… as Nigerian banks embark on silent retrenchment
• Top bank asks all drivers to drop car keys
Workers of Deposit Money Banks in Nigeria have said that they have prepared for the worst in the coming days as their employers strategise for a tight operational regime amid the current COVID-19 socio-economic crisis.
Some of the bankers, who spoke in separate interviews with The Point’s correspondent, said they had already sacked themselves in their minds, knowing that, apart from a bandwagon effect expected to follow Access Bank’s recent drastic cost cutting measures, their banks would not be willing to pay for haphazard schedules.
According to them, some of their employers had already started reducing operational costs a few days before the five weeks lockdown, on the heels of a pre-analysis of the effect of the COVID-19 pandemic on the Nigerian economy, especially the banking sector.
A senior manager with one of the top three Nigerian banks, who spoke with our correspondent on the condition of anonymity, said there was palpable fear among his colleagues, following the new schedule of work sent out by the management about a week ago.
He also dicslosed that for about two months, all drivers across the branches of the top bank, had been told to drop their keys, as the management decided to peg the number of drivers per branch at one.
“The management said we would only have one driver per branch for operational purpose. They have instead introduced the use of Uber as alternative for marketing and other staff. They are currently in discussion with the contractors to finally lay them off. The drivers would just come to the office, sit down and close for the day without working. They are all in fear, knowing that they are going,” he said.
‘WE’VE ALREADY SACKED OURSELVES IN OUR MINDS’
Another banker, also with a top three Nigerian bank, indicated that her bank had given an option of voluntary resignation for some of the top heavy cadre, citing low productivity.
The banker, who spoke in confidence to our correspondent, said the staff got information a few days ago that only about 75 per cent of their branches would commence skeletal operations, following the easing of the lockdown in Ogun, Lagos and Abuja by President Muhammadu Buhari.
“In our minds, we have already sacked ourselves. Banks, unlike many other businesses, are not usually sentimental about business decisions. Once the numbers are not right, they take immediate action. They prefer to hurt anyone but the bank or its owners. So, anything that follows this COVID-19 wahala, we will take it in good faith,” she said.
On his part, an executive director of a top pan-African bank in Nigeria, said though there was nothing wrong with businesses adjusting to survive in the face of uncertainties ahead, the wave of retrenchment would afect senior workers more.
According to him, many of the senior workers of banks, as a result of heavy work load, unfortunately, do not usually plan for retirement, and will be badly hit if the negative effect does not stop at pay cut.
He said, “Since one of them has done it, there is the justifictaion for others to follow. There had been situations in the past where very young, inexperienced workers were employed and the old staff told to go after a few weeks. In essence, they took out the old hands and brought in new ones with largely reduced salaries. In this case, with business almost negligible, there will be more casualties, even without replacements.
“Like Access, but may be not in that magnitude, we already held a meeting to identify very essential services with a view to trimming staff strength. Those of us in the meeting are not immune. We know how such information is passed. If it comes, it is not a death sentence, so long as one is alive to venture into other meaningful things.”
REVISED SCHEDULE VS PRODUCTIVITY
A male banker, who works in the marketing section of another conservative bank, said his new work schedule allowed him to go to work, physically, once in a week, adding that he would be required to work remotely on other days.
“I already told my wife to get ready for the consequences. For instance, if you work for eight hours and it has been reduced to five hours; and added to that, you are expected in the office in shifts, where you may work for only two days in a week, you definitely should not expect the same salary from a bank even when you were not the one that said you couldn’t work,” he stated.
Efforts to get the comments of the spokesmen of some of the banks on the matter proved abortive as they declined to comment.
“I am also an employee. I don’t know what the management is doing. I can’t comment on the matter. But please don’t quote me,” a spokesman said.
Access Bank recently took the lead in the cost cutting regime by sending signals to staff that jobs would be lost and salaries cut across the diferent departments on the basis of how essential the duties are.
As a first step, the Chief Executive Officer of Access Bank, Herbert Wigwe, indicated that he was willing to lead the pack by taking a 40 per cent pay cut.
He said in a video that trended on social media that the company could make do with fewer workers to come out stronger.
Quote:
“In our minds, we have already sacked ourselves. Banks, unlike many other businesses, are not usually sentimental about business decisions. Once the numbers are not right, they take immediate action. They prefer to hurt anyone but the bank
