Bullshit From The Boss
While it has been only three months since we instituted our payroll reductions, I think I speak for everyone in the company when I say that it feels like an eternity.
First of all, I want to reiterate my profound thanks and humble gratitude to you all for the sacrifice you and your families have been making on the company’s behalf.
Let me try to summarize the current state of the industry and our company. Since we instituted the reductions in April, the overall economic upheaval appears to be lessening and Travel Aency's business seems to be stabilizing, albeit at significantly lower levels than last year. In spite of the fact that so many companies (including virtually all of our clients) have cut back so dramatically on their travel, and despite the continuing gloomy news from the airline industry, we are now fairly optimistic that we may have seen the worst of this global financial crisis.
Unfortunately, though, while things seem to have stabilized somewhat at these levels, we have yet to see, beyond some exciting recent new account wins and a very slight pickup in transactions, any more tangible signs that business overall is picking up. We are also approaching the slowest time of the year, i.e., the heart of summer. With ailing suppliers, plummeting airfares and very aggressive clients demanding lower fees, we are working very hard to ensure that we continue to weather this storm.
Nonetheless, we are committed to easing the hardship that you and your families have been enduring over the past several months. Commencing tomorrow, July 16th, effective the next payroll of July 31st, we are rolling back five percentage points of the payroll reductions. If you had a 15% payroll reduction, 5% of your salary will be reinstated beginning with the next payroll. If you had a 10% payroll reduction, 5% of your salary will be reinstated with the next payroll.
I wish we were in a position to roll back the entire reduction at this time, but we cannot. So while I live for the day when I can come back to you and tell you that our period of sacrifice is over, we can’t in good conscience do that unless, and until, we see a more significant and tangible pickup in business overall. As we have been doing since the reductions went into effect, we will continue to monitor the situation on a daily basis and will make further adjustments as soon as possible. Let’s hope that the economy continues to move in a positive direction and that our clients begin traveling at their prior levels in the very near future.
I want you to know how appreciative I am of your support and dedication through this difficult period. While we are in the travel business, let’s face it, as a service business catering to very demanding clients, we are really in the people business. Each of you is vital to our being able to ride out this storm. I commend your efforts and urge each of you to keep going the extra mile for our clients as these efforts are so critical to our success and will ultimately ensure that we get back to where we need to be as soon as possible.
Please let me know if you have any questions.
The Big Boss