In the on-going battle to ger $15 an hour as minimum wage, Starbucks just gave its employees some very good news.
All Starbucks store employees and managers in the U.S. will see at least a 5% raise starting in October. Employees with at least two years of service will even be eligible for double the amount of stock award in the company, which is doled out each November as an equity reward that turns into shares of Starbucks stock after a specific time period. All employees are eligible for the stock program up until the director level.
Company CEO Howard Schultz announced the big news as part of a series of workplace changes on Monday. According to Schultz, the wage increase combined with the new stock award policy means compensation will increase between 5% and 15%.
That’s not all, the raises will keep coming!
Schultz wrote in a letter to employees that was posted on Starbucks’ website, “We remain committed to doing more each year to invest in our partners as part of our long-range, strategic plan.”
Disclaimer: We have no position in Starbucks Corporation (NASDAQ: SBUX) and have not been compensated for this article.