Bank of Uganda is the Central Bank of the Republic of Uganda. Their primary purpose is to foster price stability and a sound financial system within the Uganda economy. Together with other institutions, it also plays a pivotal role as a center of excellence in upholding macroeconomic stability. Late last year and earlier this year, Bank of Uganda officials were summoned before the Committee on Commissions, Statutory Authorities & State Enterprises (COSASE), a committee within the Parliament of Uganda.
The summon was to review the sale of the assets and liabilities of the now defunct Crane Bank Limited, Global Trust Bank, Tteefe Bank, Greenland Bank, Cooperative Bank, and ICB which were implemented irregularly and in alleged blatant violation of the law. With the extensive Parliamentary sessions which were covered and publicized by media for all to see, the Central Bank came under a lot of public scrutiny. The reputation of the officials and the Central Bank were extensively questioned.
Shading some light on that as Human Resource (HR) practitioners for learning purposes, we must remain aware of and consider employee engagement, morale and how it impacts them during such challenging times by organization, albeit at a macro level. How would the persistent and extensive public crucible and review in the credibility of colleagues and leaders impact the rest of the employees? How would the organizational ethical and professional brand surgery be received and bearded by the employees? We should know that communication is very vital during such times, given that there is a lot of grapevine and speculations that are driven from the media commentary and public opinions. The organization therefore needs to share information with its employees and create an environment of open dialogue, freedom of expression and feedback.
This could dispel any fears and anxiety that comes with information gaps. Although the sensitivity surrounding the reputation of individuals involved should be carefully approached and information shared checked for fitness of purpose. Rebuilding the organization’s reputation and regaining the confidence of the current and future employees should be approached strategically and intentionally. We know that one of the reasons why employees are attracted and choose to stay with an organization is their reputation as a preferred employer brand, or what is usually termed as employer of choice. Public scandals put this reputation at stake, and organizations need to do more to enrich their value proposition to be able to attract potential employees, and remain able to answer the question “why should I as a graduate/professional join your organization?” In the same breath, for the employees you already have, why should they stay?
Answering these questions helps boost and strengthen the employment relationship plus the psychological contract. The organizations should carry out practical activities to reinforce and enhance the employee value proposition. Community Investment projects, sharing ethics and integrity stories internally and externally is one way to start. These and related activities will make big strides to seeing that the organization doesn’t lose critical talent