Somto BisinaWhile Nigerians await government palliatives to alleviate the situation, Union Bank of Nigeria has taken a commendable step by doubling employee compensation, easing the financial strain faced by its workforce.
Recognizing the impact of the economic challenges on its employees and their families, Union Bank has implemented a comprehensive compensation strategy.
Join our WhatsApp ChannelThe bank recently carried out its second salary review this year, resulting in a significant increase of over 50% for all staff, including full-time, contract, and support staff like cleaners, drivers, and security guards.
This proactive move demonstrates the bank’s commitment to providing a supportive and enabling environment for its employees.
Furthermore, Union Bank is going above and beyond the salary review to address another critical concern – transportation costs. The bank will soon launch a bus pick-up service for all its staff, an initiative aimed at alleviating the financial strain caused by expensive transportation.
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By taking this step, Union Bank shows its dedication to enhancing the overall well-being of its workforce and reinforcing its core values that prioritize both customer and employee welfare.
Union Bank’s approach goes beyond its internal workforce. The bank has a history of impactful humanitarian interventions through initiatives like the Union Bank Employee Volunteer Scheme and Union Cares program, which have brought relief to impoverished communities across the nation.
The Save & Win Palli Promo launched during the peak of the Covid pandemic in 2020 also gained widespread popularity, rewarding over 1,000 customers with more than 100 million naira.
The bank has announced that the promo will return for its third season later this year, further demonstrating its commitment to supporting its customers and communities during challenging times.
While private sector organizations like Union Bank are taking proactive steps to support their employees and customers, the government at all levels must also rise to the occasion.
Urgent action is needed to address multidimensional poverty and the severe economic hardship faced by citizens. Implementing short-term relief measures and launching palliative programs can help tackle issues of hunger, job security, transportation, and minimum wage, providing immediate assistance and laying the groundwork for long-term economic recovery.
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