Standard Bank Eswatini and its employees have successfully concluded wage negotiations for 2025 in just two meetings, a historic first for the institution, and a stark contrast to last year’s protracted discussions that resulted in a three-week strike.
Standard Bank Chief Executive, Mvuselelo Fakudze, made the announcement at the 2025 Annual Labour Law Seminar hosted by the Conciliation, Mediation, and Arbitration Commission (CMAC) at the Happy Valley Hotel in Ezulwini yesterday.
Fakudze attributed the rapid resolution to lessons learned from the 2024 industrial action, which disrupted banking operations.
“We have taken a different approach this year—one that prioritizes mutual understanding and proactive engagement. As a result, we finalized negotiations in just two meetings, something that has never happened before in our institution’s history,” Fakudze said.
The 2024 strike lasted three weeks and stemmed from a deadlock over salary increments and working conditions. Standard Bank employees staged mass demonstrations, demanding better wages and improved benefits, leading to delays in banking services and reputational damage for the institution.
Reflecting on that experience, Fakudze said both parties recognized the importance of dialogue over confrontation.
“The biggest lesson we learned from last year’s strike is that industrial action benefits no one in the long run. Unfortunately, when you reach a deadlock, everyone loses. Employees may lose their salaries, while employers may lose customers,” he noted.
To avoid a repeat of last year’s standoff, Standard Bank engaged employee representatives early and ensured that all parties had a clear understanding of financial constraints and operational realities.
Fakudze revealed that the bank has since implemented structured pre-negotiation engagements, which helped to foster trust and transparency ahead of formal wage talks.
“We made sure that before sitting at the negotiating table, we had already established areas of compromise and common ground. This significantly shortened the process,” he explained.
He further stated that a shift in attitude—from adversarial bargaining to collaborative problem-solving—played a crucial role in achieving the record-time agreement.
Labour experts attending the CMAC seminar commended Standard Bank for its swift resolution, calling it a model for other institutions facing labour relations challenges. One of them noted that the success of the bank’s negotiations underscores the importance of employer-employee engagement beyond formal bargaining processes.
“This is a clear example of how open communication and respect can lead to quick and amicable settlements. We encourage other institutions to adopt similar strategies,” she said.
With the 2025 labour agreement now signed, Fakudze emphasized that Standard Bank remains committed to fostering a positive work environment that benefits both employees and the institution.
“The focus now is on strengthening our relationship with employees beyond just negotiations. A happy workforce is a productive workforce, and that is the culture we want to build at Standard Bank,” he concluded.