The nation’s leading telecommunications provider confirms layoffs
Franklyn Butler II, CEO of the Cable Bahamas Group of Companies, delivered a poignant video address to his collective team of more than 700 staff, advising them of layoffs in response to the economic fallout caused by the COVID-19 global pandemic. Mr. Butler cited the closure of several major hotels as an indication of the economic times ahead and explained that the company had to make some difficult choices in the interest of its long-term survival.
Mr. Butler stated, “Today I wish to confirm that we have notified 76 associates from REV and another 20 in ALIV that they have been laid off. This has been a very difficult decision to make both for myself and the executive leadership team, but it is necessary in order for us to meet the demands of the business both now and in the future.”
This news comes two weeks after Mr. Butler advised the entire staff that layoffs were likely to come. On March 23rd both the Minister of Labour and all employees of the Cable Bahamas Group of Companies received communication advising that serious downsizing measures were imminent.
Although Mr. Butler lamented having to implement the layoffs, he reassured the team of the Company’s commitment to their financial well-being during these uncertain times.
“Staff who are laid off will receive up to 12 weeks unemployment benefit from NIB, which the company has agreed to advance to all impacted employees. In addition to NIB unemployment benefits, the company will continue to cover the full costs of medical coverage for all eligible, laid off employees as well as their contributions and the companies contributions to the pension plan.” Mr. Butler went on to say.
The leadership team of the only 100% Bahamian telecommunications provider in the country took their personal commitment a step further with executives taking voluntary pay-cuts to mitigate the financial blow of the layoffs for affected persons.
Mr. Butler explained, “I further wish to advise that the executives of the company have all agreed to take pay cuts over the lay-off period and have contributed in excess of $200,000.00 directly from reductions in salaries towards an employee fund. This employee fund will be used to augment any benefits received from NIB. Therefore all laid off employees will receive an additional $400.00 every pay period as a gift to assist with their basic needs during the full layoff period.”
Mr. Butler ended his address by imploring team members to look with faith and optimism toward the future of both the company and The Bahamas at large stating, “Great companies led by great people, birth their preeminence in these moments. I therefore, invite each of you to this RE-birth of REV and ALIV which will only be proven if we lead the RE-birth of our country…I wish to assure those impacted that this is not the end. This is not the time to allow hopelessness and despair to set in. The God who has been with us on the mountain is the same God who will sustain us in this valley experience. Please continue to engage with us via our social media pages and let us all continue to pray for a swift recovery for our country and our business.”
Founded in March 1995, REV has grown from a cable TV service provider to become the first communications provider in The Bahamas to offer ‘triple play’ service. Today, the 100% Bahamian owned company is publicly listed on BISX with over 3,000 Bahamian shareholders. The network is comprised of 14 free-to-air broadcast systems, eight stand-alone cable TV systems and four triple play systems networked by submarine fibre. In 2015 Cable Bahamas acquired a mobile service license under the name NewCo and in 2016 ALIV [BEALIV Ltd.] was formed offering LTE service throughout The Bahamas. The board of Cable Bahamas Limited governs both of its subsidiaries REV and ALIV. We are the only 100% Bahamian owned communications provider, delivering residential and corporate broadband internet, cable television, fixed line and mobile telephone and data services, to the vast majority of the Bahamian population, 24 hours a day, 365 days a year.