IN a major policy shift the Reserve Bank of Zimbabwe (RBZ) is no longer offering open-ended contracts to new technical and policy expert recruits who are now being offered three to five-y
The open-ended contracts had no term limits.
The policy thrust could result in new recruits being given contracts that are valid for a specific number of years, but renewable annually if one is able to perform in line with the central banks new vision and structure.
RBZ governor Gideon Gono’s policy change was first mooted by his predecessor Leonard Tsumba but it failed to take off.
Instead, Tsumba opted for the performance-related bonuses, which also failed.
The former governor was forced to implement the profit-sharing option.
Gono’s shift is also in line with international banking standards, whose workers are employed on a contractual basis and subject to renewal.
This profit-sharing scheme meant that workers would benefit from the central bank’s extra inflows on an agreed percentage.
This week the central bank workers were awarded a 300% salary hike since they had not been awarded significant pay hikes during Tsumba’s tenure.
The RBZ had not yet responded to enquiries on what had led to the major policy shift.
The new recruits have filled in for former employees who were retrenched earlier this year in the central bank’s various divisions such as supervision and surveillance as well as economic research.
In January this year, Gono produced a new organisational organogram which has resulted in some employees losing their jobs.
At the same time other posts are being created.
Although some posts were being offloaded this resulted in other new staff being taken on board.
Last week Gono again read the riot act to employees at the central bank whom he said were underperforming.
He asked workers to either “shape up or ship out” if they felt they were unable to perform to his expectations.