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The company pointed to a 10% drop in employee turnover and a 16% boost in the length of barista tenure. Baristas also saw material improvements in working hours, which were up 5% in the quarter ...
The hit to bonuses comes after the company altered its compensation plan for senior executives in fiscal 2023. The company now bases 70% of bonus awards on financial performance, compared to 50% ...
Starbucks is making some improvements in employee benefits and wages, but union workers might not see all the perks. Starbucks is raising barista wages by at least 3% starting next year Skip to ...
As of August 2023, over 8,900 workers at 356 Starbucks stores in the United States had voted to unionize, the vast majority under Starbucks Workers United. [31] [53] In September 2023, an NLRB judge found that Starbucks had violated labor law when it had announced pay raises only for non-union employees. [54]
Laxman Narasimhan (born 15 May 1967) [1] is an Indian-born American business executive and former chief executive officer (CEO) of Starbucks and Reckitt. He was previously chief commercial officer (CCO) of PepsiCo. He joined Starbucks as interim CEO in October 2022, and succeeded Howard Schultz as CEO in April 2023.
On March 23, 2023, Narasimhan told employees that he would work a half-day behind a store counter each month, and he trained as a barista to immerse himself in the brand and stay close to customers. [73] In June 2023, Starbucks was ordered to pay $25 million in punitive damages and $600,000 compensatory damages to a former regional manager.
Starbucks shares trade on a trailing 12-month price-to-sales ratio of 3 times, below that of fellow coffee purveyors McDonald's , at 8 times, and Dutch Bros , at 3.7 times, according to Yahoo ...
[1] Under Johnson, Starbucks shares had risen 79% by August 2019, and Johnson pledged to return $25 billion to shareholders by 2020. [40] Johnson supports raising the federal minimum wage, [41] announcing in 2021 that the company would mark its 50th anniversary in 2022 by increasing wages to a minimum of $15 per hour for all U.S. employees. [42]