Starbucks Corp’s support center employees in the US will be required to work from office at least three days in a week. Previously, they were required to work from office at least one day per week.
From January 30th, the coffee chain’s employees within commuting distance will have to be in the office on Tuesdays, Wednesdays and a third day of the week, which will be mutually agreed on by the immediate leader and team.
Employees will have the freedom to work from anywhere during the two other business days, Starbucks said.
Other US companies have also begun to bring back staff from work-from-home or hybrid work models that were introduced because of the COVID-19 pandemic.
Last year, Snap Inc announced that employees would be required to work from offices 80% of the time from the end of February.
Meanwhile, Uber employees have been asked to work from office two days in a week.
The shares of Starbucks Corporation (SBUX) closed 0.28% ($0.30) higher at $106.30 on Nasdaq on Wednesday, with the coffee chain giant’s total market cap now standing at $122.01 billion.
The shares of Starbucks Corp retreated 15.19% in 2022, compared with a 19.44% loss for the benchmark index, S&P 500 (SPX).
Analyst stock price forecast and recommendation
According to TipRanks, at least 8 out of 16 surveyed investment analysts had rated Starbucks Corp’s stock as “Buy”, while other 8 – as “Hold”. The median price target on the stock stands at $103.60.
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