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Starbucks Issues Stock Options To Chinese Employees
December 21, 2006 |
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In one of the most extensive stock option plans ever carried out by a foreign company in China, Starbucks has implemented an incentive plan called Bean Stock, offering stock options to its Chinese employees in order to attract and retain local talent.
Starbucks says it will offer stock options to local employees, ranging from executives to both the full-time and part-time workers in its subsidiaries, and those who joined Starbucks before April 1, 2006 and worked over 20 hours a week can get options from Starbucks in proportion to their base salary. This year, the employees will get stock options equal to 14% of their base salary.
Eden Woon, vice president of Starbucks Greater China, has told local media that the Starbucks branches that are directly managed by the global company are mainly scattered in Beijing, Tianjin, Guangdong, and western China. Employees at those branches are eligible to take part in the program. The operational rights of Starbucks Shanghai belongs to its partner Uni-President, thus the employees there can't currently enjoy the stock plan,
Bean Stock is an incentive plan first implemented in America in 1991. Starbucks wants to turn all its employees into partners, giving them a chance to share in the success of the company, and therefore to encourage employees to contribute more to the business. This plan has been spread into Britain and Canada and will soon be extended to China, Chile, Ireland, Singapore and Thailand.
Starbucks Coffee Company is the leading retailer, roaster and brand of specialty coffee in the world. Entering China in 1999, Starbucks now is expanding its business in China and aiming to build China into the biggest market, second to America.
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