Reality Check: Access Bank restructures salaries amidst COVID-19
Following the coronavirus pandemic and its economic effect on businesses across the world, business owners and leaders of organizations are obligated to make responsible decisions to keep their companies afloat as a reality check. Access Bank plc recently announced the possibility of salary restructuring across the institution as a result of the impact of COVID-19.
Since the pandemic, businesses have been significantly hit and have been confronted with the difficult decision to make necessary adjustments in terms of their cost structure to ensure that they come out of the pandemic stronger.
Speaking on the decision made by Access Bank Plc, the Chief Executive Officer, Herbert Wigwe said, “We are today, as an institution faced with the current economic crisis resulting from the pandemic, we have taken certain measures to control costs across the institution at all levels, to achieve greater efficiency and continue to run a profitable business post COVID-19.
Wigwe continued, “As an employer of over 30,000 employees, our employees are our greatest assets. We understand how difficult these times are and we determined to ensure that our staff are still in employment. To keep to this commitment, we have made a decision at management level to restructure salaries. This will start with me, who will have a salary restructure of 40%, while other employees will have their salaries slightly reduced as well. It has become essential to take this decision in the interim, considering economic realities and hope to reverse it as soon as economic activities become stable”.
Access Bank has assured customers of smooth customer service experience, to enable them to transact seamlessly amidst the COVID-19 pandemic, while it continues to apply sustainable business practices to ensure that it delivers value to stakeholders even after the Coronavirus pandemic.