In a News Release today (Tuesday 31st May 2022), Telecommunications Services of Trinidad and Tobago Limited (TSTT), said it has initiated its restructuring exercise with 468 employees receiving retrenchment notices. The company notes that of this number, 403 employees, comprising a mix of Junior and Senior Staff and Estate Police Officers will, “in keeping with the Collective Agreements with their representative Unions, each receive payment in lieu of the regulatory forty-five (45) days' notice.”
The News Release added, “On January 17, 2022, TSTT invited its employee representative unions to consultations regarding the proposed restructuring and refinement of its operating/business model. Consultations with employees and the Representative Majority Unions (RMUs), including the Communications Workers' Union (CWU) and Estate Police Association (EPA) began on February 1 and were conducted in good faith and in line with best Industrial Relations practice. The company engaged with the RMUs and its employees by meeting virtually and by exchange of communication on matters related to the need for change, the rationale for the proposed structure, and its staffing.” The company went on to explain that the need to restructure TSTT is “urgent and critical, necessitated both by the impact of challenging economic conditions brought on by the COVID-19 Pandemic and the drastic effect of changes in technology on the company's operation and performance.” In the financial year ended 31st March 2021, TSTT's revenue fell by TT $453 Million — 18% less than the prior year. “This material decline was partly due to issues related to the COVID-19 Pandemic and a combination of economic and technological factors both unique to the Trinidad and Tobago market as a direct result of the global digital revolution in the telecommunications industry. Regionally and internationally, networks are under pressure: internet traffic is growing exponentially, but the price per gigabyte is declining almost as rapidly, and the result is a downward pressure on revenue growth and margins,” the company said. TSTT CEO Lisa Agard said, "Given our challenges, TSTT has no option but to restructure to remain competitive. We are moving to an operating model that is more in line with industry benchmarks, and one that will enable us to adapt and evolve with the constant developments in technology. This is our only option if we are to return to sustainable profitability.” “In devising the new organization, TSTT leveraged the model of ‘customer journeys’ to envision what a new, streamlined, customer-obsessed organization could look like, post-restructuring. TSTT believes that it has developed a dynamic and visionary future-state organization that leverages the significant capital investments that the company has made in the technology areas, leading to its networks being at today's cutting-edge level and able to support growth in the foreseeable future." Meanwhile, the Communication Workers Union (CWU) is gearing up to challenge TSTT after retrenchment notices were allegedly given to 468 employees on Tuesday. Speaking with Loop via telephone shortly after TSTT issued its News Release on Tuesday, CWU Secretary General Clyde Elder said his Association represents 376 of the retrenched individuals, making the CWU the recognized RMU. He, however, declined to state what type of action would be undertaken by the Union. Elder said plans are already in the works for members to mobilize in the Capital this Friday (3rd June 2022). “I don't want to say what action we will be taking at this time but we are not going to sit idly by and allow them to do what they want. They have written to employees and told employees that the retrenchment is to take effect tomorrow. The law says 45 days,” he said. This is a developing story - refresh this page for updates. [Source: Loop] We are a small operation. If you've found our articles to be informative, please consider supporting us via PayPal or buying us a coffee. Your contribution is incredibly appreciated and goes a long way. Simply sharing our articles also helps us. Sign up for our free WhatsApp Alerts to be notified as soon as we post breaking news. NEW! Check out our Merchandise Store for high-quality t-shirts, hats and more!
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