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Starbucks will link executive pay to diversity targets in 2021

October 14, 2020. Summarized by summa-bot.

A Starbucks employee wears a face shield and mask as she makes a coffee in Ronald Reagan Washington National Airport in Arlington, Virginia, on May 12, 2020. - The airline industry has been hit hard by the COVID-19 pandemic, with the number of people flying having decreased by more than 90 percent since the beginning of March. (Photo by ANDREW CABALLERO-REYNOLDS / AFP) (Photo by ANDREW CABALLERO-REYNOLDS/AFP via Getty Images)

Starbucks on Wednesday unveiled plans to increase diversity within its ranks by tying executive pay to inclusion initiatives starting next year.

New York (CNN Business)Starbucks on Wednesday unveiled plans to increase diversity within its ranks by tying executive pay to inclusion initiatives starting next year.

The company did not specify exactly how executive pay will be affected, but it set goals to raise the number of BIPOC, or Black, Indigenous and People of Color, employees across the board.

At the corporate level, Starbucks is aiming for 30% BIPOC employees by 2025.

In additional to linking executive pay to its diversity and inclusion efforts, Starbucks is launching a mentorship program connecting employees of color with senior leadership and including anti-bias materials into hiring, development and performance assessment processes, among other things.

Starbucks (SBUX) started ramping up its diversity efforts a few years ago, soon after the arrest of two black men who were waiting for a friend at a Philadelphia Starbucks caused an uproar.

In 2019, the company commissioned an assessment on its commitment to civil rights, diversity and inclusion.

The announcement also follows a slew of corporate commitments to increase diversity, which came after waves of Black Lives Matter protests earlier this year.

Microsoft (MSFT) announced a $150 million diversity and inclusion investment and a plan to double the number of Black managers and senior leaders by 2025.

Wells Fargo (WFC) intends to double Black leadership in the next five years and will evaluate senior leaders based on their progress in improving diversity and inclusion in their areas of responsibility.

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