[ad_1]
Chipotle is hoping to attract more young workers by offering more benefits ahead of what the chain calls “burrito season.”
The restaurant hopes to hire 19,000 new employees during its most profitable period, which runs from March to May. A Chipotle spokesperson said this season tends to be very profitable due to “seasonal factors such as weather and sunlight.” WSJ.
But instead of offering fun perks like Summer Fridays and team parties, the chain is offering perks with monetary value to attract younger workers.
RELATED: Chipotle Mexican Grill is still a delicious investment
First, Chipotle announced that it will match up to 4% of a worker’s salary through 401(k) contributions if the worker is paying off student loans.
This unique benefit encourages Gen Z employees to pay down their loans while also helping them save for retirement. According to a November 2023 Transamerica Retirement Research Center study, it can be a win-win for a generation that has already started worrying about retirement. Among them, 66% of Gen Z said they have already started saving for retirement.
“If an employee pays at least 5% of their salary toward student loans, Chipotle will put 4% toward their 401(k),” Chipotle said. business insider.
All employees who have worked at least one year and 1,000 hours are eligible.
Chipotle also said it would offer six free mental health sessions to employees who choose to opt in, as well as an “AI-powered” credit card to help younger employees with banking.
RELATED: Chipotle’s robot can make about 200 burrito bowls per hour
The chain has not yet reported earnings for the fourth quarter of 2023, but Chipotle had a strong third quarter thanks to higher restaurant prices that helped offset the cost of food inflation, such as beef and cheese.
“I think the value of Chipotle, which hadn’t raised prices in over a year before this move, is showing. People are choosing to eat at Chipotle because it’s very affordable,” said Chipotle CFO. Jack Hartung said during the financial results announcement. At that time he will call.
Chipotle is up more than 46% in a year as of Wednesday afternoon.
[ad_2]
Source link
