That quick and instant cup of coffee may be getting sweeter soon. Starbucks Corporation (NASDAQ:SBUX) has announced that after over a decade in the industry, the coffee company has attained the equal pay mark for all its employees across all races and gender.
In a press release, Starbucks chief partner officer Lucy Helm said it is 10 years since the co mpany started the ambitious work of ensuring that all its workers across all races and ethnicities are fairly compensated.
The company has now joined the growing tradition among leading tech and consumer companies that are working to harmonize the human capital curve by removing disparities in compensation packages voluntarily before being required to do so legally. A number of countries have already initiated legal requirements to that effect. These include United Kingdom, Germany and Iceland.
The announcement by Starbucks is an indication of a wider set of corporate culture and values which can help in supporting and entrenching equity at workplaces and go beyond equal salaries and compensations. As opposed to many retail and low-wage companies, Starbucks started offering investment and retirement opportunities to their employees in 2010. In 2014, the company started offering tuition reimbursement to its employees that wish to finish their college studies at Arizona State University. This project is expected to assist around 25,000 employees to graduate with bachelor’s degree by 2025.
Additionally, the company supported its workers by increasing their health care benefits in 2016. It added parental leave program to the health care package for both full time and part time workers. These adjustments beyond normal pay are part of the company’s larger system and culture which it is building to help workers succeed and close the wage gap.
Of all the company’s new policies, one of the outstanding one is the commitment to enhance transparency when discussing wages. Starbucks launched a policy against discrimination against its workers who bring up the conversations about pay. This policy shows the company’s commitment towards enhancing openness when it comes to matters salaries and compensation. This is part of the Millennial outlook on salaries and compensation. It showcases the applicable approach to pay and compensation secrecy which many companies have been following.