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Spring is known for warmer weather, flowers, new beginnings, and burritos—apparently.
Ahead of its busiest time of the year—March through May—Chipotle is gearing up to bring 19,000 new employees into the fold, and to sweeten the pot, the company is offering some perks geared toward younger folks.
- The company announced Wednesday that it will 401(k) match up to 4% of the salary of an eligible worker who’s making student loan payments, private or federal. Existing employees can become eligible after a year with the company and at least 1,000 hours worked, according to Business Insider.
- Additionally, Chipotle is offering employees a new debit card from Cred.ai that they can use to build their credit with no interest or fees.
Nearly three-quarters (73%) of Chipotle’s more than 110,000 workers are Gen Z. The company is offering these perks in part because, as CNBC noted, its hiring goals are even more lofty than this time last year. In 2023, Chipotle hired 15,000 workers for its “burrito season,” and the increase parallels the chain’s growth. It opened around 200 locations between September 2022 and September 2023.
They yearn for the mines: Gen Z workers aren’t just college students and post-grads. Teen employment last year hit a 14-year high: 37% of 16- to 19-year-olds were looking for or had a job in 2023, according to the Department of Labor.
- Many employers have taken steps to make open positions more appealing to younger workers, like accommodating their school schedules and raising wages.
- 16- to 24-year-olds got a 9.8% pay bump last year, nearly 2x more than the overall workforce, according to the Washington Post, which cited data from the Federal Reserve Bank of Atlanta.
“When the labor market is tight, more teens work,” Elizabeth Ananat, Barnard College economics professor, told the Post. “When teens hear there are jobs available, they take the jobs.”