Botswana Life Insurance Limited (BLIL) employees’ fear their jobs will be eliminated following the company’s communiqu├® that is has started a retrenchment exercise which may result in some positions becoming redundant.
Sunday Standard has been informed that an estimate of about 30 employees will be sent to the streets and the company could suffer compromised quality of service to its clients and potential clients as a result of the ‘cost efficiency exercise”.
As the exercise had already started, it is not clear when it is likely to be concluded and the company’s main priority as far as this exercise is concerned in relation to maximizing profit and effective service delivery.
The closure of the country’s biggest copper mine, BCL in late 2016 has been blamed for the imminent job losses at BLIL.
Botswana Life Chief Executive Officer (CEO), Bilkiss Moorad confirmed this week that the company is undergoing a cost efficiency exercise, adding that it may result in some positions becoming redundant.
“Discussing confidential matters is not a practice we make a habit of and this decision has certainly not been taken lightly but was necessary to ensure operational efficiencies,” said Moorad.
She further stated that all staff members have been engaged and management is doing its utmost to ensure the process is managed according to the highest standards of regulatory, labour and human resource practice.
Moorad says Botswana Life Insurance Limited continues to be Botswana’s leading life insurance services provider, with more than 41 years of heritage.
The company’s previous financials for the year ended 31st December 2016 shows that Operating profit was 9 percent lower than prior year showing resilience despite the significant dip in single premiums.