Chipotle Mexican Grill Inc. announced a wide range of compensation incentives on Monday, including a pathway to a six-figure salary, as it seeks to hire 20,000 workers in the U.S.
Chipotle /zigman2/quotes/200781108/composite CMG +2.33% is bumping pay for new and existing hourly and salaried workers, which will drive wages for hourly crew members up to $11 to $18 per hour . The average hourly wage will be $15 per hour by the end of June, the company said.
Chipotle is also promising a career path for interested workers, which will lead them to the “restauranteur” title, the highest general manager position, and an average pay of $100,000 in 3.5 years.
“Chipotle is committed to providing industry-leading benefits and accelerated growth opportunities, and we hope to attract even more talent by showcasing the potential income that can be achieved in a few short years,” said Marissa Andrada, chief diversity, inclusion and people officer at Chipotle, in a statement.
The company has also introduced referral bonuses for workers: $200 employee for crew members and $750 for “apprentices” or general managers.
Chipotle will be hosting a virtual career fair on the Discord online community platform on May 13 from 10am to 1pm PT.
Chipotle joins a number of other consumer companies that will be hosting job fairs in the search for thousands of workers, including Yum Brands Inc.’s /zigman2/quotes/209029767/composite YUM +0.04% KFC chain and the Lowe’s Cos. Inc. /zigman2/quotes/205563664/composite LOW +0.32% home improvement retail chain.
Chipotle stock is up 0.5% for the year to date while the benchmark S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.58% has gained 10.5% for the period.