The Bahamas Telecommunications Company Ltd. (BTC) announced that it is preparing to launch its Voluntary Staff Separation Program (VSEP), which is intended to streamline the company cost structure in line with industry standards and in anticipation of the full liberalization of the telecommunications market within the next 24 months.
The program is a voluntary exercise where staff members can elect to separate or take early retirement from the company while benefiting from an incentive payment. BTC would like to acknowledge the leadership of the BCPOU and BCPMU Bargaining units for their forthright and open engagement during the consultative stages of this exercise. Their invaluable input has helped the company to develop a voluntary separation program that will be fair and beneficial for all the persons who decide to apply.
Mr. Geoff Houston, CEO of BTC, said:
“We are happy to have gotten to this point and are extremely pleased that we have been able to consult with the unions in a spirit of openness and constructive dialogue. Their input has helped address some of their key concerns regarding potentially vulnerable segments of the BTC staff population which we have been able to address through the consultative exercise. While we did not have consensus on all of the Unions’ requests, we are satisfied that the critical concerns have been appropriately addressed. We are pleased to have their inputs and feedback on the final terms of the package to be presented and we thank them for their support in this endeavor”
It is estimated that as much as 30% of the BTC staff may avail themselves of the offer which will serve to improve BTC’s cost base.
Houston also referenced that that the voluntary separation programme must also be seen in the context of those employees who will be remaining with BTC and that the company’s focus will also be on building a future and exciting workplace for the workforce going forward.
Diane Phillips & Associates
