Wednesday, April 07, 2010
NCB launches $10M Post Redundancy Entrepreneurship Programme for displaced staff
National Commercial Bank (NCB) Jamaica Ltd. has announced plans to provide grant funding of up to J$10 Million to staff members affected by the Bank’s recent major redundancy exercise (March 5, 2010) through the NCB Post Redundancy Entrepreneurship Programme (PREP). On April 12, 2010, displaced staff will have access to the funds geared towards financing their entrepreneurial pursuits and securing their financial independence.
NCB sees this decision as one that not only benefits the former staff and their families; the SME sector is also viewed as a beneficiary. “We consider the PREP to be an excellent means by which we can enrich the lives of our former employees, while positively impacting the SME sector through the deployment of well trained and talented business operators backed by the country’s largest financial institution, NCB,” stated Patrick Hylton, Group Managing Director, NCB.
Since the separation activity in March, NCB has provided affected staff with free consultation sessions facilitated by qualified and experienced psychologists, outplacement services (resume preparation and posting and links to career search and placement engines, mock interview sessions and individual discussions with HR personnel to aid the process of transition.
The most recent recipient of the coveted JEF Employer of Choice Award took its outreach plan a step further by hosting an entrepreneurship workshop for the former employees following the restructuring exercise. The workshop was geared towards disseminating information and practical tips on starting a viable business in a tough economy, which will no doubt generate increased momentum when the budding SMEs gain access to the anticipated cash injection.
Rickert Allen, NCB’s Senior General Manager- Group Human Resources was enthusiastic about the Programme stating, “Redundancy is traditionally seen as a negative activity; primarily because it is not planned for by the affected staff. However, viewed with an open mind, redundancy can present a world of opportunities that may not have otherwise been explored. For those former employees who meet the basic requirements to access the funds and possess the stick-to-it-iveness and tenacity required to be a successful business owner, NCB will help to make your dreams of becoming your own boss happen for you.”
Qualifying persons are those who were advised of their separation from NCB in the week of March 5, 2010. Each successful applicant will receive a $250,000 grant towards the start up of a viable business venture. The offer will be open from April 12 to June 30, 2010.
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