Chipotle worker
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Chipotle said more than 73% of its restaurant employees are Gen Z. The chain is looking to hire 19,000 workers as it enters its busy “burrito” season.The chain wants to entice Gen-Z workers with new perks, including help paying off student debt.
Chipotle is boosting its worker benefits to attract Gen Z workers as the chain seeks 19,000 new hires in the coming months.
One carrot they’re dangling before Gen Z applicants is a new perk that will help workers save for retirement while also paying off student loans. Eligible employees can receive a 401(k) match of up to 4% of their salary if they make student loan payments. Private and federal loans are eligible for the student loan match, Chipotle said.
If, for example, an employee pays $100 a month toward their student debt, Chipotle will match $100 a month into a 401(k), paid at the end of the year, Chipotle told Business Insider.
How do you get the full 4% match?
“If the employee is paying at least 5% of their salary toward the student loan, Chipotle will match 4% into their 401(k),” Chipotle told BI.
Employees, including restaurant crew members, become eligible for the program following one year of service and 1,000 hours worked, Chipotle said. SoFi, a student-focused bank lender, will act as an administrator of the program.
More than 73% of Chipotle’s 110,000 employees are Gen Z, the chain said. The new 401(k) match incentive program is one of four new benefits introduced this week by the chain to help its Gen Z workforce.
The chain is also introducing a debit card by Credi.ai, billed by Forbes as the “Tesla of Banking.” Employees can use the card to make purchases and build credit with no fees or interest, Chipotle said.
Chipotle said it’s also offering a new financial wellness plan and access to mental health resources.
The chain is enhancing its benefits as it plans to hire 19,000 more workers to prepare for its busiest time of the year from March to May, which the chain has coined “burrito season.” Last year, the chain hired 15,000 people for the busy season.
The chain said the extra 4,000 workers needed this year reflects its growth. From September 2022 to September 2023, the chain has added about 200 more stores bringing its total to more than 3,300 restaurants.
The hiring spree also comes as Chipotle tests automation to streamline operations and save on labor. The chain’s automation initiatives include testing robotics to peel avocados, fry tortilla chips, and assemble bowls and burritos.