Tough times ahead, as one of the largest tax payer and the biggest mobile Network operator by subscriber base, Econet Wireless Zimbabwe begins to cough out!
They say when the giants cough, the the sector sneezes and this has been the norm in Zimbabwe.
We have once said the sky is falling as Zim Tech sector bleeds, but we continue to ignore the signs but slowly, reality is catching up on everyone as the economy and our policies make it much more difficult for traditional giants to continue operating flawlessly
So far many have been sacked at Econet Wireless Zimbabwe on various reasons but this is nothing ut a true reflection of the economy perfomance!
Here is their full press release:
Econet Wireless Zimbabwe has announced that it has issued retrenchment notices to about 100 employees, with
In a statement, Chief Executive Officer Mr. Douglas Mboweni said the fall in revenue created by a POTRAZ regulatory
directive, which the company is contesting in court, had resulted in a decline in revenue.
Econet undertook a comprehensive review of its staffing levels resulting in these retrenchments, bringing the total
number of people whose employment contracts have been terminated to over 130 employees, since the beginning
of the year. Mr. Mboweni advised that the staff affected had been informed of the decision. In line with the cost
rationalisation effort, Steward Bank terminated contracts of 39 employees earlier in the year.
Mr Mboweni said the company had complied fully with all the labour laws with respect to retrenchment.
He said the company will award shares to staff who accept the retrenchment offer.
“The shares are not part of the retrenchment package but are an incentive for speedy closure of the retrenchment
process that will reward long service with the company. This award will only be available to those employees who
have been identified for retrenchment, who voluntarily agree to abide by the process and time-frames outlined in the retrenchment process. The award of shares will be done after the retrenchment process is completed.”