Saturday, October 16, 2021

Pandemic-hit Qantas weighs new pay structure to keep key executives

SYDNEY – Qantas Airways Ltd on Friday said it is looking at new ways to structure salaries to ensure it retains key executives as it enters its third financial year hit by the pandemic-induced slowdown in travel. does.

Qantas president Richard Goeder said executives had faced high workloads for the past two years without any annual bonuses, and there was a continuing pay freeze at a time when the entire airline was growing workforce.

“Our working group is talented and in increasing demand across a range of industries, many of which, unlike aviation and tourism, are experiencing high rates of growth and activity,” he said in the airline’s annual report.

In the case of CEO Alan Joyce and executive management, any incentive plan would replace the traditional annual bonus plan, Goeder said, adding that a decision was expected in the second half of the fiscal year.

Joyce’s total annual salary rose to $1.97 million ($1.44 million) in the 12 months ended June 30, up 13 percent from a year earlier, when she took a period of zero base pay, but her pay was previously 80 percent less than -COVID. -19 level.

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Joyce has said he expects to remain in his role until at least July 2023, to complete a three-year recovery plan designed to cut $1 billion in ongoing annual costs.

In a separate note to employees seen by Reuters, Goeder said the company will reward all employees if the recovery plan is successfully completed by that date.

“Nothing has been finalized, but we look forward to sharing more details in the first quarter of next year,” he said.

Other companies in the travel sector, including Flight Center Travel Group Ltd and Air New Zealand Ltd, have offered shares to all employees as part of retention efforts.

by Jamie Freed



This News Originally From – The Epoch Times

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