Starbucks is reducing its corporate employees' holiday bonuses by 40% due to the company's poor performance this year, despite individual employee achievements. The bonuses are typically based on both personal performance and company results.
Starbucks is slashing its corporate employees ’ holiday bonuses by 40% as the coffee giant has suffered its worst year since it got slammed by the pandemic in 2020, according to a report. Starbucks is slashing its corporate employees ’ holiday bonuses due to the company’s poor performance this year, according to a report.
Starbucks’ revenue ticked up less than 1% in the fiscal year ended Sept. 29 – a far cry from the double-digit increase seen in previous years. The company’s operating income dropped 8% in the same period.Starbucks CEO Brian Niccol is trying to turnaround Starbucks’ business with a focus on cutting down lines and revamping locations.
US employees’ bonus goals range from 5% of base pay for rank-and-file workers to 45% of base pay for senior vice presidents, according to the document obtained by Bloomberg. These senior positions will also not be eligible for merit raises, unlike other employees, a source said.
Starbucks Holiday Bonuses Corporate Employees Company Performance Bonus Reduction
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