What is Going on at Skyebank?

News of Mass Sacking at Skyebank

Wednesday, 4th/April/2018

We understand that a company will not jeopardise company’s success to retain under-performing employees but the steps an organisation takes prior to terminating employment of employee(s) is an important factor. You do not just hire and fire based on mood-swing, there has to be a solid reason backed by law or at-least backed by the engagement terms.

Though government seems to be the most guaranteed employment body, there is more employment opportunities in the Private sector and due to the high rate of unemployment in Nigeria, applicants accept all kinds of jobs to stay afloat. Private organisations largely dictate their own tune especially sole-proprietorship popularly known in Nigeria as “One-Man business” and its common to find that people are either underpaid or working under toxic conditions. Off course, most times they do not have a choice because there are no options.

In a country like Nigeria where you have to stand at the mountain top and scream before you can be heard, nobody is interested in what goes on with one-man businesses as long as they are meeting financial-regulatory-obligations.

First, it was FirstBank allegedly inviting staff for some kind of pep-talk at the end of the year 2017 only to surprise them termination letters. Then, there have been rumours of Globacom waking from slumber to fire all married women under its employment. Now, there is news that Skyebank laid off a good number of staff for reasons bothering on age.

We know that it is inevitable for businesses to hire and fire and we understand that organisations would always have reasons for their actions but what is not certain, is if employee welfare is fully considered/covered in their decision making process. Again, news about mass sacking in an organisation, usually sparks worries/speculations. Investors may view it as a sign that there is some kind of trouble brewing underground as it is hardly a sign of growth/expansion.

Should we be worried about Skyebank?