Flight Centre to give loyal staff $30 million worth of company shares

Just over 400 Kiwis will benefit from the announcement.
Just over 400 Kiwis will benefit from the announcement. Photo credit: Getty Images/Newshub

After nearly two years of working in one of the most disrupted industries due to COVID-19, there's been some good news for staff at a major travel agent chain, Flight Centre.

The company has announced it will give all employees shares in the company should they choose to remain with the brand until at least December 2022.

The shares represent a cash value of around $30 million at today's prices.

Most participants, including those in New Zealand, will receive a one-off grant of 250 share rights which will vest in February 2023 when the company releases its 2022 half yearly results. 

David Coombes, managing director of Flight Centre NZ said in these turbulent times, it is important to try and maintain the best staff in the industry.

"Our people have given so much to Flight Centre over the past 16 months and we could not be more appreciative of their hard work," he said.

"We wanted to reward that by giving a piece of the business to each of our dedicated employees. It's our way of saying thanks and showing our confidence in the recovery of the industry and our business."  

Coombes  said the initiative was first and foremost a reward and retention program that thanks Flight Centre staff as well as incentivising them to stick with the company.

In total, about 7500 employees worldwide are expected to receive shares under the program, just over 400 of which are in New Zealand.