ZB retrenches 98 workers

Business Writer

ZB Financial Holdings (ZBFH) says 59 staff members, mostly those who were nearing retirement took up its Voluntary Disengagement Scheme (VDS) and further 39 were affected under the Compulsory Disengagement Scheme ICDS), Group Chief Executive, Dr Shepherd Fungura said in the 2023 annual report.

“Following adoption of a new structure supportive of the new business model and organisational design, the Group undertook a job evaluation exercise, closely linked to deployment of staff to fill all positions across the Group.

“As at 31 December 2023, this project had been completed. As the new Group Structure settled, the Group adopted a Voluntary Disengagement Scheme (VDS) which was taken up by 59 staff members, mostly those who were nearing retirement

“However, some staff members could not be accommodated within the new organisational design, thus necessitating a Compulsory Disengagement Scheme ICDS) which saw 36 staff members being disengaged,” said Dr Fungura.

He said as of 31 December 2023, the Group staff complement stood at 1 061 (2022:965).

Last year in May, the financial institution said the retrenchment scheme, which opened on 11 May 2023 and closed on Friday, 19 May 2023 was offered to all categories of permanent staff from executives, senior managers, managers, and non-managers.

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.”