Massive Sack: Unity Bank Fires 215 Workers for 'Repositioning Strategy'

Posted by Odinaka on Thu 15th Sep, 2016 - tori.ng

Unity Bank Plc has reportedly sacked at least 215 employees for their inability to cope with the new ideas and strategy of the institution while the management has approved severance package in line with the bank's policy.

According to a report by Vanguard, Unity Bank Plc, has on Wednesday, September 14, sacked not less than 215 of its employees as part of its reengineering strategy for greater performance.

Information gathered from sources close to the bank, revealed that the workers were sacked for their inability to cope with the new ideas and strategy of the institution.

The bank source disclosed further that the new focus of the bank’s business has led to significant enhancement of human capital in its various business units.

This is with a view to injecting fresh ideas, initiatives and energies to strengthen the various departments of the bank with capabilities to pursue the attainment of strategic business focus in the Agricultural financing, retail/SMEs and development of rural economy.

According to the source, "About 200 new hires were said to have been recruited by the Bank to drive the transformation initiative began by the Management in the last one year while about 100 other staff were said to have been promoted recently."

The source said that some members of staff numbering about 215 were allowed to go in an exercise that will enable the Bank realign its operation to pursue its long term growth strategy.

However the affected staff were said to have exercised the option to resign while Management has approved severance package in line with the bank’s policy.

Meanwhile, some of the sacked workers have alleged injustice in the way they were relieved. They dismissed the “reengineering strategy” reason being sold to the public by Unity Bank, insisting that the downsizing was a deliberate action to cut staff strength to reduce cost.

Most of those sacked were branch managers and senior staff. A source, said: “There were no signs that such action was contemplated before we proceeded on the Salah break.

"But we came in this morning (yesterday) strategising on how to go about the remaining days of the working week, when the letters dropped on the email box of the affected persons.”

They're said to have been sacked for their inability to cope with the new ideas and strategy of the institution. The affected staff were said to have exercised the option to resign while Management has approved severance package in line with the Bank’s policy.

About 200 new hirees were said to have been recruited by the Bank to drive its transformation initiative, while about 100 other staff were said to have been promoted recently.