Mass exodus of staff looms in Zenith Bank over poor welfare

One of the nation’s top commercial and financial outlets, Zenith Bank is currently witnessing mass exodus of its workforce to rivals in what sources describe as poor staff welfare.

Sources within the bank who spoke to DAILY RIPPLES on condition of anonymity stated that rather than address the numerous complaints from staff, the management has overtime adopted lukewarm attitude to them prompting staff members in a cadres to seek better fortunes elsewhere.

One of the worst hit department is the bank’s Information Technology, where a prominent IT Officer left to join another bank over his former employer’s failure to pay his full entitlements and bonuses.

One of such unpaid entitlements is Productivity Bonus.

The money, as explained by the aggrieved staffs is payable annually to all members of staff based on their productivity assessment.

“Zenith Bank failure to pay us our Productivity Bonus is an unconcealed disregard to the terms of our engagements as stipulated in our appointment letters”, a senior staff of the bank said.

Otherwise called Profit Sharing, PS, the Productivity Bonus is said to be an annual benefit for each and every staff member based on their branch’s performances.

Multiple sources within the bank said, “since we joined Zenith Bank many years ago, everybody got his or her PS bonus annually.

It’s a kind of money that boosts the morale of a banker to work harder in the presiding year.

Depending on the performance of each branch, some of us used to get over a million naira and so on. But all these came to an end when Peter Amangbo became the MD/CEO of the bank”.

“Zenith Bank is no more in our own interest”, says a 56 years old staff of the bank who added that the PS is now been paid on the basis on whom you know”.

He alleged that “in 2015 when Amangbo came on board as the MD, a form of confidentiality was served on all staff.

The bank compelled the staff to sign an agreement not to disclose any information to anyone.

And that is why when in early April, 2021, the bank paid PS to selected staffs, most of them kept mute without telling any of their colleagues. The PS is now for the friends and allies of senior directors and zonal managers. Staffs now exhibit lackadaisical attitude towards their official job, resulting to too much queues and system collapse in our banking halls, very sad,”

Not a few staff of the bank is considering the option of quitting their job over what they describe as “injustice and scandalous system” occasioned by the bank’s failure to be transparent in the disbursement of the Productivity Bonus.

Some of the bankers who speak on condition of anonymity said that they felt relieved when Ebenezer Onyeagwu became the MD, assuming that he will right the wrong but according to them, “we were once again disappointed as the injustice and existence of class among the staffs continue”.

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