Starbucks has just announced a commitment to reducing the gender-based wage gap through total transparency.
“Male and female partners who perform similar work are paid within 99.7 percent of each other,” a new report released by Starbucks’ corporate office says. “We examine each component of compensation including base pay, bonus, and stock, and we work to correct unexplained, gender-based differences.”
As a result, an investor — Arjuna Capitol — has withdrawn its gender pay equity shareholder resolution that had originally targeted concerns investors had about the coffee corporation’s gender equality policies.
“The retail sector is notorious for a large gender pay gap and poor treatment of women,” Natasha Lamb, managing partner at Arjuna Capital said. “As a top brand, Starbucks is setting a huge example for other companies to follow. We need more companies like Starbucks to break down the structural bias that keeps women in the back seat and business from reaching its full potential.”
The gender-based wage gap for retail workers is 70.3 percent, according to Forbes — the eighth worst career wage gap for any industry.