“Exceptional results require exceptional effort.”
These five words by Richard D. Fain, Chairman and CEO of Royal Caribbean Cruises Ltd., succinctly sum up how a record-setting year for the cruise line translates into an $80 million surprise for the company’s 66,000 employees.
Known as Double-Double, three years ago, RCL set an ambitious goal of doubling earnings per share and recording a double-digit return on invested capital. With the results in, the company can boast that it not only achieved, but surpassed, its goals.
In RCL parlance, Double-Double translates into the Thank You, Thank You Bonus Program. In a surprise announcement, RCL said it is giving all employees salary bonuses of 5% as a show of appreciation for their role in the company’s success
“Reaching the Double-Double required remarkable focus and discipline from our employees and they delivered,” Fain said making the announcement on January 24 in tandem with releasing RCL’s record-setting 2017 financial results.
Employees will receive equity awards equal to 5% of their 2017 salaries in what is an $80 million bonus program. The awards, which vest over three years, will go to all employees—shipboard and shore side, full-time and part-time, domestic and overseas. Only corporate officers are excluded.
Additionally, as part of Thank You, Thank You, RCL will contribute to the Crew Welfare Fund for upgrades to crew living and recreational areas.
While earnings and return on investment were at the core of the Double-Double, the company-wide initiative was about more than numbers.
“Our aspirations were actually much higher,” Fain said. “We had to raise our game in many, many areas. These achievements would not have been possible without the passion and commitment of our people.”
Thank-you, Thank-you is not only a tangible way to show appreciation to our employees, but also gives workers a stake in RCL’s future success.