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Today, Thursday 15 November, 2018, TSTT executed on a critical phase in its organizational transformation. This phase involves 503 Junior and Senior staff employees receiving retrenchment notices along with payment in lieu of the 45 days’ notice. The next phase will involve the rationalisation of non-unionized employees including the executive level.
According to TSTT’s CEO, Dr Ronald Walcott, “In the previous financial year, TSTT recorded an operating loss of $32.5M and the contributing factors that led to that performance continued in the six months of the current financial year to September 2018 where the company recorded a loss of $478.8M.”
To date, TSTT has been plagued with a perennial problem of high employee costs. Contrary to the assertions being bandied about in the public domain, of the $768M annual wage bill, emoluments to Junior and Senior Staff comprise 82.3%. The company is also carrying a debt burden of $1.8B of which 40% (~$700M) pertains to the settlement of back pay to Junior and Senior Staff. In addition, TSTT’s employee cost is greater than 30% of its revenue; the industry benchmark being 15%. The revenue per employee is US$177K compared to the industry benchmark of US$400K.
Walcott added “With the continued erosion of our profit margins and reduction in our revenues, organisational realignment is mandatory. We began our journey to move from a legacy telecommunications organisation to an agile broadband communications company in 2016 because we recognised if we didn’t transform our business model, the company would not survive.”
According to Carol David, EVP HR/IR/CSS “We have to realign the roles and skills across the organisation at all levels including the executive suite. Our focus is to become more agile and efficient and operate at world class standards to ensure that TSTT can meet the ever-changing customer demands.”
TSTT has met regularly with the Recognised Majority Unions (RMUs) including the Communications Workers Union (CWU) on all relevant matters pertaining to the New Business Model and staffing of the organisation. At all times, the Company has attempted to reach consensus but unfortunately to date the Union continues to engage in circular conversations in a situation where time and the organisation’s survival is at a tipping point.
“We are committed to ensuring that all employees are treated fairly and with respect as we continue to manage the transformation process,” said David.
Les Bain wrote:My buddy got spared but he's in a mess.
The 45 day notice was back dated. People got their letters today. Today is day 44 of the notice.
neilsingh100 wrote:This will leave them with 1300+ unionized employees
According the collective agreements they should get some decent termination benefits.
Junior staff will receive 2 months salary for each year of service
Senior staff will receive 3 months salary for each year of service
neilsingh100 wrote:This will leave them with 1300+ unionized employees
According the collective agreements they should get some decent termination benefits.
Junior staff will receive 2 months salary for each year of service
Senior staff will receive 3 months salary for each year of service
hydroep wrote:Sending home more people just before Christmas yes, these people have no heart nuh.
Notice how Sh!tkicker and dem going brave in certain sectors buh they not touching the public service eh...doing so might "transform" their voter base...
hydroep wrote:Sending home more people just before Christmas yes, these people have no heart nuh.
Notice how Sh!tkicker and dem going brave in certain sectors buh they not touching the public service eh...doing so might "transform" their voter base...
Phone Surgeon wrote:Les Bain wrote:My buddy got spared but he's in a mess.
The 45 day notice was back dated. People got their letters today. Today is day 44 of the notice.
damn
thats a piece of flabbergastery
and as someone else said, watch the timing right before xmas
sMASH wrote:Phone Surgeon wrote:Les Bain wrote:My buddy got spared but he's in a mess.
The 45 day notice was back dated. People got their letters today. Today is day 44 of the notice.
damn
thats a piece of flabbergastery
and as someone else said, watch the timing right before xmas
i dont think u can backdate a termination letter, cause by law u need to give 45 days notice, and backdating it is essentially not giving a 45 day notice. the most u can do is enforce the removal of the person from the date of issue...
timelapse wrote:And in all this still have money to sponsor carnival events next year. We jamming still
SR wrote:Wasa and ttec next.........
l33t2 wrote:timelapse wrote:And in all this still have money to sponsor carnival events next year. We jamming still
Well I expect carnival and Christmas to be extra dead this season. I already know some fete promoters reducing the number and size of the events next year.
Government initiatied recession achieved.
tr1ad wrote:same thing PaP Refinery wanted to do after the last union strike... just like how TSTT doing it now...
but Mr. "take yuh rig and go" said he wouldn't allow it.. and here we are...
excessive spending and overstaffing have to stop sometime sooner than later... across everything
Rovin's Audio wrote:sorry to hear of even more ppl losing their jobs
just wondering if all these retrenchments wud be accepted so easily by workers & d public under any other govt besides d pee en em ...
Dont be so pessimstic but I have to agree that you could be rightSR wrote:Wasa and ttec next.........
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