ZB Financial Holdings Offers Voluntary Retrenchment

ZB Financial Holdings Limited (ZBFHL) has offered its employees a voluntary retrenchment scheme, as it looks to reduce staffing costs.

The scheme was introduced between May 11 and 19, and was open to all categories of permanent staff including executives, senior management, managers, and non-managers.

In a letter to employees, ZBFHL said that the decision to offer the scheme was made in response to the changing business environment.

“The changing business environment, which was precipitated initially by the COVID-19 pandemic and the global economic downturn have impacted on the way we provide services and value to our customers,” the letter said.

“In line with this, we have revised our business model and supporting structures to effectively implement our strategy. New ways of delivering value through digital channels and automation will continue to require new skillsets from our people.”

ZBFHL said that participation in the exercise was purely voluntary, and that employees who took up the offer would be given a severance package.

The number of employees who have taken up the offer is not yet known.