Online Reporter
Judith Phiri Zimpapers Business Hub
THE National Employment Council (NEC) for Banking Sector has proposed setting up of an academy to reskill employees, as the sector has encountered significant job losses driven by digitisation and economic instability.
The banking sector is said to have seen a 75 percent decrease in employment since 2000 as more layoffs are expected due to automation and technological advancements.
According to the Zimbabwe Banks and Allied Workers Union (ZIBAWU), since 2024, Zimbabwe’s banking sector has retrenched 453 workers, with CBZ Bank driving most job cuts (347), followed by First Capital Bank (52), ZB Bank (33) and Steward Bank (21).
Speaking at the annual NECs Symposium in Bulawayo on Thursday, NEC Banking Sector Independent chairperson, Arbitrator Mr Phillip Bvumbe said these job losses stem from technological advancements.
“You will notice that the driver of the job losses has been the issue of technology, digital interventions and also generative artificial intelligence (GenAI) coming in to replace certain jobs.
“The retrenchments that are occurring in the banking sector are to replace those people without the skills required in the current environment. So, in order not to lose employment you will find that at NEC we have to come up with an academy where we will do reskilling,” he said.
“On the union side, ZIBAWU has started the long life learning and within the last year they have created three university graduates who are qualified as lawyers. So, that should also trickle in terms of job employment when it comes to labour issues.”
He said as an NEC in terms of replacing those employees that have lost jobs, one of the things that needed to be addressed was the issue of demographic changes that have occurred in the workplace.
Mr Bvumbe said the demographic outlook in the banking sector was of the old and new people.
“We have people coming from universities with skills. The retrenchments that are occurring is to replace those people without the skills required in the current environment.
“The banking sector’s reliance on technology is rapidly increasing and this has impact on traditional roles, while at the same time creating new job opportunities in areas like digital banking and cybersecurity,” he added.
The two day symposium was meant to discuss pertinent issues in the labour market and harmonious industrial relations.
It ran under the theme: “Building resilient NECs in a rapidly changing environment and the future of work towards Vision 2030.”
