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Share Name | Share Symbol | Market | Type |
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Yum Brands Inc | NYSE:YUM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.27 | -0.20% | 135.91 | 136.51 | 135.73 | 136.50 | 1,922,337 | 23:45:12 |
By Julie Jargon
Starbucks Corp. is teaming up with more than a dozen companies in a commitment to increase hiring of young, minority workers over the next three years.
The companies--which also include Alaska Air Group Inc., CVS Health Corp., Lyft Inc., Microsoft Corp., and Wal-Mart Stores Inc.--have pledged to hire 100,000 mostly low-income, 16-to-24-year-olds as apprentices, interns and part- and full-time employees by 2018.
The coalition was initiated by Starbucks Chief Executive Howard Schultz, who in March vowed to hire at least 10,000 young, low-income people in the U.S. over the next three years. He said that while some of the new hires will replace employees who leave the company, the majority will be new, entry-level jobs in Starbucks cafes. Starbucks currently employs more than 150,000 workers in the U.S., where it operates more than 12,000 retail stores.
The other companies also are largely creating new hourly-wage jobs focused mostly on young African-Americans and Latinos. "We're not displacing jobs, but creating incremental opportunities in most of these companies," Mr. Schultz said in an interview.
The hiring effort, dubbed the "100,000 opportunities initiative," will kick off with a job fair in Chicago on Aug. 13, which the companies expect to result in at least 1,000 hires in the Chicago area over the next 18 months. Mr. Schultz said the coalition plans to hold more job fairs in other cities and that it hopes more companies will join the effort.
Mr. Schultz has frequently involved Starbucks in social issues--sometimes triggering controversy, as with "Race Together" initiative early this year to prompt people to discuss race relations while buying their morning coffee.
Job creation has been a central cause. Mr. Schultz in 2011 teamed Starbucks up with community financial institutions for a program called "Create Jobs for USA," in which donations from Starbucks customers, employees and others were pooled to fund community business lending. In 2013, Starbucks committed to hiring at least 10,000 military veterans and their spouses by 2018.
As part of the latest hiring effort, a family foundation started by Mr. Schultz and his wife is contributing $30 million toward local job training and mentorship programs.
"It's very personal for me, having grown up in public housing and understanding what it was like to be that poor kid," Mr. Schultz said.
Other companies involved with the new hiring initiative include Hilton Worldwide Holdings Inc., Cintas Corp., HMSHost Corp., J.P. Morgan Chase & Co., J.C. Penney Corp., Macy's Inc., Porch.com, Potbelly Corp., Yum Brands Inc.'s Taco Bell, Target Corp., and Walgreens Boots Alliance Inc.
Write to Julie Jargon at julie.jargon@wsj.com
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