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OP Financial Group has announced it will launch consultative negotiations with its employees with a view to generating annual cost savings of 100 million euros. (Credit: Antti Aimo-Koivisto – Lehtikuva)
OP Financial Group has announced it will launch consultative negotiations with its employees with a view to generating annual cost savings of 100 million euros. (Credit: Antti Aimo-Koivisto – Lehtikuva)

 

OP Financial Group on Tuesday announced it will launch consultative negotiations with its staff with a view to reducing the annual costs of its central co-operative by 100 million euros.

The Finnish financial services provider said the negotiations will concern all of the approximately 6,000 people employed by the central co-operative but refrained from specifying the number of redundancies it plans to make.

The negotiations will not concern the member banks of OP Financial Group. Helsinki OP-Kiinteistökeskus, Pohjola Health, OP Bank Group Pension Fund and OP Corporate Bank Group’s Baltic operations have similarly been ruled outside the scope of the negotiations, which are expected to take at least six months.

OP Financial Group said the belt-tightening measures are an attempt to “specify the strategic focus, focus on core businesses and optimise the relation between in-house and purchased outsourced work”. It also stated that while the strategic shift will result in the termination of some existing jobs, it will also create “a significant number of new job opportunities” to employees.

Timo Ritakallio, the chairperson of the executive board at OP Financial Group, says the re-organisation signals the beginning of a major cultural change at the financial services group.

“We have trialled the agile practice in individual development projects with good results, and now our aim is to gradually extend this practice to cover the entire central co-operative,” he states in a press release. “The new practice will simplify responsibilities, reduce decision-making levels and guide operations according to customer needs.”

The negotiations are to begin on 1 October.

Aleksi Teivainen – HT
Source: Uusi Suomi

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