Flight Centre is dangling a A$30 million (US$22.7million) financial carrot to staff who opt to stay with the company until 31 December 2022.
Each worker who remains during the pandemic will receive the right to 250 shares — currently worth about A$3,700.
Flight Centre Travel Group has been forced to downside its travel agency network during the pandemic but some 7,500 still working for the company are expected take up the offer and receive, between them, about 1.9 million shares.
Managing director Graham Turner said the retention offer would assist employees whose earning potential had been impacted since the pandemic began and it would encourage them to stick with Flight Centre.
The company said there would be a small number of locations where it would not be able to offer shares. Workers will instead receive cash.
Turner said, “This is a material investment in the people who are integral to both our recovery and our future success… during what we believe will be an important 18-month period as vaccination programmes progress, trading conditions start to normalise and the recovery starts to gain momentum.”
Flight Centre’s global travel agent network extends throughout Australia, New Zealand, the US, Canada, India, Hong Kong, the UK, Ireland, and South Africa.
Flight Centre Travel Group’s brands include FCM Meetings and Events, Infinity Travel, Travel Managers and BYO Jet.