Best Employer in 2014? Equity Bank Not Laying Off Its Employees

By Jane Okoth,
Apart from having one of the most outstanding CEOs in the continent, Equity bank was voted as one of the best companies to work for in Kenya.

The bank is facing stiff competition from various institutions within the country as far as performance achievements and employee satisfaction is concerned.

As an employee, in these tough economic times where many companies are cutting down on costs by laying off employees, one can never be sure of his fate.

However, Equity Bank stands out from the rest when a significant number of organizations are letting go of their employees.

In a previous article compiled by Career Point, employees from Kenya Commercial Bank KCB, Barclays and The National Bank were sent packing when the banking institutions hired a firm to specifically let them go.

However, an article by the People Daily reports that “Equity Bank Ltd (EBL) CEO James Mwangi has dismissed claims that the bank is planning to lay off some of its employees.”

The paper further reports that “The bank is planning to create a newly owned subsidiary Equity Bank Kenya Ltd (EBKL), and transfer its Kenyan banking business, assets and liabilities to this subsidiary.”

In his statement that is seen as a reprieve to members of staff working in the company, the CEO said that “On implementation of the re-organisation, all but a few of the employees who currently have contracts with EBL will be transferred to EBKL on the same terms and conditions that they currently enjoy.”

What do Kenyans have to say about this move?

“Not all companies operate in such a manner but only one that cares about its employees,” says Roseline Aoko, a labourer at a middle sized company.

“My former company; an international NGO that is still operating, also went through the same process as they claimed to have been undergoing a financial crisis,” she narrates.

She reveals that “Our boss informed us about their plans of moving us to a new company but still working under the department we were in.

What is different from Equity bank is that our benefits and salaries changed significantly for the worse.”

“However I could not reject the offer as I had to work anyway,” she adds.

“As employees, we have no control over our employer’s big decisions. When they decide to lay us off we all have to abide,” says Laban Kinoti, a teacher at a private school in Nakuru.

“As much as the CEO of the bank is quick to come to the defence of its employee’s fate, one wonders whether he is really honest,” points out Frank Omondi, a Graphic Designer at a printing company.

“There is a high possibility that some employees jobs are on the line so they should not celebrate too soon,” he warns.

What are your views? Should companies find other means of cutting costs rather than dismissing workers?

Dont Miss any Job Or Article Subscribe to Career Point Kenya by Email FOR FREE CLICK HERE