GOOD LEADERSHIP ESSENTIAL IN CURRENT CLIMATE - STANBIC

Stanbic says innovative leaders needed to help businesses navigate economic challenges created by COVID-19 as Zambeef calls for strong employer-employee synergy for MSMEs to remain profitable during partial lockdown.

LUSAKA, ZAMBIA – The COVID-19 outbreak has created significant change in the local labour market with many employees forced to work from home.

The sudden shift in the work environment brought on by the virus has had varied effects on different businesses across the country according to Stanbic Bank Head Internal Audit, Chuma Silutongwe.

She says: “While some enterprises have shown signs of shrunken productivity due to divided labour, others have taken to the new conditions with relative ease. Anecdotal evidence suggests the leadership qualities of employers are a key driving factor in both cases.

“Having been faced with a major disruption to market operations due to a partial lockdown, business leaders as well as heads of departments have had to navigate their teams through an increasingly hostile economic landscape.”

Mrs Silutongwe who was speaking during the seventh episode of the Anakazi Banking  Online Conversations webinar, said business leaders were faced with a lot of hard decisions during this crisis as they had to pull off a delicate balance between maintaining the bottom line and their employees’ well-being. 

“Employers have to be as realistic as possible when dealing with the new environment because working from home has its own unique challenges which some employees may struggle to overcome, thus making them less productive.

“The key in such situations is to leverage your employees’ strengths when allocating duties or working hours. Companies need to be innovative, not just in terms of service delivery, but employee engagement as well, if they are to survive this period.”

And speaking during the same show, Zambeef Products Chief Financial Officer Faith Mukutu noted that one of the biggest challenges faced by employers during the virus outbreak was safeguarding the mental wellbeing of their employees – particularly those working on the front lines.

She said: “The question we need to ask ourselves as management is, how do you ensure you and your staff are always in the right frame of mind to give 100 percent at work despite the existing threats?

“As a leader you may have the same level of anxiety that everyone else is going through, but the key is to rise above your own emotions and demonstrate empathy and strong guidance for your colleagues. Having a strong support system and communication channels is critical to helping staff cope with the stresses created by current conditions in which hundreds of people have been infected by the deadly virus while others have lost their jobs as businesses crumble.

“You need to be ready to make tough decisions that may affect people’s lives when need calls for it while at the same time be available to receive feedback and input from your colleagues. At the end of the day it is about making sure everyone can deliver on their duties effectively so that the company can remain profitable.”

Mrs Mukutu explained: “Despite the need for tough decisions, the most important target is to make sure that no one loses their job during this period. However, this can only be possible if everyone puts in their fair share of effort to keep the business profitable.”

As the country adjusts to the ‘new normal,’ and more sectors of the economy reopen, employers and their staff will need to carry over the lessons learned during the partial lockdown and maintain their newfound operational efficiency. An efficient private sector will help accelerate economic recovery in the post COVID-19 era.  

The seventh edition of Anakazi Online Conversations is available at https://www.facebook.com/1610579789270468/posts/2585379181790519/

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About Stanbic Bank Zambia

Stanbic Bank Zambia is part of the Standard Bank Group, Africa’s largest bank by assets.

Standard Bank Group reported total assets R2.3 trillion (about USD163 billion) at 31 December 2019, while its market capitalisation was R277 billion (USD20 billion).

The group has direct, on-the-ground representation in 20 African countries and in 5 global financial centres. Standard Bank Group has more than 1 100 branches and 9 000 ATMs in Africa, making it one of the largest banking networks on the continent. It provides global connections backed by deep insights into the countries where it operates.

Stanbic Bank Zambia is the largest bank in Zambia by balance sheet and provides the full spectrum of financial services. Its Corporate and Investment Banking (CIB) division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Corporate and Investment Banking delivers this comprehensive range of products and services relating to: investment banking; global markets; and global transactional products and services.

Standard Bank’s corporate and investment banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.

Stanbic Bank Zambia’s Personal and Business Banking unit (PBB) offers banking and other financial services to individuals and small-to-medium enterprises. PBB serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.

For further information, go to http://www.stanbicbank.co.zm/

Gillian Langmead at Langmead & Baker Ltd;

+260 979 060705;

[email protected]