New Delhi: The public recently had a lot to say about Barclays Bank when it dismissed many bankers close to Christmas and the holiday season denied them their bonuses. People have expressed so much anger at this decision and have questioned the way the bank treats it employees.
Those dismissals occurred in New York due to restructuring not only in that city, but also in other parts of the world. This was made worse by the fact that these employees were laid off only days before the Christmas holiday, and on top of it,did not receive their yuletide bonuses which are tradition with most employers at this time of the year. Some took it as a rough blow and said that it really cut the morale down to size.
We can also guess that Barclays is not the only bank which thinks about such bonus policies nowadays. Other Wall Street banks are also now considering how best to manage the giving of bonuses given that the economy is unpredictable. But as mentioned above Barclays has made things worse than what they could have been due to the timing of the layoffs around the holiday season.
That is why the bank still claims it has to fire some of the jobs in order to continue being as profitable as it is now and as to answer the market’s needs. However, critics say that it should not come at the expense of staff knowing that such bonuses are expected after a rigorous year of service.
The recent dismissal of a certain number of employees and the absence of bonuses have also stirred the issue of the company culture. This has left most of the employees knowing that they might be dismissed from their jobs at any one time they are all insecure.
This could also be a threat to Barclays, particularly bearing in mind that many banks are always looking forward to getting the best talent. People may develop a perception that the company is unfair or too harsh, and this may prove a challenge when Barclays is in the process of recruiting new employees. The banking industry is already having challenges concerning the satisfaction of employees, and such like decisions are most likely to make things worse off.
