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Wednesday, July 15,
2020/01:00PM / First Bank / Header Image Credit: First Bank
As the coronavirus
pandemic forces firms to downsize and cut their wage cost to cope with the
adverse economic realities, First Bank of Nigeria Limited (FirstBank) is
bucking the trend with a different approach that puts its staff first, writes
Segun Adams.
In a pandemic year
where employees are agreeing to pay cuts to keep their jobs and businesses are
either downsizing or simply liquidating, First Bank of Nigeria Limited is an
outlier, taking an unusual approach to demonstrate how organisations can still
ensure the best outcomes for both employer and employees.
The first-tier
lender last Friday promoted a crop of its staff across all levels in a rare
show of corporate resilience in the banking industry and beyond, both locally
and across the borders.
According to
FirstBank, keeping staff motivated during these unprecedented times is not only
crucial for the soul of businesses, but it also demonstrates corporate
responsibility.
In the wake of the
new coronavirus pandemic, there have been unprecedented layoffs across the
world as companies went bust, unable to generate cash to sustain their
operations.
The United States,
the world's biggest economy has recorded a historic rise in unemployment with
over 45 million initial unemployment claims in the last three months.
In Britain, HSBC,
a giant global bank, is reviving plans for a 35,000-job cut due to pre-existing
problems thought to have been worsened by the pandemic. Big banks like Morgan
Stanley, Deutsche Bank, Citigroup, Barclays, Société Générale among others have
announced about layoffs exceeding 60,000 jobs.
In Nigeria, 38% of
the workforce was jobless in April due to the virus and lockdowns, the National
Bureau of Statistics (NBS) estimates. In the MSMEs sector, 50,000 jobs were
lost and 10,000 businesses have shut down according to Auwal Bununu Ibrahim,
the National Vice President, North Central of the National Association of Small
and Medium Enterprises, (NASME) and in the Aviation industry, some 24,000 jobs
were lost as of April.
While banks in the
country have been barred by the Central Bank of Nigeria (CBN) from laying off
staff without regulatory approval, there is no obligation for banks to
implement promotions or raise pay. In fact, most lenders have initiated pay
cuts to cope with the excess capacity arising from skeletal operations and
depressed levels of economic activities in the economy which is reeling from
the coronavirus and lockdown shocks.
But against the
odds, FirstBank promoted its staff and didn't cut down salaries.
In a recent
article, Forbes stated that the manner in which firms treat their employees
during the ongoing health and economic crisis will not only be remembered for
years to come but have a direct effect on their productivity going-forward.
"How
businesses respond will have a lasting impact on employee behaviour including,
engagement, productivity and loyalty," the American business magazine noted.
Hertzberg's
Two-Factor Theory also known as dual-factor theory postulates that career
progression is a motivating factor for employees to work harder.
As the coronavirus
pandemic continues to take a toll on the mental health and focus of employees
in the country, and across the world, due to uncertainty of job status, lower
income and a disruption to their career development, FirstBank stands out as a
safe and rewarding place to work.
The stability and
confidence enjoyed by the bank's staff are the vital environment human
resources experts say is necessary for firms that will successfully navigate
the tides of current realities.
In a recent
BusinessDay Webinar, Nkemdilim Begho, CEO, Future Software Resources Limited
advised that businesses can engage their team and see how they can help in
creating new ideas and products that the company can deliver. The resultant
effect will be greater efficiency of staff and innovation whereas, elsewhere
organizations are bound to struggle with a demotivated workforce which could
lead to inefficiencies and higher costs for the businesses with adverse implications
for bottom-line.
To realise optimal
human resources contributions, Begho acknowledged the need for firms to sustain
team bond and ensure that morale of their staff is high.
Even before
current events, FirstBank has always proven to be conscious of the impact a
stimulating and rewarding environment can have on the overall employee
performance and thus, provided value accretion to shareholders, customers and
other stakeholders.
From its
competitive remuneration across cadres including mid-level and senior-level
employees to benefits that cover medical insurance and disability insurance,
sick leave and vacation, and retirement options, FirstBank puts its workforce
first ensuring that they are well motivated and equipped to deliver higher
productivity.
FirstBank has
featured on some of the best workplace rankings including A Great place to Work
and Jobberman. Last year, the big bank ranked among the Jobberman 2019 best 100
companies to work for in Nigeria, a list that scrutinizes over 60,000 companies
to pick the best 100 based on strict metrics. The bank has enjoyed positive
reviews from credible job/career sites like Indeed where it banks a 4.1/5
positive rating.
A former employee
of the bank Aderemi Adebiyi commended the institution for its keen interest in
the welfare and career progression of its employees. "I worked in the Bank for
15 years and do not regret it. It's fast-paced, performance-driven with varied
streams of career development," Aderemi said. "The company also offers paid
trainings."
FirstBank's talent
management strategy is aimed at supporting employee engagement, employee
motivation and increased productivity, and leadership development across all
levels of employees within the organization, according to its website. As a
tenet of career development, FirstBank has devoted itself to creating a culture
of continuous learning tailored to the needs and aspirations of the employees
and the business itself.
The bank's
FirstAcademy and learning centres strategically located around the country
allows for e-learning, mobile learning, physical classrooms and virtual
libraries to allow all employees the opportunity to equip themselves for future
roles that benefit both them and the organization. This means pandemic or not,
learning is continuous and uninterrupted.
FirstBank also
prides itself as an equal opportunity employer so that qualified persons
irrespective of gender, culture, age, nationality, sexual orientation,
disability or social background can participate in its business.
At the same time,
FirstBank remains a performance-driven organization and merit-based, allowing
individual talents to be rewarded for their hard work and contribution to
overall organisational goals.
With people as one
of the bank's greatest assets, it strives to maintain a pool of multi-skilled
and well-rounded employees relying on initiatives like Job Shadowing, Coaching,
Counselling, Mentoring, Succession Planning and Career Maps to develop and
retain talents at all levels of the organisation's operations.
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