Flight Centre Travel Group launches staff retention initiative.
Flight Centre employees across the globe will receive free rights to shares if they remain with the company through until 31 December 2022, in a major new Global Recovery Rights (GRR) program announced by the company this morning.
The move is described as a “proactive, one-off response to COVID-19 and its ongoing impacts on the company’s people,” and will be open to all Flight Centre Travel Group staff except board members and senior executives.
Most participants will receive a one-off grant of 250 share rights which will be able to be exchanged for Flight Centre shares in Feb 2023, when the company releases its results for the six months to 31 December 2022. A total of about 7,500 people are expected to receive 1.9 million shares under the program, which is valued at $30 million at today’s FLT share price.
MD Graham Turner said the GRR program was aligned with Flight Centre’s key strategic objective of “investing in and retaining people who will be integral to the company’s recovery”.
More details in today’s issue of Travel Daily.