Starbucks will give its U.S. store employees and managers a raise this fall that the coffee giant says will boost compensation by as much as 5% to 15%.
Starbucks Chairman and CEO Howard Schultz in a broad letter says effective October 3, all retail employees (which it calls “partners”) and store managers at U.S. company-operated stores will receive an increase in base pay of at least 5%, a range that will be determined by the geographic location of the store and other market factors.
The retailer is also doubling the company’s stock option awards, which it calls the Bean Stock program, for partners that have worked at the chain for two years of continuous service. The combination of those changes are why Starbucks says compensation can increase by as much as 15%.
Schultz in a statement;
“Striking the delicate balance between profit and a social conscience is a responsibility I take personally.”