POSB embarks on skills audit exercise

Business Reporter
Financial services provider POSB, has embarked on a skills audit exercise as part of its restructuring programme, according to an internal memo seen by The Herald Business.

The exercise-being conducted by Ernst and Young Consultants may result in staff rationalisation to support the company’s restructuring, sources close to the development said.

“As part of the exercise, the consultants will be carrying out a skills audit to identify the skills and knowledge that the bank requires to execute its strategy, as well as establish the current skills and knowledge levels,” reads part of circular by the company human resource department. The process will identify training gaps/needs and recommend interventions for improving the skills knowledge,” it added.

POSB said the business process re-engineering exercise “will support restructuring and deployment.” Sources who spoke on condition anonymity, told The Herald Business that the exercise may result in staff being redeployed, new hirings while other positions may be declared redundant.

“It is a broader scheme aimed at identifying the skills gap in the organisation and this will help establish what needs to be done in terms of enhancing skills knowledge. Depending on the recommendations by the consultant, some tasks may be declared redundant.”

POSB is the only savings bank in Zimbabwe, whose mandate is to mobilise savings and promote a savings culture. This is achieved through providing accessible and affordable banking services to all Zimbabweans regardless of social standing or geographical location.

Recently, the bank launched a mortgage finance division as it seeks to increase revenue streams and consolidate its market. The new division seeks to finance housing solutions for the low to medium income earners acquiring housing across the country.

The division is catering for the diaspora market with products such as the ordinary mortgage, equity based mortgages and scheme tailored mortgages. POSB has a huge clientele base comprising of pensioners and other low-income earners. As of March 30, 2017, its customer base increased to 692 000 from 679 000 as at the end of December 2016. But this is a far cry from the around three million customers in 2015.