Unions at Bus Éireann say they will engage with their members before taking any decisions on industrial action.
Earlier today, Minister for Transport Shane Ross denied reports that he is considering scrapping up to eight of the company's routes.
Bus Éireann is expected to record multimillion euro losses for 2016 after losing €5.6m in 2015.
A joint statement from NBRU general secretary Dermot O'Leary & SIPTU transport sector organiser Willie Noone read: "It is nothing short of disgrace that a State-owned company would show such contempt to the Labour Court and its own employees as that which was demonstrated on Tuesday last when Bus Éireann refused to engage with the industrial relations mechanism's norms associated with such pay disputes.
"The trade union group will now engage in an extensive company-wide consultative process with what is an extremely angry workforce.
"The purpose of this process is to formulate a strategy and seek direction with regard to progressing the unions claim for a pay Increases, along with securing and defending bus workers' security of employment and their terms and conditions.
"We are extremely aware that the financial situation at Bus Éireann can only be resolved by all the stakeholders, inclusive of the responsible Department, the NTA, Bus Éireann and the unions coming to the table with a firm commitment to resolve this crisis.
"It behoves the Minister to do more than just comment on this exigency and show leadership at this critical juncture for the future of Irelands’ public bus service."
Mr O'Leary said that workers recognise the difficult financial situation the company is in.
"We won't be rushing to any knee-jerk reaction that would be expected of trade unions at this time," he said.
"We are conscious of the situation and the crisis at the company, so we would be calling on the Minister for Transport to show leadership and address that situation."