About 10,000 Flight Centre Travel Group sales and support staff to receive additional shares if they stay with the company until the end of 2023.
Flight Centre has just confirmed a 2023 extension to its Global Retention Rights (GRR) program to encourage staff to remain with the business for a further 12 months.
The first tranche of the program was introduced for the 2022 fiscal year as part of the company’s response to the COVID-19 pandemic. The proposed FY23 offering will see most of the company’s staff offered a further one-off grant of share rights worth about $3,750, with employees in locations where Flight Centre does not operate share plans being offered a similar cash benefit at the end of the period, rather than shares.
The 2023 rights will be issued in August this year and will vest in February 2024, when the company releases its December 2023 half-yearly results. GRR participants who meet the continuous employment condition through to 31 December 2023 will then be able to conver their rights into ordinary Flight Centre shares.
“The GRR program is a material investment in the people who are integral to both our recovery and our future success, and we believe it is contributing to the healthy overall retention rates we are seeing,” said Managing Director Graham Turner.
More details in tomorrow’s issue of Travel Daily.