Flight Centre Travel Group announces new targeted staff retention initiative

Flight Centre Travel Group announced (25-Jun-2021) a new retention programme, targeted at the company's global sales force and support staff. Under the new Global Recovery Rights (GRR) programme, staff globally, excluding board members and senior executives will be granted share rights if they continue their careers, during what is expected to be a recovery phase through to 31-Dec-2022. Most participants will receive a one off GRR grant of 250 share rights, which will vest in Feb-2023, when the company will release its Dec-2022 half yearly results. In locations where the company cannot offer its Employee Share plans, the company will pay a cash benefit at the end of the GRR vesting period to its people who meet the same continuous employment condition. Approximately 7500 staff members are expected to receive approximately 1.9 million shares under the programme, at an expected non cash cost of circa AUD30 million (USD22.5 million), based on the share price of 25-Jun-2021. The GRR programme was a specific one off response to coronavirus, and is aligned in key objectives of investing and retaining people who will be integral to the company, as well as preserving cash. [more - original PR]