Krystal Launches Square Up Scholarship Program for Employees
Thursday, June 14th, 2018
The Krystal Company announces the Square Up Scholarship program designed to empower and retain employees at the South's original quick-service restaurant. The Square Up Scholarship program was established with a $500,000 contribution from Michael Klump, Chairman of Krystal and CEO of Argonne Capital Group, which acquired Krystal in 2012.
"We're delighted to launch this scholarship program in support of the 8,000-strong Krystal family," Klump said. "Our people are our brand. Their passion for our customers and their devotion to Krystal's iconic legacy set us apart in the industry. We want to reward their dedication and loyalty with our own."
The Square Up Scholarship program is designed to support, promote and encourage the educational pursuits and goals of individual Krystal employees, including both full and part time workers at company-owned and franchise restaurants. Recipients will be selected through an application process that evaluates academic achievement, leadership, community involvement, brand tenure, unusual family and personal circumstances, and financial need. Eligible applicants must be in good standing and have a six-month employment tenure with the company.
The $2,500 individual awards may be used toward four-year or two-year degrees, trade degrees or technical certifications from accredited learning institutions. Krystal plans to award up to 20 scholarships in its initial rollout and even more scholarships going forward to recipients who enroll in at least one class per semester. The scholarship fund will grow over time with contributions from employees, franchisees, partners and community support.
"We have employees who have been with the company for decades, and their leadership and institutional knowledge are invaluable," said Paul Macaluso, Krystal CEO. "But employee retention is an industry-wide challenge. These scholarships are an investment in our people. We want to do everything we can to attract good workers in our restaurants and support their career aspirations so they can support themselves and their families."
The Square Up Scholarship application window will open in August. Partnering with Scholarship America, Krystal will announce Square Up Scholarship recipients in November for the 2019 spring term.