The banking industry’s decision to increase salaries for its more than 20,000 unionisable bank workers by seven percent is applaudable.
It speaks to the industry’s concern about the welfare of its workers.
The banking industry’s decision to increase salaries for its more than 20,000 unionisable bank workers by seven percent is applaudable.
It speaks to the industry’s concern about the welfare of its workers.
The increment comes on the back of recovery of lenders’ earnings on the improved economic environment following increased Covid-19 vaccinations and easing of restrictions aimed at containing the virus.
The first-half results suggest that the industry is coming out of the pandemic downturn, with earnings surpassing the pre-Covid half-year profits.
This sends a positive signal to other sectors of the economy that a rebound is underway. And hopefully, it encourages other employers to look into ways of motivating their staff who have had to make significant adjustments to keep services uninterrupted throughout the pandemic.
Employers should look beyond remuneration to improving working conditions and strengthening their capabilities to boost services.
With increased digitalisation and remote working, companies can embed these gains to make flexible work arrangements and review skewed remuneration structures.
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