Employees Sacrifice For Short's--Get Big Payback - KWWL - Eastern Iowa Breaking News, Weather, Closings

Employees Sacrifice For Short's--Get Big Payback

WATERLOO (KWWL)

For so many businesses, it' s been an interesting and challenging year. The economy's recovery has been too slow. That was the case this past this summer, when cash flow concerns hit a well known Cedar Valley area travel company, Short's travel management, inc. Instead of major layoffs, Short's turned to its own employees for help—a ‘loan,' so to speak---and it worked...

Short's Travel Management CEO, David LeCompte, had some very good holiday news Monday for sixty-one of his employees.

With its lucrative and prestigious NCAA contract, Short's has become one of the major players in the travel industry across the country.

But, even Short's felt the huge negative impact of a significant down turn in business travel this year: 

Says LeCompte, "We thought we'd get creative and do, effectively, a 25-per cent pay cut over an eight-week time period."

Short's employee, Margie Jenkins, says the news was not good."It was grim. We all knew what we had to do. We wanted to save as many jobs as possible, so everybody pitched in to do this, even though it was a hardship."

Loyal Short's employees took the pay cut, sacrificed two entire paychecks, and took time off without pay, essentially loaning their company more than 100-thousand dollars to save jobs. It was tough on everyone:

So, the company came up with an innovative way to save jobs. CEO, David LeCompte says, "We knew that's what we had to do, but the idea kind of came out--let's take the cut, but when we come out this, let's pay them back."

Monday afternoon, that's exactly the news David LeCompte delivered to his loyal employees. In their December 24 paychecks, the sixty-one employees will receive a total pay back of their lost income, plus interest, and a popular new ebook, known as a 'Nook.'

That's great news for employees like Margie Jenkins. "When we first took the pay cut, we realized that things were a little bit difficult. We weren't sure if we were going to get anything back, or maybe a little bit back, whatever, and to find out that we are getting a hundred per cent of our pay back, after giving it up this summer. this is just wonderful." 

David LeCompte has a pretty simple message to his employees. "I just wish to thank all of our employees, because without them, we wouldn't be where we are today. It truly was great for them to pitch in and also to be excited when we are able to pay them back. So, thank you."

Online Reporter:  Ron Steele

rsteele@kwwl.com

 

 

 

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