The Flight Centre Travel Group (FLT), one of the world’s largest travel retailers and corporate travel managers, will be offering a proactive, one-off retention program for all global staff.
Its Global Recovery Rights program (GRR) will allow staff, minus senior executives and board members, to receive share rights of up to 1.9 million if they stay with FLT through the recovery period - which Flight Centre has designated as being past 31DEC 2022.
These shares would amount to a non-cash total of about $30 million at today’s share price.
Most of the 7500 FLT staff will receive a one-off GRR grant of 250 share rights, which will vest in FEB 2023, the time when the company will release its DEC 2022 half-year results. Any staff participating in the GRR regularly and meeting its continuous employment condition will be able to receive an equivalent number of ordinary FLT shares.
In a small number of locations, the company will pay a cash benefit to those who meet the continuous employment condition.
“This is a material investment in the people who are integral to both our recovery and our future success,” said FLT managing director Graham Turner. “The GRR program underlines our people’s importance and recognizes their efforts and their loyalty since the pandemic began and heavy travel restrictions were imposed, adversely impacting their earning potential, while they continued to work incredibly hard to help customers secure refunds or rearrange their travel plans.”
