Qantas Airways Ltd. is offering 20,000 workers shares worth more than A$5,000 ($3,600) if they stay at the airline for another 18 months, part of a battle to stem an outflow of staff since the pandemic.
Eligible non-executive employees will receive the rights to 1,000 new Qantas shares that will convert into stock in August 2023, the airline said Thursday. Staying with the carrier until then is a key condition of the handout, which is part of a “retention and reward program,” the airline said.
Qantas shares currently trade at A$5.13 apiece.
As the pandemic enters its third year, Qantas Chief Executive Officer Alan Joyce said the strain on workers and the dimming allure of aviation as a career is showing up in staff departures. Employee turnover among technology roles at Qantas, for instance, has reached 30%, Joyce said.
It’s a trend being repeated across a variety of industries as the pandemic prompts millions of workers to reassess their work and its value.
“We’re having to do everything we can to retain our people,” Joyce said Thursday. “Retention is an issue among our managers and executives.”
