Wednesday, July 15,2020/01:00PM / First Bank / Header Image Credit: First Bank

As the coronaviruspandemic forces firms to downsize and cut their wage cost to cope with theadverse economic realities, First Bank of Nigeria Limited (FirstBank) isbucking the trend with a different approach that puts its staff first, writesSegun Adams.

In a pandemic yearwhere employees are agreeing to pay cuts to keep their jobs and businesses areeither downsizing or simply liquidating, First Bank of Nigeria Limited is anoutlier, taking an unusual approach to demonstrate how organisations can stillensure the best outcomes for both employer and employees. 

The first-tierlender last Friday promoted a crop of its staff across all levels in a rareshow of corporate resilience in the banking industry and beyond, both locallyand across the borders.

According toFirstBank, keeping staff motivated during these unprecedented times is not onlycrucial for the soul of businesses, but it also demonstrates corporateresponsibility.

In the wake of thenew coronavirus pandemic, there have been unprecedented layoffs across theworld as companies went bust, unable to generate cash to sustain theiroperations.

The United States,the world's biggest economy has recorded a historic rise in unemployment withover 45 million initial unemployment claims in the last three months.

In Britain, HSBC,a giant global bank, is reviving plans for a 35,000-job cut due to pre-existingproblems thought to have been worsened by the pandemic. Big banks like MorganStanley, Deutsche Bank, Citigroup, Barclays, Société Générale among others haveannounced about layoffs exceeding 60,000 jobs.

In Nigeria, 38% ofthe workforce was jobless in April due to the virus and lockdowns, the NationalBureau of Statistics (NBS) estimates. In the MSMEs sector, 50,000 jobs werelost and 10,000 businesses have shut down according to Auwal Bununu Ibrahim,the National Vice President, North Central of the National Association of Smalland Medium Enterprises, (NASME) and in the Aviation industry, some 24,000 jobswere lost as of April.

While banks in thecountry have been barred by the Central Bank of Nigeria (CBN) from laying offstaff without regulatory approval, there is no obligation for banks toimplement promotions or raise pay. In fact, most lenders have initiated paycuts to cope with the excess capacity arising from skeletal operations anddepressed levels of economic activities in the economy which is reeling fromthe coronavirus and lockdown shocks.

But against theodds, FirstBank promoted its staff and didn't cut down salaries.

In a recentarticle, Forbes stated that the manner in which firms treat their employeesduring the ongoing health and economic crisis will not only be remembered foryears to come but have a direct effect on their productivity going-forward.

"Howbusinesses respond will have a lasting impact on employee behaviour including,engagement, productivity and loyalty," the American business magazine noted.

Hertzberg'sTwo-Factor Theory also known as dual-factor theory postulates that careerprogression is a motivating factor for employees to work harder.

As the coronaviruspandemic continues to take a toll on the mental health and focus of employeesin the country, and across the world, due to uncertainty of job status, lowerincome and a disruption to their career development, FirstBank stands out as asafe and rewarding place to work.

The stability andconfidence enjoyed by the bank's staff are the vital environment humanresources experts say is necessary for firms that will successfully navigatethe tides of current realities.

In a recentBusinessDay Webinar, Nkemdilim Begho, CEO, Future Software Resources Limitedadvised that businesses can engage their team and see how they can help increating new ideas and products that the company can deliver. The resultanteffect will be greater efficiency of staff and innovation whereas, elsewhereorganizations are bound to struggle with a demotivated workforce which couldlead to inefficiencies and higher costs for the businesses with adverse implicationsfor bottom-line.

To realise optimalhuman resources contributions, Begho acknowledged the need for firms to sustainteam bond and ensure that morale of their staff is high.

Even beforecurrent events, FirstBank has always proven to be conscious of the impact astimulating and rewarding environment can have on the overall employeeperformance and thus, provided value accretion to shareholders, customers andother stakeholders.

From itscompetitive remuneration across cadres including mid-level and senior-levelemployees to benefits that cover medical insurance and disability insurance,sick leave and vacation, and retirement options, FirstBank puts its workforcefirst ensuring that they are well motivated and equipped to deliver higherproductivity.

FirstBank hasfeatured on some of the best workplace rankings including A Great place to Workand Jobberman. Last year, the big bank ranked among the Jobberman 2019 best 100companies to work for in Nigeria, a list that scrutinizes over 60,000 companiesto pick the best 100 based on strict metrics. The bank has enjoyed positivereviews from credible job/career sites like Indeed where it banks a 4.1/5positive rating.

A former employeeof the bank Aderemi Adebiyi commended the institution for its keen interest inthe welfare and career progression of its employees. "I worked in the Bank for15 years and do not regret it. It's fast-paced, performance-driven with variedstreams of career development," Aderemi said. "The company also offers paidtrainings."

FirstBank's talentmanagement strategy is aimed at supporting employee engagement, employeemotivation and increased productivity, and leadership development across alllevels of employees within the organization, according to its website. As atenet of career development, FirstBank has devoted itself to creating a cultureof continuous learning tailored to the needs and aspirations of the employeesand the business itself. 

The bank'sFirstAcademy and learning centres strategically located around the countryallows for e-learning, mobile learning, physical classrooms and virtuallibraries to allow all employees the opportunity to equip themselves for futureroles that benefit both them and the organization. This means pandemic or not,learning is continuous and uninterrupted.

FirstBank alsoprides itself as an equal opportunity employer so that qualified personsirrespective of gender, culture, age, nationality, sexual orientation,disability or social background can participate in its business.

At the same time,FirstBank remains a performance-driven organization and merit-based, allowingindividual talents to be rewarded for their hard work and contribution tooverall organisational goals.

With people as oneof the bank's greatest assets, it strives to maintain a pool of multi-skilledand well-rounded employees relying on initiatives like Job Shadowing, Coaching,Counselling, Mentoring, Succession Planning and Career Maps to develop andretain talents at all levels of the organisation's operations.

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