RBC Royal Bank of T&T Ltd confirmed yesterday that it has offered Voluntary Separation or VSEP and Voluntary Early Retirement programmes to specific groups of employees within its T&T operation.
Stating that there was no strike action by its employees and that its branches had been operational yesterday, the bank assured that its strategic plan for the bank was shared with the employees so that there could be a smooth transition both for the bank and the employee and that there would be continued service at its branches.
This comes as the Oilfields’ Workers Trade Union threatened to take strike action late last week, which would have resulted in the complete shutting down of the country.
This prompted many groups including the business community to speak out against the protest action. Other groups also called for the Industrial Relations Act to be updated so that energy sector employees can be categorised as “essential”workers and therefore would not be able to take strike action. Negotiations were settled at five per cent on Monday.
Disclosing a part of the strategic plan, the bank stated Thursday, that part of the its plans include merging its operations at its Chaguaramas branch to its West Mall branch as well as its Carlton Centre branch to its High Street branch to better serve its clients and the respective communities.
Another part of the plans include consolidating part of its operations in Pt Lisas to its Couva branch to ensure that it maintained an “enhanced sales presence” in Pt Lisas while at the same time serving its clients at the Couva district.
RBC Royal Bank T&T Ltd said , “We are committed to treating our employees with dignity and respect and will work with them through these changes by communicating regularly and directly and supporting them through its employee care programme.”
Asked about the details of the programmes for the employees who would have exercised their options, the bank simply stated that it “respects the privacy and confidentiality of our employees’ information” and declined commenting.
It said the bank’s clients would also be communicated to, about its strategic plan for the future so that confidence in the bank would not be eroded.
What is clear, is that the bank does not intend to exit this market but, intends on building its brand strength in T&T.
This market remained a critical part of its strategy and an important part of its brand therefore, “we will aim to make the branch network part of a larger integrated advice and service delivery model in T&T,” the bank said in emailed responses.
In the future, the bank said it would not only be defining itself by having a physical presence in this market rather, as an organisation with an accessible multi-channel distribution network that brings it closer to its clients.
It said the strategy would be suported by digital innovation, self-serve channels, re-designed branches, a client contact center and a proactive mobile sales force who will meet clients anywhere at any time.