Italian coffee business Illycaffè has introduced a cash bonus for 1,350 employees across the globe, in order to help them cope with the rising cost of living.
In an interview originally published in Italian newspaper Il Corriere della Sera, Cristina Scocchia, CEO of Illycaffè, confirmed that the business would split €500,000 (£433,102.50) between the members of staff.
This amounts to an average of €370.37 (£320.82) per employee, but the business noted that the final amount would vary depending on the country. The bonus will be paid to staff by the end of October 2022.
Scocchia noted that, despite the costs of raw materials and logistics increasing 20% this year, Illycaffè decided to compress its margins and focus on supporting its employees, rather than raise sale prices. She also confirmed a plan for the group to go public by 2026.
Scocchia said: “In such a complex moment, it takes a lot of leadership ethics. It is necessary to pass from a hierarchical approach to a participatory one…Companies are social bodies, leadership should not be interpreted as power any more, but as a responsibility. You have to
take care of the people who have been entrusted to you. We must act according to an ethical code, more or less like doctors. We must combine profit with social values.”
Quotes have been translated from Italian and may vary slightly from the original