Retail
Starbucks (SBUX) May Take Another Chance To Screw Employees
Published:
Last Updated:
Merry Christmas you underpaid, overworked coffee barista boys and girls. Uncle Howard Schultz, your founder and CEO, has found another way to screw Starbucks (SBUX) employees, if he wants to. According to The Wall Street Journal, "Starbucks Corp. told employees the company won’t guarantee that it will make a company match to their 401(k) accounts next year."
Keep in mind that Starbucks still makes lots of money. In the last reported quarter, the coffee retailer improved revenue by 3% to $2.5 billion. Operating income was down to $14 million from $248 million in the same period in 2007. But, Starbucks did take a $99 million restructuring charge this year.
So much for Starbucks making the Fortune "100 Best Places To Work For" list again in 2009. As the company says "We are always focused on our people. We provide opportunities to develop your skills, further your career, and achieve your goals."
In the meantime, Starbucks does not mind fleecing its employees by cutting contributions to their savings if it wants to. Maybe it is because the firm pays them so well.
Douglas A. McIntyre
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.