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Zenith Banks Refuses To Pay Members Of Staff Profit Sharing - Career - Nairaland

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Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by zengurl: 11:25am On May 02, 2010
This is a very funny bank. Zenith bank has refused to pay the profit sharing of the staff. The lat time this was paid was September 2008. and since then nothing nothing. Zenith bank has a very poor management staff relationship. their communication system is the poorest ever. they find it so difficult to communicate issues with staff. If there will be a delay such should be communicated to the staff. But Management in their best(silly) wisdom will decide not to talk about it at all and they feel members of staff will be happy about it.

The fraudulent nature of the staff is growing by the day. Apart from the 7.3 billion fraud that happened some weeks back. 2 weeks ago another member of staff a lady in abuja zone defrauded the bank a whooping sum of 12 million and after sent a text message to her manager saying Oga, thanks for the opportunity to serve. Just wish to tell you am gone with my entitlement. Thanks.

Why will Zenith bank not learn that staff welfare is so much important. should be placed right for better working environment and for increased profitability.

For intending employees. please think well before taking offer in zenith bank . this is absolutely not a place to be. staff you see there are still there not because they enjoy zenith bank. they are there cos they have no other option.

And for customers really dont know why you will put your money in a bank where the members of staff are not treated well. i dont think your money is safe in such bank cos all youll keep hearing about such bank is fraud fraud.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by DisGuy: 4:11pm On May 02, 2010
two things

Its pretty obvious management in nigeria is pooor- staff are always complaining and are treated as slaves that dont need information just orders/command!

-workers in Nigeria are all about their money!! they complain about anything and everything actually i have never read complaints about tools, software, health and safety its all about money money how much this person is getting, how much that company is paying

no job satisfaction at all
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by AjanleKoko: 10:10pm On May 02, 2010
Dis Guy:

two things

Its pretty obvious management in nigeria is pooor- staff are always complaining and are treated as slaves that dont need information just orders/command!

-workers in Nigeria are all about their money!! they complain about anything and everything actually i have never read complaints about tools, software, health and safety its all about money money how much this person is getting, how much that company is paying

no job satisfaction at all

@Dis Guy,
That's what you get for not raising your kids right.

If your son defies you, smokes weed, won't do anything right with his life, etc., who has failed, father or son?
Corporate Nigeria needs to get its head out of its behind, and star focusing on building legacies, giving their employees something to believe in, in a fragile and unstable society.

I don't hear GT employees complaining bitterly. Something is definitely wrong with the management at Zenith.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by anonyno: 12:24am On May 03, 2010
urs is better, ure even entitled to prpofit sharing.what 0f the ET's that have been molested financially for 2yrs now.as a marketer,i make atleast 1m for the stupid bank every month but yet i cant afford to pay common house rent.give me 1 reason why i shud not commit fraud if oppurtunity shines my way.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by Eggyloo: 2:29pm On May 03, 2010
There must be something wrong in their human resources management because of the rate most of their staff complain about how they are being treated. The worst mistake any financial institution can make is to ignore the welfare of their staff knowing fully well that their "stock-in-trade" is cash and financial instruments.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by Nobody: 9:46pm On May 03, 2010
hope this isnt some sort of smear campaign - a friend who used to work in zenith said zenith workers have the best job security in the industry - that layoff last year was a shock to all
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by cecegorz(m): 10:30am On May 04, 2010
It's really pathetic to see how these things keep repeating itself in virtually all companies in this country. Almost every body reports the same thing. Management don't communicate with staff!
Considering that they are the ones that will be bombing you on your communication skills and all that during interviews, you expect them to be experts on that, but nay, you get the opposite.

I used to think that it is the whole management position to always give staff the silent treatment, but i have discovered that it is actually the job of the HR, head to do that after we had a change in that position, recently.
The current one is just a powerfully skilled communicator, keeping you in the know of every management decision so everybody is carried along.

Dis Guy:

-workers in Nigeria are all about their money!! they complain about anything and everything actually i have never read complaints about tools, software, health and safety its all about money money how much this person is getting, how much that company is paying
no job satisfaction at all

Dude, you cannot muzzle the ox that threads out the corn, and a laborer is worthy of his wages any day, any where. Especially when the terms were spelt out ab initio.
It's just that the staff are not always confident to sue for their rights because of the fear of our judicial systems.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by pewekac: 10:40am On May 04, 2010
zengurl what's the update on the 7.3 billion and the 12 million frauds
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by Aproko(f): 12:35pm On May 05, 2010
@ OP,

you need to know wether there are criterias to be met before being paid profit share and what those criterias are. if banks were declaring losses and huge dip in profits, it is unlikely that they will want to share from the loss position or erroded profit. i'm not saying its a good thing, but you should know from the day you decide to work in a bank (some banks are worse than some though) not everything you are promised will be given to you just like that.

have you ever tried dividing your gross by 12? does it come close to anything you take home? (exlude tax and pfa) so profit share is icing on the cake given with the mood of management. forget that it is in your offer letter, it is not your right. at least, so we have come to learn.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by candylips(m): 2:12pm On May 05, 2010
@poster
too bad
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by otokx(m): 4:39pm On May 05, 2010
@anonyno

please don't commit fraud; just keep applying to other places that have better pay. The truth is many of these banks used to pay extraordinary stuff that they cannot afford.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by DoubleN(m): 4:55pm On May 05, 2010
anonyno:

urs is better, ure even entitled to prpofit sharing.what 0f the ET's that have been molested financially for 2yrs now.as a marketer,i make atleast 1m for the silly bank every month but yet i cant afford to pay common house rent.give me 1 reason why i shud not commit fraud if oppurtunity shines my way.
Take heart bro,
@Topic
Zenith bank has always been a useless bank,starting from their customer service,bank charges to the way they treat their employees. Absolutely repulsive!. I have a family friend that works there as a marketer and each day she comes home,it is lamentation upon lamentation on how they are bullied and threatened by their superiors to perform! How do you tell someone to bring in N250 Million before they get confirmed?Is that not sheer wickedness. This bank Stinks!! Thank God my accounts with them are redundant,i have no plans to use them until a major restructuring takes place.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by Breeposh: 5:12pm On May 05, 2010
Aproko:

@ OP,

you need to know wether there are criterias to be met before being paid profit share and what those criterias are. if banks were declaring losses and huge dip in profits, it is unlikely that they will want to share from the loss position or erroded profit. i'm not saying its a good thing, but you should know from the day you decide to work in a bank (some banks are worse than some though) not everything you are promised will be given to you just like that.

have you ever tried dividing your gross by 12? does it come close to anything you take home? (exlude tax and pfa) so profit share is icing on the cake given with the mood of management. forget that it is in your offer letter, it is not your right. at least, so we have come to learn.

Here in Zenithbank profit sharing z our right cos z included in my total package so Jim Ovia will pay,I believe in him.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by adamushaibu(m): 5:31pm On May 05, 2010
good day every one, why all the cry about pay or is it benefit,?

what are you doing to start up your own firm or business, If not

you will continue to cry and complain like this because this is the

beginning of woes to fall on people who will not stop complaining.

and OR start up their own business-learning always to give glory to GOD

i have a friend working in the bank at the head office-THE MANAGEMENT

OF ZENITH BANK IS ONE OF THE BEST IN THE INDUSTRY.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by saintchux(m): 5:58pm On May 05, 2010
@poster.

Pls keep quiet!!!

If you are tired of working @ zenith bank just resigned. I worked there for 3yrs and resigned about 2 yrs ago to join another bank. During that period they pay PS & up front as when due, they increase salary every july. There is a problem in banking sector now and if they do not pay now is that the reason why you should crucify JIM OVIA. Every bank has their on evil against staff. But staff of Zenith are really enjoying before the Sanusimania.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by jakes22: 6:23pm On May 05, 2010
this stupid banks self, wetin dey worry them? dem dey craze? undecided cry cry
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by HolyMikel(m): 7:31pm On May 05, 2010
@ ZENGURL,
pls can you tell me the nity-gritty of the other 12 mill fraud committed.
how did this happen.
it is clear that if a management refuse to motivate their staff members, they will motivate themselves
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by mikkyphp(m): 9:42pm On May 05, 2010
Didnt u guys hear about the 4.5 billion naira fraud committed by an Ag. manager? siphoning funds in the name of Aso bank abuja? bros, no profit sharing until they find the guy! he left the country to re-unite with his other family living abroad while leaving his 9ja wife to rot in the hands of police seeking to recover the stolen money, sharp guy.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by kettykings: 10:05pm On May 05, 2010
Zen gal thank you for letting us know some shortcoming of zenith bank, you have taken the right step to make known your grievances , follow it up and resign and join GTB bank, also count your self lucky you arent in the other 9 troubled banks otherwise you story would thank God i wasnt laid off. Alternatively you can with some other agrieved staff start your own MFB. Good luck
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by Borat1: 12:08am On May 06, 2010
saintchux:

@poster.

Pls keep quiet!!!

If you are tired of working @ zenith bank just resigned. I worked there for 3yrs and resigned about 2 yrs ago to join another bank. During that period they pay PS & up front as when due, they increase salary every july. There is a problem in banking sector now and if they do not pay now is that the reason why you should crucify JIM OVIA. Every bank has their on evil against staff. But staff of Zenith are really enjoying before the Sanusimania.

grin tongue
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by Akosbaba(m): 12:09am On May 06, 2010
It isn't only staff welfare that is one of the notable shortcomings but their behaviour towards the customers in highbrow areas like V.I.they are very selective at giving on-time responses towards low cash-carrying customers too.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by sulad82i(m): 12:30am On May 06, 2010
This just show that the bank's management did a poor job in implementing its strategies. It seem unreasonable for a company to have a profit sharing contract with its employees. But on the other hand, Nigeria bankers are rated and expected to meet some quota so this will make some sense, to some extent.
Nevertheless, the company might need to rethink its strategy on that aspect cos if the workers will do that anyway then it should not be a privilege to anyone except in some cases deem fit or extraordinary.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by capoduala: 6:41am On May 06, 2010
The Zenith bank staff should stop complaining about poor management policy in their company.What would they expect their counterparts in the Lebanese,Indian and Chinese companies in Nigeria to complain about if they are complaining of poor salary and profit sharing.I have also come to observe that some of these bankers often seem to forget that they are proletarian and often live above their income.

Capoduala
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by Ambber(f): 2:21pm On May 06, 2010
@Poster, count urself among the lucky nigerians who wake up every morning and have a place to go to earn a living.

There is recession in every stratum of the economy, so some luxuries have to be curtailed. However, I expect your management to communicate this to the staff and seek their understanding. I am not sure PS is a firm item in employment contracts, there are a lot of banks who have never paid PS they just do Upfront. Do you know some banks are paying their staff half salary at this period? rub minds with your colleagues at Fidelity bank and co and you will be truly thankful at this period.

May God guide you to another fulfilling job in no time. Good luck
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by rasputinn(m): 9:10pm On May 06, 2010
zengurl:

This is a very funny bank. Zenith bank has refused to pay the profit sharing of the staff. The lat time this was paid was September 2008. and since then nothing nothing. Zenith bank has a very poor management staff relationship. their communication system is the poorest ever. they find it so difficult to communicate issues with staff. If there will be a delay such should be communicated to the staff. But Management in their best(silly) wisdom will decide not to talk about it at all and they feel members of staff will be happy about it.

The fraudulent nature of the staff is growing by the day. Apart from the 7.3 billion fraud that happened some weeks back. 2 weeks ago another member of staff a lady in abuja zone defrauded the bank a whooping sum of 12 million and after sent a text message to her manager saying Oga, thanks for the opportunity to serve. Just wish to tell you am gone with my entitlement. Thanks.

Why will Zenith bank not learn that staff welfare is so much important. should be placed right for better working environment and for increased profitability.

For intending employees. please think well before taking offer in zenith bank . this is absolutely not a place to be. staff you see there are still there not because they enjoy zenith bank. they are there cos they have no other option.

And for customers really dont know why you will put your money in a bank where the members of staff are not treated well. i dont think your money is safe in such bank cos all youll keep hearing about such bank is fraud fraud.

See this one dey talk of profit sharing shocked shocked shocked,at this critical time,would :oou rather you lost your job like the thousands of your fellow bankers/bank workers especially from other banks,abeggi no be by force boh,if you no like the place,RESIGN
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by namski(m): 1:33am On May 07, 2010
To put things into some perspective as it appears that most of us do not appear to see where the original poster is coming from.

At Zenith bank, if your annual salary is say, N1m. A breakdown of this salary will be something of this sort, Upfront - 300k, monthly salaries - 30k (x12=360k), base profit sharing - 300k (multiplied by a performance factor - see explanation below) and then others which includes medical allowance making up the rest 40k. Therefore if there is a denial of profit sharing in Zenith Bank, it means that staff do not get 100% of their annual salaries. Zenith could do better by announcing that they are slashing salaries by a third, at least these poor staff members could plan their lives better within there means and not hope on an income they would not receive.

To still throw more light on the profit sharing, especially with reference to the performance factor I referred to above. If your base profit sharing is 300k, it is possible that you could receive anything from 50% to 150% of that base depending on your performance (this was the practice some 6years ago while I was still with the bank, so may have changed). And if you appreciate the enormous targets set for these people, then you could only imagine how many that even end up receiving 100% of their base so called profit sharing. The reality is that many end up with less and therefore effectively taking home less than what is on paper as their annual salary.

We might blame the economic reality as the reason for this, but for me personally I strongly believe that Zenith Bank is a 'Smoke Screen' and while I cannot substantiate this stance yet, there is still nothing out there that suggests otherwise. Only time will tell. I left the bank and infact the entire banking industry in Nigeria for reasons not far from what everyone has said above.

On a final note to Poster - I do not believe that fraud is the best thing to do. Just quietly leave the bank is you cannot take it any longer.

Cheers.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by Nobody: 7:03am On May 07, 2010
This anonyno , u gotta be a thief, which opportunity u will never see it, u better quit and join yahoo yahoo than waiting for someone's hard earned money to steal cause it's aint Zenith bank's, I hope my money left in that bank for 2yrs now is safe.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by cecegorz(m): 10:33am On May 07, 2010
I think the basic issue i see here is still lack of effective communication from HR.
Its not enough to assume staff will understand the prevailing circumstances.
Once there is a rule of engagement, any party breaking that should be able to communicate to the other inorder to forestall the kind of feeling being expressed by the original poster.

For people saying OP should rejoice for still having a job or should just put in his letters, the question i want to ask you guys is, what do you think will happen if the staff refuses to go to work for say, 2 months without any explanation? he will be sacked right?
Corporate organizations in Nigeria should just wake up and respect their contractual agreements instead of always acting with those Master/slave mentality.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by AjanleKoko: 1:00pm On May 07, 2010
^^
You just echoed what I was about to write. Everybody is saying the poster should rejoice he/she is not out of a job. What if the next action on the part of Zenith is to lay off staff without notice? What'll be the advice to the poster? Rejoice he/she was not lined up against a wall by Zenith and shot?
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by nnemak(m): 4:29pm On May 07, 2010
Kia is this happening in 9ja. i found this port!
https://www.nairaland.com/nigeria/topic-441785.0.html
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by zengurl: 4:56pm On May 07, 2010
LATEST GISTs

(1) Another fraud of N300 Million from a branch upcountry(Ilorin Branch) by Staff.

(2) No more leave allowance in Zenith Bank.

(3) No more provision for medicals. Staff to take care of themselves the so called MEDICARE HMO owned by the bank is still crawling and yet to function fully.

(4) Very soon top level officers will be laid off - there is a long list being generated by the management of zenith bank mostly top level officers to be laid off. you will hear the gist when it happens pretty soon.


WHAT A BANK, You see why this bank is not worth keeping hard earned funds.
Re: Zenith Banks Refuses To Pay Members Of Staff Profit Sharing by MAITEMA(m): 5:33pm On May 07, 2010
Zengurl,

I am a customer of Zenith Bank. Are you categorically saying that I should pull out my funds from Zenith bank because it is no longer safe or because you are embittered that the management did not pay your profit sharing therefore you now wish scare customers of Zenith bank to embark on a massive withdrawal action? or you are saying that the bank’s finances is in red alert because of criminal activity of staff? How does this affect depositor’s funds? When they eventually pay you what they owe you, will you further inform us of fraudulent activity of your co-staff?

I thought Zenith Bank just paid dividend plus bonus to its shareholders? Is that paper profit? If so, did your bank’s management manage to bribe Sanusi and the CBN to scale its recently concluded stringent examination that sanctioned some banks?

Are you a mercenary? You sound acrimonious to me.

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