TSTT execs: Company right on track for growth after staff cuts

Owing to legal and commercial concerns, senior management at TSTT were unable to give much details on the plans for improving the efficiency and productivity of operations, but confirmed they were on the "right track for growth," in light of staff cuts and restructuring exercises.

Chairman Robert Mayers and CEO Dr Ronald Walcott appeared before a Joint Select Committee on State Enterprises at the Parliament this morning to answer questions about procurement practices and the status of a strategic plan to boost revenue.

Walcott said an investigation by consultancy firm Pricewaterhouse Coopers confirmed restructuring was necessary to obtain maximum growth.

"This undertaking was based on the recommendation of independent experts who examined our employment metrics, where analysis revealed what we knew for years which is TSTT's wage bill expressed as a percentage of its revenue was over 30 per cent, whereas the industry's benchmark was 15 per cent."

Walcott also said employees failed to bring in the requisite returns on investment and defended the decision to make cuts to staff.

"Also, the revenue generated per employee was US $177,000, whereas the industry benchmark was US $400,000 and junior and senior staff remuneration levels were in excess of industry benchmarks according to information obtained from HRCSC Associates."

For his part Mayers said he was confident that restructuring would prove beneficial as TSTT anticipates significant growth by the year 2021.