Qantas is bringing employees along for the bumpy ride. Alongside an optimistic outlook following its A$1.1 billion ($813 million) half-year underlying operating loss, the Australian airline on Thursday detailed plans to make some 20,000 staff, or about 90% of its significantly shrunken workforce, eligible for 1,000 shares each if the company hits certain financial targets. It’s a sensible, if belated, retention effort.
Qantas aircraft are seen on the tarmac at Melbourne International Airport in Melbourne, Australia, November 6, 2018. REUTERS/Phil Noble//File Photo - RC2YPS901YHIis bringing employees along for the bumpy ride. Alongside an optimistic outlook following its A$1.
There can be myriad benefits, including loyalty and job satisfaction, from turning workers into owners. Keeping them happy will be especially tough for Qantas boss Alan Joyce, who has laid off some 10,000 people since the onset of Covid-19 and is defending against union grievances. Existing owners will be diluted by about 1%, a worthwhile price to help combat an increasingly cutthroat job market. Cabin crew and others will now be vested in the carrier achieving profitability by June 2023, slashing net debt below A$5.5 billion and finding another A$100 million of cost savings, the conditions governing the grants. With Qantas shares trading 30% below their pre-pandemic peak in December 2019, there’s even room for an additional upgrade.
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