FINANCIAL services group, CBZ Holdings Limited, has extended its organisational restructuring exercise to all the group’s employees as it seeks to build a team that is adaptable to the external changes, Newsday Business can report.

Last month, CBZ announced it had embarked on a group restructuring exercise which will result in the departure of 13 senior executives by year end.

In a circular seen by NewsDay Business, CBZ group chief executive officer Lawrence Nyazema said the exercise was now crucial for aligning all the group’s operations across all its subsidiaries.

“As was announced at the last staff engagement, we have now embarked on the organisational restructure exercise starting today, Monday October 7, which will be concluded by mid-December 2024,” he said.

“This is crucial for aligning our operations across all subsidiaries and ensuring we are well-positioned for future growth and success. As you are aware, initial changes to the executive structures were made over the last few weeks. We are now continuing the process to cascade across the group.”

Nyazema said CBZ has contracted a team of independent consultants to guide the group through the restructuring exercise, dubbed Project Pavillion.

He said the consultants would work closely with the group’s leadership team to develop a restructuring plan that minimised disruption and maximised benefits.

“You will also be provided with regular updates and communication to keep you informed of progress, to take your feedback and suggestions and to ensure that we address any concerns you may have. A key component of this project will be a comprehensive assessment of all staff members,” Nyazema said.

“This assessment will help us identify your strengths, skills and potential and ensure that your roles and responsibilities are aligned with your abilities and career aspirations. The results of this assessment will inform decisions about job roles, responsibilities and development opportunities.”

He said the main objective was to ensure the group was adaptable to external changes in the industry, markets, technologies and business environment.

The CBZ boss added that it was essential for the group to ensure its structures were streamlined and positioned to enhance operational efficiency.

“The exercise includes the following activities: Reviewing of our current structure and where the gaps are compared to our strategy and financial services trends, design macro top-level structures (high-level structure showing functions at holdings and subsidiary level), design detailed micro-structures (detailed structures for each department/unit level, structures and roles), developing job descriptions and carrying out a job evaluation exercise (review of our job grading system), role mapping reviewing skills and mapping staff to roles in the new structures, conducting a change impact assessment and change transition plan (how will the new structures affect our current ways of working and how should we move to the new structures),” Nyazema said.

“We understand that change can be challenging, but be assured that these adjustments are made with the best interests of our organisation and our growth in mind.”

The restructuring comes as CBZ is seeking to strengthen its balance sheet and make forays into regional and continental markets.