Finance firm Aztec is evaluating dozens of jobs worldwide as part of a “limited role review”, which could affect anywhere up to 66 people.
In internal emails seen by Express, the firm – which employs about 2,200 people globally – told staff “less than 3% of roles” were being reviewed in order to create a “more agile and sustainable organisation”.
Over a third of the Jersey-headquartered firm’s workforce is based in the Channel Islands, with more than 750 employees in St Helier and St Peter Port.
However, some staff in the Channel Islands said they were upset by the way the Jersey-headquartered firm has handled the news, including the decision to go ahead with its ‘AztecFest’ team building and training event.
Sam – not their real name – told Express the decision was affecting the mental health of “many staff across the group… not just the employees in this review”.
“Given the quick succession of pay freezes and then redundancies everyone is thinking what or who is next,” they added.
An Aztec Group spokesperson told Express: “Like many businesses, we continually review how we are organised to ensure we deliver the best outcomes for clients and support the long-term success of the business.”
While a role review could ultimately lead to redundancy for some employees, other options would include retraining, changes to responsibilities, and moving to another team.
The spokesperson added: “As recently communicated to colleagues, we are conducting a limited review of some roles across the Group, amounting to less than 3% of roles globally, to ensure we continue to be well-positioned for growth.
“Aztec remains a healthy and profitable business and we are committed to handling this process with care, respect and support for our people.”
The firm said in the all-staff email that there could be “variations” between its six global offices, so the roles affected may not be evenly distributed between offices.
Pay freeze
Express understands that the company introduced a pay rise deferral for managers and other senior staff in July this year.
However, more junior staff got pay rises as planned, which Sam said sent “mixed messages”.
Sam told Express a meeting was set up in the calendar of impacted staff members shortly after the all-staff email was sent.
“So, impacted staff were told after the rest of the group,” they added.
Sam told us: “Redundancies are never easy, and in any organisation there may be times when difficult decisions have to be made.
“However, many staff are struggling to understand the decision-making process and the impact these job losses will have on colleagues, families and the wider local community.”
AztecFest concern
One thing that had “caused particular concern among employees” was the decision to go ahead with the company’s ‘AztecFest’ event next year, which coincides with the firm’s 25th anniversary.
As well as social activities, the event is used for training, team building, and “a group-wide strategic update”, according to promotional material for previous events.
Sam characterised the event differently, telling Express: “The last AztecFest was three years ago and they flew over 1,000 people to Barcelona for basically a massive day of drinking in a theme park.”
They said the event was “being promoted as a way for staff to connect”, adding: “I think everyone would agree that those resources would be better directed at keeping employees within the group and not feel like they are worth less than a staff party.”
“While recognising that employee events can have value, many staff feel that spending significant sums on such an event at a time when colleagues are losing their jobs sends the wrong message.”
Sam said many employees “believe that resources would be better directed towards supporting impacted colleagues, protecting jobs where possible, or demonstrating a stronger commitment to the people who have contributed to the company’s success”.
