Just on the subject of money, it has of course been done to death previously, most notably by myself. The fact remains however that REX pilots are paid significantly less than their counterparts at Qlink, Skywest etc, to the tune of approx 20-30 precent! This has been the result of more than a decade of opportunism by this and previous management. Needless to say an instant redressing of this imbalance would place a significant burden on the company finances, and in light of the other issues, probably wouldn't have a large enough effect. Paying the pilots extra each fortnight won't do it. But, playing Devil's advocate, making it difficult for them to leave probably will!
Imagine you are a REX pilot and each and every year, you are paid (lump-sum/super salary sacrifice, or whatever) an equivalent to 40 percent of salary. The only catch, you have to serve the entire year to qualify. Leave after 364 days, and zip! So each and every year you can plan that family holiday, home renovation, new car, or deposit on a place of your own. Just try and save $30-40 K and see how long that takes, especially living in Sydney, and especially on an F/O's salary. Additionally, Jetstar come calling with a great deal. $30K for your endo, 6-8 weeks without an income, a base away from family and friends, and a workload even REX pilots would shudder at! As well the call comes just weeks before the annual REX payout. Suddenly the shiny jet doesn't look that shiny anymore.
It's not impossible. When all this happened before, finance did the costings for such a plan. Assuming a 100 percent retention, approx $6.25 to the cost of each ticket! At the time REX were levying nearly $50 per sector for fuel! A small price to pay for a reliable air service? Also pilots that still chose to leave, and forfieted their payment, would see that money being saved by the company. Win, win. People stay, company does not have to slash services, company makes more money. People leave, company pockets the dough! Management naturally rejected the plan, and they would argue that the company didn't fold, true, but ironically only because of a global financial crisis! But this time? Well, maybe something this radical may just need to be considered if it comes down to survival. Fact is of course it should have been done years ago. Now, it just maybe too late.
In any case, least it will have the benefit of never being tried!
