Isle of Man Post Office (IOMPO) is pleased to report that its modernisation strategy to move the business forward and remain relevant in a rapidly changing postal industry is reaping rewards.
Significant progress with IOMPO’s financial objective of returning the business to a sustainable profit has been made, and the business is currently ahead of its original strategic financial forecast and, subject to audit, is expected to report a profit for 2020/21 year end. The strategy, laid before Tynwald in 2018, set out the business’ mission, vision and key objectives to make the business sustainable both now and into the future, with the overriding aim of providing services that meet the changing needs of postal customers in the long term, as a modern self-funded Post Office. A mid-term review, along with a refresh of the strategic actions necessary to take the business forward, has recently been undertaken as the business continues on its transformational journey.
Julie Edge MHK, Chairman of IOMPO, said: “The success to date is testament to the whole team which makes up IOMPO, and I am proud to be chairman of this well-run and forward-looking establishment. As well as the financial achievement and success in implementing pension reforms, the business has also seen enhancement and efficiencies to the way in which each of its four main divisions: Mails, Retail, Integrated Mailing Solutions (IMS) and Stamps and Coins operate, with reductions in headcount and heightened use of technology.”
“The strategy is working well for us and since its inception in 2018, it has provided the critical path for the business, navigating it to success while proving its value. Much has been achieved by the commitment and drive of the team, with our people aware of the fundamental role they each play in delivering the desired outcomes of the strategy. Communicating with staff and ensuring they come with us on this journey has been key. Our staff remain our greatest asset.”
She continued: “The last 12 months have been unprecedented and challenging for us all in so many ways, but as a business IOMPO has continued to provide a normal aspect of day-to-day life during a time when the world has never looked or felt so different. Sustaining services while ensuring the highest safeguards to protect staff and customers has only been possible because of the committed workforce. Everyone in the business had to flex and adapt their ways of working to reflect the demands presented by the pandemic, and they have done so while also achieving significant progress on our strategy. I express my thanks to them all, as well as to the Board and Executive for steering the business to modernisation thus far, and to the respective unions for their cooperation to make the business fit for purpose.”
In Tynwald yesterday (Tuesday), Ms Edge MHK provided an update on IOMPO’s strategy accomplishments to date, and its next steps as it continues to progress strands of the plan to ensure it evolves and modernises at the pace required, while never compromising the strong and trusted brand of the Post Office.