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Co-operative Bank fate.. discuss
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streetwise
#31 Posted : Friday, December 12, 2014 5:51:02 PM
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Joined: 6/23/2011
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Location: Nairobi
1.5 for each year worked sound a feat deal compare with what Gova pays
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obiero
#32 Posted : Friday, December 12, 2014 8:22:44 PM
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Joined: 6/23/2009
Posts: 14,213
Location: nairobi
streetwise wrote:
1.5 for each year worked sound a feat deal compare with what Gova pays

Do you know of any government worker that has been retrenched in Kenya??

KQ ABP 4.26
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  | | Edit by user: Friday, December 12, 2014 11:49 PM | Reason: spelling
Rankaz13
#33 Posted : Friday, December 12, 2014 10:42:58 PM
Rank: Elder

Joined: 5/21/2013
Posts: 2,841
Location: Here
Bykhovets wrote:
Managers? An employee from Co-op has told me that in the last 3 years everyone who has been employed at Co-op was on contract and their entry level was management (even for tellers). Apparently, managers are not supposed to join unions and their contracts had fixed salaries over the duration of the contract. However, there was a union resolution this year that led to all banking employees getting an increase in pay (even for those with fixed contracts). I guess that's why the employees are now being declared redundant. Anyway, Co-op needs more help than just firing employees. Iko shida mahali.



Partly because of poor HR policies, there was a time in the recent past when co-op lost a lot of highly trained employees, to the extent that it informally was referred to as a banker's training institute. Those who left would get better deals elsewhere then come back and negotiate terms that were better than where they went to.

This bank suffers a serious corporate governance problem, and the senior management is part and parcel of the problem. If the bank is to survive and remain competitive in the long term, the top most managers will have to leave, including the CEO/MD or whatever his title is. I have been privy to a few inside stories and the picture is a depressing one, unfortunately.
Life is like playing a violin solo in public and learning the instrument as one goes on.
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obiero
#34 Posted : Friday, December 12, 2014 11:48:07 PM
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@rankaz share the inside scoop. ama ni porojo tu unauza

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streetwise
#35 Posted : Saturday, December 13, 2014 12:23:43 PM
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May be that is the issue and not what they pay the employees. So the root cause is deeper in the soul !!!
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Kausha
#36 Posted : Saturday, December 13, 2014 12:25:23 PM
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Joined: 2/8/2007
Posts: 808
It was a raw deal. 1.5x the less of number of years worked or number of years to retirement plus 40% outstanding loan balance waiver.
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Kausha
#37 Posted : Saturday, December 13, 2014 12:30:15 PM
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Joined: 2/8/2007
Posts: 808
The bank lost it when the went expanding the network carelessly and pursuing any type of account. The MD liability campaign where every staffer of the group had to open 5 bank accounts, 10 mobile banking accounts,internet accounts etc created a false illussion of growth in volumes to justify branch expansion yet the economy has been underperforming. Most of these new accounts were just that accounts. Remember Barclays in 2006 to 2008 with the same cock up?
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gatoho
#38 Posted : Saturday, December 13, 2014 6:03:06 PM
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Joined: 1/1/2010
Posts: 518
Location: kandara, Murang'a
Kausha wrote:
It was a raw deal. 1.5x the less of number of years worked or number of years to retirement plus 40% outstanding loan balance waiver.


Damn them, a close relative fell victim and really not ideal.
Foresight..
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mawinder
#39 Posted : Saturday, December 13, 2014 6:42:33 PM
Rank: Elder

Joined: 4/30/2008
Posts: 6,029
gatoho wrote:
Kausha wrote:
It was a raw deal. 1.5x the less of number of years worked or number of years to retirement plus 40% outstanding loan balance waiver.


Damn them, a close relative fell victim and really not ideal.

We are taking them to court first thing Monday morning!!!!!!!!!!!
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Rankaz13
#40 Posted : Saturday, December 13, 2014 7:48:48 PM
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Joined: 5/21/2013
Posts: 2,841
Location: Here
obiero wrote:
@rankaz share the inside scoop. ama ni porojo tu unauza


I wouldn't delve into too much detail without jeopardizing my sources. But the key word is procurement. Serious 'chicken' being shared out amongst the senior fellows. And I mean procurement of everything literally, from the core-banking system software, security guards services, leasing of buildings in which some of their branches are located, etc etc.
Life is like playing a violin solo in public and learning the instrument as one goes on.
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  | | Edit by user: Saturday, December 13, 2014 7:51 PM | Reason: Not specified
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