Chipotle Mexican Grill is gearing up for its bustling “burrito season” by announcing plans to hire 19,000 new employees and introducing enhanced benefits. In a press release, the company outlined initiatives aimed at prioritizing financial and mental health for its workforce. The additional benefits include a student loan retirement match program, where Chipotle will match up to 4% of eligible employees’ salaries to their 401(k) if they make eligible student loan payments. Other perks include access to a Visa card, faster paycheck access, banking services from Cred.ai, and Cred.ai’s “Credit Optimizer.” Chipotle’s New Employee Assistance Program offers six free sessions with a licensed counselor or mental health coach, along with access to various tools and resources.
Burrito season, which Chipotle identifies as the busiest time of the year, runs from March to May. The fast-casual restaurant chain, founded in 1993 in Denver, Colorado, currently operates over 3,100 stores across the U.S.
As part of its hiring push, They aims to recruit 19,000 new employees this spring, reflecting a 27% increase from the previous year’s goal of 15,000 workers during the same period. The company’s recruitment efforts signal expectations of a particularly busy spring, despite menu price hikes in October. Having an adequate workforce is crucial for Chipotle during peak periods, as increased demand requires more employees to meet customer needs.
Hike in Wages Offered:
In terms of compensation, they increased starting wages for hourly employees to $11-$18 per hour in 2021. The company also highlighted that Restaurateurs, the highest general manager position, have an average compensation of $100,000.
Recruiting workers has become a challenge for the restaurant industry, exacerbated by the pandemic. While the restaurant workforce rebounded to pre-pandemic levels in September 2023, attracting and retaining younger workers has been an ongoing struggle for the industry. Chipotle’s new benefits, including the student loan retirement match program and partnerships with Cred.ai, aim to address financial challenges for younger employees.
Positive Approach of Chipotle:
Chipotle is set to report its fourth-quarter earnings on February 6, providing further insight into the company’s performance and initiatives. Chipotle’s proactive approach to hiring and providing enhanced benefits reflects the challenges in the restaurant industry’s labor market. The company’s commitment to financial and mental health support, especially for younger workers grappling with student loans, sets it apart in addressing contemporary workforce concerns. As anticipates a busier spring, the emphasis on recruitment aligns with the industry’s gradual recovery from pandemic disruptions. The competitive compensation and innovative benefits, including the student loan retirement match program, position Chipotle as a desirable employer in a landscape where attracting and retaining talent has become a strategic imperative for sustained success.
