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| Business |
| Staff exodus hits Stanbic |
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by
Aubrey Mchulu, 21 July 2004
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17:59:43
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Staff exodus has hit Stanbic Bank (Malawi) where at least 40 employees, including four senior managers, are leaving this month to join rival banks in the country.
Some of those who have resigned are accusing Stanbic Bank of failing to fulfil agreed conditions of service and removing allowances staff were getting the same day for working either during lunch time or late hours when management was under Commercial Bank of Malawi (CBM).
Insiders said last week about 32 cashiers, 18 of them at Stanbic’s Blantyre Main Branch, and four senior managers including Head of Operations Gilford Kadzakumanja, have tendered their resignations.
Other managers who have quit include account relationship manager Jiya who is heading for National Bank where he will be corporate banking manager and Joseph Ndolo who joins IndeBank Limited.
“Most of the cashiers are joining National Bank, IndeBank or NBS Bank because they feel Stanbic is exploiting them,” said the source who added that managing director Victor Mbewe addressed a staff meeting last Thursday to quell the situation.
These developments have come at a time when Stanbic management instituted a staff welfare and needs survey whose results are yet to be released, according to the sources.
But, while confirming that staff were leaving the organisation, Stanbic Bank marketing manager Margaret Kubwalo said this has not affected its capacity to deliver services.
“We have lost staff, yes, and I don’t have the figures but it’s not an exodus as it is being put. People are leaving for various reasons,” she said.
Kubwalo said Stanbic Bank, since it bought a 60 percent stake in the then CBM in 2002, has been undergoing a restructuring exercise which has brought major changes including redefining roles and responsibilities.
She said some staff members saw the changes as a disruption of their careers and they opted out while others also felt their new responsibilities were too challenging and they chose to go where they can cope.
“Now, we are left with a third group which has decided to stick around and face the challenges head on,” said Kubwalo.
She said the restructuring process has been finalised now and the remaining staff and customers should expect “international standards from a truly multinational organisation with global practices.”
Listed on the Malawi Stock Exchange, Stanbic officially took over and rebranded CBM’s assets last year.
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