time, based on our repositioning plan, we had to disengage some staff, while ensuring that, in line with industry standards, they are treated fairly.”
ECOBANK’s action comes a day after Diamond Bank Plc sacked over 200 members of its workforce.
Story by David Oputah
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