Workforce Cost Management:

Since November 2023, we have strategically reduced our workforce by 8%. This reduction was achieved by not hiring replacements for departing staff, thereby avoiding direct redundancies and minimising the impact on our current employees. This approach has enabled us to maintain a stable workforce while effectively reducing costs. Additionally, nationwide initiatives such as the National Single Window Project, which recommenced in October 2023, are being managed without hiring additional staff. The onboarding of new government agencies to the oneGov platform is also being pursued without increasing staff numbers. This demonstrates our commitment to maintaining a lean and efficient workforce.

Leveraging Technology for Efficiency:

As a tech company, we leverage our expertise in business automation and digital transformation for cost reduction. We have adopted a digital-first approach to management, automating internal processes and using digital solutions. This has allowed us to maintain, and even improve, the productivity level of the company. The use of technology has enabled us to optimise human resources and redistribute workloads effectively among a smaller workforce.

Operational Efficiency:

To further enhance our efficiency, we are conducting a review of our business processes. This includes streamlining operations by identifying and eliminating redundancies, reducing administrative costs, and optimising resource allocation. By leveraging business analytics and process optimisation tools, we aim to further refine our workflows.

Energy-Saving Initiatives:

As part of our operational overhaul and in line with Tradenet’s ESG commitments, we are implementing energy-saving measures across all our premises, including our head office and oneGov Support Centres in Male’, Addu and Fuvahmulah.

Travel, Event, and Offline Marketing Expenditure:

We are cutting down on travel and corporate event expenses by prioritising virtual meetings. In the past 8 months, there has been no international travel. Additionally, we are scaling down our previously planned outdoor advertising and offline marketing initiatives and outreach programmes. Instead, we will focus more on in-house produced, cost-effective digital marketing strategies.

Transparency and Accountability:

We publish our Quarterly Financial Reports and have started publishing our Environmental, Social and Government (ESG) reporting to maintain transparency and accountability. This initiative helps us monitor and improve our environmental, social, and governance practices, ensuring that we operate sustainably and responsibly.

These efforts are part of our broader strategy to streamline operations and optimise resource use. We are exploring additional ways to further reduce costs through innovation and efficiency. By enforcing these cost reduction measures, we are committed to financial prudence and sustainable business practices.

Moreover, we are eager to lead by example, offering our expertise in technology-driven cost reduction and sharing the valuable insights we have gained with the wider community.