Wazua
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Co-operative Bank fate.. discuss
Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Am waiting for 20/-then I sell, I interucted with a few employees and realised even understanding a simple email was a problem. Very useless bunch of people "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: New-farer Joined: 9/20/2010 Posts: 79
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mckinsey are masters in recommending job cuts wherever they go.They just had to do likewise in coop.Wonder what formula they use to calculate an exit package to the 160 fellows nd will the cost implications affect fy2014 results.
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Kalameni wrote:mckinsey are masters in recommending job cuts wherever they go.They just had to do likewise in coop.Wonder what formula they use to calculate an exit package to the 160 fellows nd will the cost implications affect fy2014 results.
If 160 managers are axed, then that means even those under the managers are on their way out too. 160 Managers ni wengi sana, that was one bloated workforce "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Member Joined: 5/17/2014 Posts: 231
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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. "Occasionally I drop a tea cup to shatter on the floor. On purpose. I am not satisfied when it does not gather itself up again. Someday perhaps that cup will come together."
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Rank: Elder Joined: 6/23/2009 Posts: 13,519 Location: nairobi
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murchr wrote:Am waiting for 20/-then I sell, I interucted with a few employees and realised even understanding a simple email was a problem. Very useless bunch of people U are the useless person.. How come many fairly learned people are having difficulty undertanding one email.. Kuwa mpole uone Raila akiapishwa kuwa rais
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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obiero wrote:murchr wrote:Am waiting for 20/-then I sell, I interucted with a few employees and realised even understanding a simple email was a problem. Very useless bunch of people U are the useless person.. How come many fairly learned people are having difficulty undertanding one email.. Kuwa mpole uone Raila akiapishwa kuwa rais I probably dealt with you haha, but the email was not from me rather a third party asking them to give just one detail officially. They have so much bureaucracy that gets the employees spinning all over their seats. It wasnt until the matter was escalated to a Senior Manager, and I one of the customers taking my feet there, that the issue was kinda resolved. PS it was just one sentence. "Please send us your ****code and ****** number so as to enable us better serve your customers in a more efficient way. Address your letter to the CEO". PS. Utangoja sana nikuwe mpole. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Member Joined: 3/26/2012 Posts: 280
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Majority of these managers are guys who had worked for more than 10years and had risen thru the ranks. They were earning huge salaries and allowances. Few had done more than 25yrs. Its a way cutting costs as the staff who will be performing their tasks are earning much less. DOH
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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Bachuma Gate wrote:Majority of these managers are guys who had worked for more than 10years and had risen thru the ranks. They were earning huge salaries and allowances. Few had done more than 25yrs. Its a way cutting costs as the staff who will be performing their tasks are earning much less. In the banking sector you rise faster in ranks to your exit....kwaida then new staff are highered at lower salaries.... Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Veteran Joined: 11/15/2013 Posts: 1,977 Location: Here
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Boris Boyka wrote:Bachuma Gate wrote:Majority of these managers are guys who had worked for more than 10years and had risen thru the ranks. They were earning huge salaries and allowances. Few had done more than 25yrs. Its a way cutting costs as the staff who will be performing their tasks are earning much less. In the banking sector you rise faster in ranks to your exit....kwaida then new staff are highered at lower salaries.... Quote: Sources within the bank said the sacked employees have been offered a soft landing with a package that includes one-and-
a-half month salary for every year worked and the offsetting of
40 per cent of loans held with the bank.Beneficiaries must, however, pay the remaining 60 per cent immediately.Apart from salaries, other costs associated with bank staff include medical cover, retirement benefits, training expenses
and tax implications of lower priced loans. Everybody STEALS, a THIEF is one who's CAUGHT stealing something of LITTLE VALUE. !!!
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Rank: Elder Joined: 6/23/2009 Posts: 13,519 Location: nairobi
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1.5 month pay for each year worked sounds like a raw deal considering 40% loan rebate.. If I recall right, KCB had 100% loan pay off
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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1.5 for each year worked sound a feat deal compare with what Gova pays
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Rank: Elder Joined: 6/23/2009 Posts: 13,519 Location: nairobi
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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??
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Elder Joined: 5/21/2013 Posts: 2,841 Location: Here
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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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Rank: Elder Joined: 6/23/2009 Posts: 13,519 Location: nairobi
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@rankaz share the inside scoop. ama ni porojo tu unauza
HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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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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Rank: Member Joined: 2/8/2007 Posts: 808
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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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Rank: Member Joined: 2/8/2007 Posts: 808
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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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Rank: Member Joined: 1/1/2010 Posts: 511 Location: kandara, Murang'a
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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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Rank: Elder Joined: 4/30/2008 Posts: 6,029
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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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Rank: Elder Joined: 5/21/2013 Posts: 2,841 Location: Here
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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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