Starbucks has become the latest firm to announce improved benefits and higher pay for its US employees in the wake of corporate taxes being lowered by the government.
The company is set to roll out a new range of offerings that will total approximately $250mn for its 150,000 partners as a result.
“Today, we are proud to announce additional investment in stock, wages and a new Partner and Family Sick Time benefit that will further enhance our industry-leading approach,” said Kevin Johnson, CEO of Starbucks. “Just as we have always felt strongly that our partners are key to our business success, we have also known offering a valuable, comprehensive benefits package helps us retain our valuable partners.”
Starbucks continues to pride itself on its internal social responsibility, offering some of the most attractive benefits packages to its employees that work moe than 20 hours a week, according to a study from Aon.
“The value of Starbucks benefit package is unmatched by other retailers and provides thousands of dollars above the value of other companies’ compensation offerings,” Johnson continued. “I am extremely proud to share that in the past four years Starbucks has made an investment of nearly $800 million in employee compensation and benefits - a testament to our belief in our people and the role they play in creating the Starbucks Experience.”
The firm joins the likes of Wal-Mart, American Airlines and Apple who have all made similar announcements, raising their employee benefits packages due to an increase in earnings from the lowered corporate tax rates.
“Today, we are building on investments we’ve been making in associates, in their wages and skills development,” said Doug McMillon, Wal-Mart President and CEO. “It’s our people who make the difference and we appreciate how they work hard to make every day easier for busy families.”