General Strike Called at Société Générale Over Salary Disputes
All unions at Société Générale initiate a strike for the first time under CEO Slawomir Krupa amidst failed salary negotiations.
All unions at Société Générale have announced a strike day on Tuesday, marking the first such action since the appointment of CEO Slawomir Krupa.
This strike comes in response to unsuccessful annual mandatory negotiations (NAO) at the end of last year.
The inter-union group, including CFDT, CFTC, CGT, and SNB CFE-CGC, stated in a joint press release on March 6 that they have been mobilized for three months to amplify employee voices, but management has remained unresponsive to their demands, compelling them to resort to a power struggle.
In response, Société Générale's management expressed its commitment to maintaining dialogue with social partners through regular exchanges throughout the year.
However, employee representatives declined to participate in the latest annual negotiations meeting with management at the end of 2024, marking the first refusal to sign the agreement since 2020.
Unions criticized the company’s remuneration policy, emphasizing that management must recognize its employees in France and uphold social dialogue.
They demand equal ambition for human capital as there is for economic profitability.
The unions have condemned the current compensation structures, arguing that there has been "no remuneration commensurate with the efforts made," and are concerned about barriers to mobility and deteriorating working conditions resulting from successive restructuring plans.
Despite ongoing negotiations, the bank's management has announced plans to allocate approximately 3% of the overall payroll in 2025 through various collective and individual measures, which they assert are above the anticipated inflation levels.
Management indicated that nearly €353 million would be redistributed to employees through employee shareholding and financial remuneration, amounting to about 14% of the fixed payroll for 2024.
Since taking over the leadership of the bank in May 2023, CEO Slawomir Krupa has initiated several transformation projects, including the sale of less profitable subsidiaries and comprehensive cost-cutting measures, significantly impacting employment.
The merger of the two historic networks, Société Générale and Crédit du Nord, is set to result in 3,700 job cuts, which are currently underway, in addition to approximately 950 job reductions announced at the start of last year in central functions.
On March 11, Krupa stated that "nothing is sacred" in his efforts to reduce costs within the group.
This strike comes in response to unsuccessful annual mandatory negotiations (NAO) at the end of last year.
The inter-union group, including CFDT, CFTC, CGT, and SNB CFE-CGC, stated in a joint press release on March 6 that they have been mobilized for three months to amplify employee voices, but management has remained unresponsive to their demands, compelling them to resort to a power struggle.
In response, Société Générale's management expressed its commitment to maintaining dialogue with social partners through regular exchanges throughout the year.
However, employee representatives declined to participate in the latest annual negotiations meeting with management at the end of 2024, marking the first refusal to sign the agreement since 2020.
Unions criticized the company’s remuneration policy, emphasizing that management must recognize its employees in France and uphold social dialogue.
They demand equal ambition for human capital as there is for economic profitability.
The unions have condemned the current compensation structures, arguing that there has been "no remuneration commensurate with the efforts made," and are concerned about barriers to mobility and deteriorating working conditions resulting from successive restructuring plans.
Despite ongoing negotiations, the bank's management has announced plans to allocate approximately 3% of the overall payroll in 2025 through various collective and individual measures, which they assert are above the anticipated inflation levels.
Management indicated that nearly €353 million would be redistributed to employees through employee shareholding and financial remuneration, amounting to about 14% of the fixed payroll for 2024.
Since taking over the leadership of the bank in May 2023, CEO Slawomir Krupa has initiated several transformation projects, including the sale of less profitable subsidiaries and comprehensive cost-cutting measures, significantly impacting employment.
The merger of the two historic networks, Société Générale and Crédit du Nord, is set to result in 3,700 job cuts, which are currently underway, in addition to approximately 950 job reductions announced at the start of last year in central functions.
On March 11, Krupa stated that "nothing is sacred" in his efforts to reduce costs within the group.
