2nd March 2021
Isle of Man Post Office (IOMPO) advises that following the latest Government announcement that a three-week circuit breaker will come into effect from...
Isle of Man Post Office (IOMPO) is committed to looking at ways in which it can best secure prosperity and has developed a five-year strategy to address a number of widespread industry challenges that the business is facing.
As a business, IOMPO contributed almost £17m to the Manx economy last year in the form of salaries, spend with local suppliers, tax, VAT and capital investment and this is part of the benefits of having a sustainable Post Office.
IOMPO has seen significant decline in its traditional areas; in the last 10 years the number of letters has reduced by 47%, evidencing people don't post as much with the emergence of emails, text messages, mobile phone apps, video messaging etc. While over the counter transactions are declining as customers choose to do their business via online services (transactions have fallen by 7% per year on average over the last three years). The cost of IOMPO's pension scheme is also increasing and is not sustainable in its current form and therefore needs to be addressed. The strategy is required to help sustain the business in the long term as a modern, self-funding Post Office fit for the future and has been developed in line with the business's vision, mission and values and contributes to key themes for the Programme of Government and SAVE initiatives.
The overall strategy looks at each of the four divisional areas of the business: Letters and Parcels, Sub-Post Office Network, Integrated Mailing Solutions (IMS) and Stamps and Coins. It aims to streamline processes and develop new ways of working through the use of technology across many of its services while continuing to provide high levels of customer service.
Introducing change is fundamental to IOMPO's ability to be successful and financially responsible in the delivery of its services into the future. IOMPO wants to remain self-funding and does not want to be subsidised by the taxpayer, taking resources from other vital services.
IOMPO is committed to working with all its key stakeholders, including the unions, in the development and the delivery of the strategy.