Banks Convert Only 1.5% Outsourced Staff to Full-Time Employees, Union Alleges

The National Union of Banks, Insurance, and Financial Institution Employees has reported a poor conversion rate for contract staff in banks, with only 1.5% being converted to full-time employees.

The National Union of Banks, Insurance, and Financial Institution Employees has released a statement expressing its disappointment with the low conversion rate of outsourced staff in the financial sector into full-time employees, citing a mere 1.5% success rate. This conversion rate suggests that most contractors working for banks are not being converted to permanent positions, sparking concerns over job security and worker stability. The union's findings highlight the challenges faced by temporary workers in securing long-term employment in the highly regulated financial sector.