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The Zimbabwe Banks and Allied Workers Union (ZIBAWU) reports that 75% of jobs in the sector have been lost since the beginning of the millennium. This decline is attributed to a combination of accelerated digitization and socio-political challenges facing the nation over the past two decades.
The Zimbabwe Banks and Allied Workers Union (ZIBAWU) reports that 75% of jobs in the sector have been lost since the beginning of the millennium. This decline is attributed to a combination of accelerated digitization and socio-political challenges facing the nation over the past two decades.
Trade unions are concerned about these developments of diminishing workforce. They complain that the economy has been experiencing stagnation for decades. Trade Union membership is declining. For instance, a trade union leader pointed out that the membership had declined from a peak of 12,000 in the late 1990s to approximately 3,000 at present. He pointed out significant transformations in the banking sector, such as digitalization and automation, as the main culprits.
High unemployment has adversely affected collective bargaining, with traditional methods like strikes becoming less effective. Also, the governments are restructuring labor laws, which has been further complicated by a toxic political environment in which the government views every union with suspicion, treating them as enemies of the state.
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Trade union leaders further said that bank employees are facing various mental health problems due to economic and social crises, work demands, and interpersonal conflicts at both work and in society. Additionally, the inadequate social security in the country, with many workers retiring without meaningful financial security and pensions is another concern.
