{"id":100108,"date":"2024-11-01T21:27:54","date_gmt":"2024-11-01T19:27:54","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/kencor-speaks-on-viral-salary-memo"},"modified":"2024-11-01T21:27:54","modified_gmt":"2024-11-01T19:27:54","slug":"kencor-speaks-on-viral-salary-memo","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/kencor-speaks-on-viral-salary-memo","title":{"rendered":"Kencor speaks on viral salary memo"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Zimbabwe. <\/strong><\/span>AGRICULTURE outfit Kencor Management Services (Pvt) Limited\u2019s human resources manager Isaac Mazanhi says salary reductions will only affect managers and supervisors, after a leaked memo suggested it would affect all the company\u2019s employees.<\/p>\n<p>Kencor is an established Zimbabwean company that has been in existence since 1978, which operates under National Tested Seeds and FarmShop.<\/p>\n<p>In an internal leaked memo, obtained and verified by NewsDay Business, Kencor chief executive officer John Wilde alerted staff of impending salary cuts.<\/p>\n<p>According to the memo, the company would reduce the cost-of-living allowance (COLA) for affected employees by between 5% and 25%, based on individual performance over the past 12 months.<\/p>\n<p>Wilde said that these cuts would remain in place until the company \u201creturned to profitability\u201d.<\/p>\n<p>\u201cThis was an internal memo directed to a section of our staff. As we\u2019ve got three categories of staff: The first one is salary staff and salary staff refers to managers and some supervisors,\u201d the human resources manager told NewsDay Business when reached out for a comment.<\/p>\n<p>\u201cSo, they are more like senior level employees. This does not affect the lower-level employees, especially the ones that fall under what we call the National Employment Council. So, those ones are not affected.\u201d<\/p>\n<p>He said the managers and supervisors\u2019 salaries were determined by management, and not to lower-level employees as they were under the National Employment Council.<\/p>\n<p>\u201cThese salary employees have got contracts of employment. Where they signed, there\u2019s a clause on their contracts which splits their earnings or salaries. Part of the salary is basic, what we call basic salary, which is fixed,\u201d Mazanhi said.<\/p>\n<p>\u201cWhen the company introduced it (COLA) to each one of those employees, what we call a cost-of-living allowance, this varies depending on individual and there are a number of other factors.\u201d<\/p>\n<p>Local firms have embarked on cost-cutting measures to stay afloat amid a deteriorating economic environment in which operating costs have outpaced growth in revenue.<\/p>\n<p>A number of financial institutions have right-sized their staff complements to create a lean and agile structure that responds to changes in the environment.<\/p>\n<p>The situation has been worsened by the depreciation of the Zimbabwe Gold (ZiG) currency amid growing calls for the re-dollarisation of the economy. Government insists the ZiG is here to stay and that it had approved a de-dollarisation road map that would result in ZiG becoming the sole legal tender.<\/p>\n<p><strong>For More News And Analysis About Zimbabwe Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Zimbabwe. AGRICULTURE outfit Kencor Management Services (Pvt) Limited\u2019s human resources manager Isaac Mazanhi says salary reductions will only affect managers and supervisors, after a leaked memo suggested it would affect all the company\u2019s employees. Kencor is an established Zimbabwean company that has been in existence since 1978, which operates under National Tested Seeds [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":100106,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[19],"class_list":{"0":"post-100108","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-zimbabwe"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Kencor speaks on viral salary memo - zimbabwe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/kencor-speaks-on-viral-salary-memo\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kencor speaks on viral salary memo\" \/>\n<meta property=\"og:description\" content=\"Africa-Press &#8211; Zimbabwe. AGRICULTURE outfit Kencor Management Services (Pvt) Limited\u2019s human resources manager Isaac Mazanhi says salary reductions will only affect managers and supervisors, after a leaked memo suggested it would affect all the company\u2019s employees. 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AGRICULTURE outfit Kencor Management Services (Pvt) Limited\u2019s human resources manager Isaac Mazanhi says salary reductions will only affect managers and supervisors, after a leaked memo suggested it would affect all the company\u2019s employees. 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