Barclays agreement paves way for others to follow
Barclays Bank have signed an agreement with finance trade union, Unifi, following the bank’s decision last year to outsource some of its IT operations. The deal will give employees three months notice of potential employment strategy changes, regardless of their affiliation to a union. Unifi represents over two thirds of Barclays’ 9,000 UK IT staff.
Barclays will offer voluntary redundancy, provide a GBP£2m fund for redeploying its staff or pay up to GBP£2,000 per employee towards new career training. It will also give three months pay to redundant employees if they are not redeployed or retrained according to the bank’s other measures.
With the growing popularity of outsourcing by banks, Barclays’ agreement is seen by analysts as a new turning point in financial employee employment relations strategy and one that other banks are likely to adopt in the near future.