Starbucks Declared New Backup Childcare Policies For Its Employees

Starbucks Declared New Backup Childcare Policies For Its Employees

Starbucks is compensating to its employees with the latest family care policy. Recently, the company declared that to its workers it would be providing 10 paid backup care days for children or adults.

In the starting of 2018, Starbucks confirmed an expansive new set of benefits. At that time, the company stated that it was providing all baristas sick leave and $500 in stock grants and $2000 for store managers. The company also declared higher earnings and subsidized parental leave for up to 6 Weeks, which also includes leave for non-birth parents. Ron Crawford—Vice President of Benefits at Starbucks—said that this new care policy is a part of the solution for its employees’ welfare. From the National Survey of Children’s Health, Starbucks noted that in 2016, nearly 2 Million working parents give up on their jobs due to childcare. The company reports that it is the largest trader in the U.S. to offer the policy. The company is also collaborating with Care.com to execute the policy benefit. Care.com is a digital media that links caregivers and people who need them. Employees have the option to choose to pay on an hourly basis ($1 per hour) or on daily basis ($5 per day) for every single child at a center.

Recently, Starbucks shares rose to more than 2% after the appointment of Patrick Grismer, A New Chief Financial Officer. He is a former executive of Yum! Brands, Inc. and Hyatt Hotels Corporation. His work experience in the Chinese restaurant industry is considered a positive outlook for the company, but at the same time, investors would be observing if he backs prior growth guidance. In June, after suffering a fall due to restructuring concerns, Starbucks shares started improving during July to October since investors started resetting their hopes. Analysts stayed divided considering the stock; while sales missed many model expectations, but some analysts believed that margins would be improving as the cost saving is a prime focus in the future.

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