By Chris Isidore
Starbucks employees will get a raise of at least 5%, the company said Monday.
In a memo sent to all 157,000 U.S. employees, CEO Howard Schultz announced a wage hike for all store employees and managers as of Oct. 3. Starbucks will also double the company stock awards for employees who’ve been there two or more years.
Altogether, these changes will boost total compensation between 5% to 15% for all workers.
Starbucks, which has nearly 7,600 company-operated stores, is the latest major U.S. retailer to raise wages as it tries to fill positions in the face of an improving labor market. Schulz told CNN this spring that the moves in many states and cities to raise the minimum wage is “heading in the right direction.” He said Starbucks has always paid more than minimum wage.
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