< Greece and Western Europe
Facing the crisis
Distribution of value created by TITAN Group in 2011
Total value created in 2011 was €1026.6 million and distributed to key stakeholders as follows:
- To employees for salaries, pensions and social benefits, including additional benefits beyond those provided by law: €218.1 million
- To local and international suppliers: €642.9 million
- For new investments in fixed assets: €58.1 million
- To state and local authorities through taxation: €82.6 million
- Return to shareholders and minorities: €24.9 million
For Greece, 2011 might be remembered as the worst year since the Second World War. Negative development prospects, continuously increasing unemployment rates, political and social unrest were the main challenges of the previous year.
In such an unfavorable environment, employment stability and job security have been identified as major concerns, by businesses and key stakeholders, including employees and their representatives, communities and authorities.
In TITAN, the decisions made regarding CSR agenda were guided by the vulnerable individuals and groups influenced by the above condition. This has been reflected in decisions made for restructuring and in programs implemented for communities and other stakeholders.
The restructuring program in Greece has resulted in an overall reduction of direct employment by 8.4% compared to 2010 levels. The restructuring process involved:
- No planned overtime work.
- No new hiring and no replacements.
- Voluntary early-departure plans for those close to retirement.
- Support for self-employment and cooperation as an external contractor, in cases where this is feasible.
- Additional social support, training and compensation schemes, beyond legal obligations for those who left the company.
In line with its corporate social responsibility commitments, TITAN has continued to implement a number of long-term programs aimed at either improving its human resources, or providing opportunities for employees to further develop skills and competencies that will improve their professional prospects.
