- The company's new benefits prioritize financial and mental
health
- For the first time, Chipotle is offering a Student Loan
Retirement Match program and access to a special high-tech Visa
card that can build credit for all employees
- Chipotle is looking to hire 19,000 additional employees for its
upcoming "burrito season," the company's busiest time of year
running from March to May
NEWPORT
BEACH, Calif., Jan. 24,
2024 /PRNewswire/ -- Chipotle Mexican Grill (NYSE:
CMG) announced today that it will be providing additional financial
wellness and mental well-being support for more than 110,000
employees through a new Employee Assistance Program and enhanced
benefits. The company will hire additional employees over the next
couple of months to prepare for its busiest period of the year from
March to May, which has been famously coined "burrito season."
Chipotle's new benefits will enable eligible employees to:
- Pay off student debt while saving for retirement:
Utilizing SoFi's Student Loan Verification (SLV) service, once an
employee becomes eligible for Chipotle's 401(k) plan match, the
company will match up to 4% of an employee's salary through
contributions to their 401(k) if they make eligible student loan
payments. The benefit solution, launched in response to Congress'
approval of the Securing a Strong Retirement Act (SECURE 2.0),
allows employees who qualify to no longer have to choose between
paying off student debt or saving for retirement – they can do
both.
- Build credit through high-tech banking: Chipotle
employees will have access to a premium banking experience from
Cred.ai featuring a high-tech Visa card that offers security
features, faster access to paychecks, and Cred.ai's "Credit
Optimizer," which helps build and boost credit scores
automatically, even for employees who already have good
credit.
- Manage their financial wellness: Chipotle's partnership
with SoFi will also give employees access to the SoFi at Work
Dashboard, a leading financial well-being education platform, which
includes an assessment of current financial outlook, followed by
suggestions and tools to improve.
- Access mental health resources: Chipotle's New Employee
Assistance Program (EAP), SupportLinc, powered by CuraLinc
Healthcare, focuses on mental and emotional well-being. It includes
six free sessions with a licensed counselor or mental health coach,
as well as access to tools, resources, and community support for
legal, financial, and family matters.
More than 73% of Chipotle's restaurant employees are Gen Z, and
these new benefits cater to the challenges they are facing. It has
been widely cited that those born in the late 90s through the early
2000s are experiencing notable financial challenges, including
racking up credit card debt faster than previous generations* and
being nearly twice as likely as the general population to not feel
confident managing their money**.
"Empowering our talent is embedded in our company's culture,"
said Ilene Eskenazi, Chief Human
Resources Officer, Chipotle. "As we push toward our long-term goal
of operating 7,000 restaurants in North
America, it's crucial that we listen to and adapt to the
needs of our team members, so they can grow with us."
Career Mobility at Chipotle
Crew members
at Chipotle can advance to a Restaurateur in as little
as three and a half years, with a total potential compensation
package of approximately $100,000 while leading a
multi-million-dollar business. Nearly 90 percent of current
restaurant leadership started as crew members and progressed to
management positions. In 2023, Chipotle promoted over
26,000 employees.
"Today we have many examples of crew members rising through the
ranks and now holding restaurant leadership roles, which are among
the proudest accomplishments of this organization," said
Scott Boatwright, Chief Operating
Officer, Chipotle. "With 2024's 'burrito season' approaching, there
are more career opportunities than ever at Chipotle."
World Class Benefits
Chipotle's new offerings
continue to build on the company's best-in-class employee benefits,
including competitive wages: an all-crew bonus program, which
allows its restaurant employees the opportunity to earn up to an
extra month's worth of pay each year; access to mental health care
and medical, dental and vision insurance; English as a second
language for employees and their families; tuition reimbursement
and debt-free college degrees; 401(k) with employer
match; paid vacation and sick leave; flexible schedules, free meals
and more.
Those interested in joining Chipotle on its mission to Cultivate
a Better World can apply here: Chipotle Careers.
*SOURCE: Credit Karma
**SOURCE: Intuit Prosperity Index Study – January 2023
About Chipotle
Chipotle Mexican Grill, Inc. (NYSE:
CMG) is cultivating a better world by serving responsibly sourced,
classically-cooked, real food with wholesome ingredients without
artificial colors, flavors or preservatives. Chipotle had over
3,300 restaurants as of September 30,
2023, in the United States,
Canada, the United Kingdom, France and Germany and is the only restaurant company of
its size that owns and operates all its restaurants in North America and Europe. Chipotle is ranked on the Fortune 500
and is recognized on the 2023 list for Fortune's Most Admired
Companies and Time Magazine's Most Influential Companies. With over
110,000 employees passionate about providing a great guest
experience, Chipotle is a longtime leader and innovator in the food
industry. Chipotle is committed to making its food more accessible
to everyone while continuing to be a brand with a demonstrated
purpose as it leads the way in digital, technology and sustainable
business practices. For more information or to place an order
online, visit WWW.CHIPOTLE.COM.
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SOURCE Chipotle Mexican Grill