First Bank

Thursday, July 7, 2016

Heritage Bank Pays Staff Half Month Salaries, Give All Workers Monetary Targets To Battle Performance Crisis & Sustain Operations.

Investigation carried out has it that Heritage bank just paid half salaries to virtually all workers for the month of June!.

And the reason for this is very simple.

All workers were given directive of a new monthly monetary targets, irrespective of position in the scheme of things, in the beginning of June.

According to
a source ''the target does not in anyway limits your other duties''

More revelation has it that payments of salaries are directly tied to meeting of the targets which are in the region of millions.

Explained a source ''what is happening is that, no matter how well you perform in your primary duties, if you don't meet the get half month salary, even if you are a million shy of let say a N40m target''

Investigation revealed virtually all workers of the bank which is one of the newest entries into the sector failed to meet up with the stipulation in the first month- June.

''And the management didn't give any mercy..we all got half salaries...and it was the first month ooo'' a source exclaimed in frustration.

And industry source analysed the unravelling development at the financial institution a top player in the national assembly is listed as part owner.

''It tells of the story of the need to reduce expenses and go on an urgent drive for increased earnings

''They are having performance problems, the earnings are certainly not up to expectations and is becoming telling on the company's operations

''They needed to adopt a drastic measure to arrest the spiralling out of control internal problems, especially issues of liquidity and they don't want to add image problems to the situation with mass sack'''s sources within the establishment validated some of the analysis.

According to a source the bank has been very frugal with spendings, approval for day to day expenditures in recent weeks.

And talks of possible sack in face of below expectation performance of the team were all over the bank before the directive came into play.

Added information available however revealed that the half salaries given to workers have sparked off another concern - staff dissent.

Information available has it that, the development which made a mess of private plans of many with huge disruption of personal budgets as resulted in increase grumbling and emerging talks of possible resignation by strategic employees, especially those in operation unit.

''Their grouse is that they were not employed as marketers and that directly tying their salary to meeting the emergency targets with limited value on their primary target is all wrong and an injustice to their skill and job function'' a source explained.

 Added information available to however revealed the management of the bank with the recently sacked chairman of another bank also listed as quiet investor is more focused on workers meeting their monthly monetary targets than any other thing at present.

The financial institution sprouted from ashes of a ruined one.

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