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Why we disengaged workers-Wema Bank

Category: Investors NewsBeat


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Why we disengaged workers-Wema Bank
15/04/2010 15:32:00Richard Aderounmu
The management of Wema Bank Plc. has maintained that the workers recently disengaged were those due for retirement or those whose functions and responsibilities overlap.

Mr. Tunde Olofintila, Head, Corporate Communications of  the bank, said this in Lagos.It would be recalled that Mrs Bolarinwa Tijani, spokesperson for the disengaged workers, had said the bank refused to convert contract staff who had spent more than 15 years to permanent status.


Tijani also accused the bank of spurious salary cuts and disengagement of staff without due process.Olofintila, however, said the new management of Wema Bank “released” some of its workforce to enable it create an institution  that could compete in the banking sector.


“This is in consonance with the three-phase transformation plan of repositioning, stabilising and growing the bank to enable the 64-year old financial institution to regain its prime position as a leading bank in Nigeria.

“Those released from the services of the bank are those due for retirement (after attaining the official retirement age or having served for 30 years), those on the verge of retirement and those whose functions and responsibilities overlap”, he said.

Olofintila said Mr. Segun Oloketuyi, the bank’s Group Managing Director/Chief Executive Officer, had announced that some processes would be streamlined and  roles merged for effective service delivery.“We must now, as a matter of urgency, implement measures to achieve the three-phase transformation plan.


“This is by reducing cost, eliminating duplication, acquiring superior knowledge and skills about our business to achieve world-class performance”, Olofintila said.According to him, the retrenchment exercise is also to reposition the bank for efficient and effective service delivery.


Olofintila said the bank had  implemented a New Service Delivery initiative and a redeployment  exercise was effected to support it. He said the bank had shored up its work force with 770 new entrants, made up of 541 recently converted contract staff and 229 corps members who served in the institution
 
(Source:Business Hallmark)


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