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Insurance Fact #1

Starbucks pays more for employee health insurance than it pays for coffee.

Starbucks CEO Howard Schultz began a company-wide turnaround that included cutting costs by laying off employees and closing stores nationwide, most of which had been open for less than two years.

However, even amid the cost-cutting Schultz refused to drop health care for his employees, a line item that tallies over $300 million, which is more than the company spends on coffee.

A shareholder called Schultz and said the crisis would provide him the perfect cover to cut benefits for part-time employees, but Schultz refused.