More than 100,000 Woolworths Group team members in Australia and New Zealand will be given an ownership stake in the company as recognition for their efforts and contribution during a year of unprecedented challenges.
According to the company, each eligible full-time team member within the Group will receive up to $750 of Woolworths Group shares for them to keep or sell in the future. Part-time eligible team members will be allocated shares on a pro-rata basis. These shares are available to those employed prior to 1 March 2020 and who do not already participate in the Group’s short-term incentive schemes (STI).
As a result of this offer, Woolworths Group claims to have the largest number of shareholder team members in the Australian and New Zealand markets.
“From protests in Hong Kong, droughts and bushfires in Australia to the devastating volcanic activity in New Zealand and finally COVID-19,” says Woolworths Group CEO Brad Banducci, “we have pulled together as a team to support each other, our customers and the communities in which we live and operate.
“This has taken an enormous amount of hard work and dedication and through our collective commitment we have indeed lived our purpose of creating better experiences together for a better tomorrow.
“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.”
All Australian full-time and part-time team members who were employed prior to 1 March 2020 and who do not participate in the Group’s STI, will also receive $250 in Team Member PlusCard credits. Australian casual team members employed prior to 1 March 2020 will receive $100. The PlusCards will be available to spend like a gift card in Woolworths Supermarkets, Metro, BIG W and BWS stores.
Casual team members in Australia who joined the Group on or after 1 March 2020 to assist in helping the Group navigate the COVID-19 demand surge will be able to keep their team discount until the end of December of this year, irrespective of whether they stay with the Group or not.