27th Jan 2011 - 00:00
Abstract
Starbucks UK staff, including part-timers, have been given shares worth around £4 million as part of the relaunch of its employee reward scheme called “Bean Stockâ€.
The payout comes as the company reports another quarter of sales growth and follows a "thank you" Christmas cash bonus of £1.5m. Starbucks has always called its staff "partners" because they have a share in the company's success, but they told the company that the existing share option scheme was too complex. Now it's been replaced with this new direct grant of actual stock. • 6,700 of its 9,000 staff will qualify, which includes part-time baristas • Baristas will receive stock worth £370-£500 at today's prices • Starbucks improving business performance has seen it record six consecutive quarters of growth in the UK and its shares have hit a three year high • The move follows the introduction of a multi-million pound investment in a skills and training programme to provide Starbucks partners with qualifications and new opportunities for development last summer Darcy Willson-Rymer, Starbucks UK & Ireland MD said: "January is a great time of year to be able to give our partners this kind of financial reward. Everyone appreciates a boost at this time of year. Bean Stock is no ordinary benefits scheme; it allows our employees to share directly in our success by giving them a real stake in the business. "Many of our partners have funded major life purchases through the sale of their shares, from house deposits and weddings to buying a dream property in Australia."