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© Reuters. FILE PHOTO. A Qantas crew member steps out of a Qantas aircraft at Sydney Airport, Australia on November 16, 2020. REUTERS/Loren Elliott/File Photo GLOBAL BUSINESS WEEK AHEAD

SYDNEY (Reuters) – Qantas Airways Ltd said on Friday it was considering new ways to structure pay to ensure it could retain key executives as it enters the third financial year affected by the pandemic-driven slowdown in travel.

Richard Goyder, Qantas chairman said that executives faced heavy workloads and no bonuses over the past two years. He also noted that the wage freeze was continuing at a time of increasing attrition across the airline.

He stated in Qantas’ annual report that the executive cohorts were talented and highly in demand.

Goyder explained that in the case of Alan Joyce, the CEO, and the executive management, an incentive plan will replace the traditional annual bonus program. A decision is expected to be made during the second quarter of the fiscal year.

Joyce saw his total annual compensation rise to A$1.97 Million ($1.44million) during the 12-months ended June 30, a 13% increase over a previous year, in which he had been paid a period with zero base, however, his salary remained at 80% of pre-COVID levels.

Joyce indicated that he would continue in his current role at least until July 2023 as he is completing a three-year plan for recovery to lower ongoing annual expenses by A$1billion.

Goyder also stated that the company will reward employees if it completes the recovery plan by the deadline.

He stated that “Nothing has been finalized, but we look forward sharing more details in the first quarter next year.”

As part of their retention strategies, other companies, such as Flight Centre Travel Group Ltd or Air New Zealand Ltd have also offered shares to employees.

($1 = 1.3689 Australian dollars)

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