ZBFH rated as the worst employer

Business Reporter

LISTED financial services provider, ZB Financial Holdings (ZBFH) has been relegated to the status of the worst employer in the country’s banking sector.

The ratings conferred by the Zimbabwe Banks and Allied Workers Union (ZIBAWU) categorises banking sector players in line with their performance in handling industrial relations issues.

It produces the best and the worst performers over a yearly period.

“During the year 2023, the group’s workers were kept unaware of their fate for almost the whole year as it went through its organizational transformational project.
“There was poor communication which caused serious mental health issues for employees including anxiety,” the workers group explained.

The union said up to now the fate to befall the group’s workers in connection with the merger with CBZ is only being heard through grapevine in what characterises “outdated industrial relations management.”

Again, the bank earned the classification after failing to emulate other employers who were taking measures to cushion workers against the rising cost of living and depreciating wages.

The union said as a result, most of its employees were facing serious financial hardships at a time when “the working environment at ZB is not conducive.”
“Workers are not free to air their views and to meaningfully bargain collectively. The works council has been rendered ineffective and only convenes to tick the boxes without tangible results,” the union said.

ZIBAWU demanded a cultural change at ZB in 2024 amid calls that the bank must respect its employees and equitably remunerate workers without unjustifiable discrimination.
“What boggles the mind is that executives are pampered while non managerial employees wallow in poverty . In its current state , ZB is not a good workplace .

“A lot needs to be done to improve industrial relations and we will pile pressure on it until employees are respected and catered for well,” the union said.

The second worst bank during the period was AFC Bank which fell in the category due to deteriorating labour condition.