AYO Technology Solutions would reduce its headcount as part of a plan to significantly cut operational costs in its 2023 and 2024 financial years, the company said in a voluntary announcement.
AYO, on April 30, 2021, announced it would implement a seven-point strategic plan to ensure the sustainability of the business. Part of this plan was to reduce the corporate head office costs and become an information technology investment holding company.
To that end, the board had resolved to reduce operational costs through a combination of terminating operational vacancies and the reduction of operational costs.
AYO said it would enter a formal consultation process with relevant stakeholders regarding the restructuring of certain operational functions.
“The purpose of the Section 189 consultation process is to engage in a meaningful joint consensus-seeking process in an attempt to avoid job losses. The company will engage with employees to provide further details on possible retrenchments,” the company said.
BUSINESS REPORT