As Australia continues to get COVID under control, Woolworths is showing its appreciation to its staff members in a big way. No, they aren’t handing out free mud cakes for all employees – that would be good too.
Instead, they are giving their employees a $750 stake in the company as a way to say THANK YOU for working the hard yards during the coronavirus pandemic.
How nice is that?
Shares for all
Woolies confirmed that they will give more than 100,000 employees this generous thank you gift. To be eligible, you will need to be a full-time team member employed prior to 1 March 2020.
Part-time members will be allocated shares on a pro-rata basis, and is only applicable to those who do not already participate in the group’s short-term incentive (STI) schemes.
What does $750 in shares mean?
At this stage, Woolworths shares equate to $34.91 each so each employee will receive around 22 shares. This will mean that Woolworths Group will boast the largest number of share-holding team members in Australia and New Zealand.
Employees can then decide what to do with their shares. They can sell them immediately and receive the $750 in cash. Or they can hold on to them to sell in the future. Say, for example, Woolworths shares jump to $50, this will means employees can sell their 22 (approx) shares and receive around $1,100.
Long hours pay off
Over the past few months, Woolworths staff have no doubt gone above and beyond, putting their health at risk so people can still shop and buy the essentials they need. They’ve copped abuse over toilet paper shortage and so much more.
Woolworths CEO Brad Banducci said,
We could think of no better way to thank and recognise our team than by making them shareholders in our Group.
The awarding of shares is not only recognition for our team’s efforts over the last year, but also acknowledgement that our team has a critical role to play going forward as we all adjust to the new normal.”
Additional cash for workers and casuals
Woolworths is also thanking their casual staff – the thousands who joined Woolworths Group on or after March 1 by allowing them to keep their team member discount for the rest of their year regardless of whether they remain employed.
All Australian full-time and part-time team members who were employed prior to March 1 and who do not participate in the group’s STI scheme will also receive $250 in “Team Member PlusCard credits” which can be used across Woolworths stores.
It’s estimated that Woolworths will be giving away around $50 million in shares and gift cards in total.