FULL TEXT: Restructuring CBZ Call For Voluntary Resignations

CBZ Holdings has called for workers’ voluntary resignations from the organisation amid a restricting exercise. The voluntary resignations were announced in CBZ’s internal letter that indicated the applications will have been approved or denied by the 18th of May. We present the letter in full below.

Dear Colleagues,

The Covid-19 pandemic has resulted in many changes in the Corporate landscape and the way we do business.
It has been essential to us as an Organisation to ensure the preservation of jobs and earnings, and we have committed to that position for the duration of this crisis, and furthermore, provided a range of additional measures to ensure that we support all of our staff and your families.

The manner in which we reach, serve, and provide solutions to our Customers and Clients has changed significantly – most of our work has transitioned to digital platforms and automation has become key. This is an area which will continue to change, and with this comes the need for new business models and different skill-sets.

As we venture into a new and changing business model and new ways of work, we will inevitably need to review our current structures and operations. We acknowledge that there are some colleagues amongst us who may not be willing or able to undertake this journey of change, and will want to take the opportunity to pursue other interests. We are therefore pleased to announce the offer of a Voluntary Severance Package for any employees who willingly, freely, and voluntarily wish to consider pursuing opportunities outside of the Organisation.

Application forms are available on this email and applications will open at 08:00 on Monday 26 April 2021, and close at midnight on Sunday 9 May 2021. All applications must be signed, and must be submitted to Group Human Resources on the following email address vsapplicationsOcbz.co.zvv.

All offers shall be considered, and a response indicating whether your application has been accepted or declined shall be provided no later than Tuesday 18 May 2021.

The Voluntary Severance package on offer from the Organisation is laid out below:

ElementDetails
Notice Pay3 months
Service Pay6 weeks (1.5 months) per year served
Settlement Allowance6 weeks (1.5 months) salary
Leave Days owing (positive leave balance)Cash in lieu of leave will be paid out
Leave Days owed (negative leave balance) where applicableNegative days will be written off
Medical Aid6 months post separation (Comprising 3 months per policy and an additional 3 months)
Funeral Assurance – company subsidy6 months post separation (Comprising 3 months per policy and an additional 3 months)
Staff Loans (Personal, Car & Study)Personal, car and study loans will become due and payable
Staff Housing LoanA minimum of 50% of the mortgage loan balance will be due and payable from the package upon exit. The remaining balance may be transferred to Mortgage Finance at the legislated minimum interest rate (currently 15%) plus 2%, within the remaining tenure, provided the staff member can demonstrate ability to meet the monthly repayments post separation.

 

Following the Voluntary Severance exercise, the Organisation shall review any remaining positions which have been impacted by the change in the way we do business.

Upon that review of the Voluntary Severance exercise, should it be found that we do indeed need to consider retrenchment, our retrenchment exercise will commence in June 2021, and will take place in liaison with the affected employees, Works Council, Workers Committee and the Management Committee, and will be fully aligned to the legislative guidelines.

We understand that such a time may result in anxiety for many members of staff. Communication is key for us, and we would like to ensure that this process takes place transparently and fairly, and it is this principle which has made it important for us to lay out our future plans.

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