Impact of Retrenchment on the Retrenched Individuals: A Case of the Banking Sector in Zimbabwe
Journal Title: Scholars Journal of Arts, Humanities and Social Sciences - Year 2017, Vol 5, Issue 6
Abstract
Abstract: The present study sought to establish the effects of retrenchment on the retrenched individuals by Zimbabwean banks that have taken place since 2004. The retrenchment exercise has affected over 2000 employees and was the biggest that Zimbabwean banks have undertaken. A qualitative methodology was utilised in conducting the study. The researcher conducted in-depth interviews with the ten (10) purposively selected retrenches. The study revealed among other things that to a large extent, retrenches had been negatively affected by the retrenchment exercise due to the banks’ failure to pay the former workers their severance or retrenchment packages. The study also revealed that most of the retrenches had acquired colossal debts over the years and that all the money they had received in the initial payments had been used to pay off those acquired debts. The study recommends that banks that wish to retrench should first consider voluntary redundancy or early retirement and where compulsory retrenchment is effected, this should be done after considering an employee’s skills, qualifications, work performance, disciplinary records as well as age. Keywords: Impact, retrenchment, banking sector, individuals, retrenches, package.
Authors and Affiliations
Caxton Shonhiwa
Keywords
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