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Starbucks to Raise Pay for its US Employees in October
Starbucks Corporation (SBUX - Free Report) recently announced a pay hike for all its U.S. employees by at least 5% from October this year.
One of Starbucks’ greatest strengths has been prioritizing the development of its employees, who are fondly addressed as “partners”. It regularly offers comprehensive health care benefits, stock rewards, tuition reimbursements, as well as training and development opportunities to its employees.
STARBUCKS CORP Price
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Starbucks chairman and Chief Executive Officer, Howard Schultz, in a letter addressed to its employees, said that all workers and store managers in the U.S. company-operated stores will be entitled to a 5% hike in their base pay, effective from October 3. The company further added that it will be doubling the annual bean stock award for the employees who have worked at its stores for, at least, two years. Combined, these benefits will result in wage increases between 5% and 15%. Schultz also said that Starbucks is enhancing healthcare benefits for its employees as well as making some changes to the scheduling and dress codes.
The increased pay is in line with Starbucks’ previous announcement to increase wages and benefits for its employees in fiscal 2016. Apart from this Starbucks has also introduced housing benefits for its employees in some countries like China.
Lately, many restaurant chains have declared pay increases under rising pressure to raise wages in a tight job market for store workers.
Last year, McDonald's Corp. (MCD - Free Report) announced improved benefits for the employees at its company-owned restaurants, including a wage increase along with paid time-off for full and as well as part-time employees.
Also, other Retail/Wholesale companies like Wal-Mart Stores Inc. (WMT - Free Report) and Target Corp. (TGT - Free Report) have also announced pay hikes and enhanced employee benefits this year.
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