It’s a good day to be a Starbucks barista. The coffee giant has announced it will be giving all employees a raise in both their stock options and wages, thus making Starbucks employment even more desirable.
CEO Howard Schultz laid out his plan for employees in a company-wide memo, discussing everything from pay increases to summer scheduling. Beginning in October every employee will see an increase in their paycheck by at least five percent, which will be determined by both geographical location and market success.
Employees who have been with Starbucks at least two years will also see an increase in their stock options. The company will be doubling the annual awards given to employees through its Bean Stock program. Between the increased pay and stocks, partners (what Starbucks calls employees) and managers will see a pay increase of up to 15 percent, a number unheard of in most companies. CNN Money reports that the current average salary for baristas is $9.43 an hour, and with tips, stock, and other bonuses, that salary comes to about $20,000.
But the change in benefits goes beyond pay. Employees will also be able to shop around for healthcare coverage via a company portal that will let them choose the type of coverage they want for a price they can pay. Depending on the coverage chosen, employees stand to save between $800 to $2600 a year.
Schedules and dress code are also on the list of changes. Many employees have publicly complained about their hours being cut short, thus hindering their daily lives, and Schultz promised to make sure every employee’s hourly needs are met to the best of the company’s ability. As for the dress code, partners will now be able to put away the standard uniform and bring a little more self-expression to the table.