Chipotle Mexican Grill is beefing up its workforce by adding 19,000 employees to prep for its busiest time of the year. As a result, the California-based fast casual spot is prioritizing employee benefits to bring in new workers.
Chipotle announced today that it would provide additional financial wellness and mental wellbeing initiatives for its 110,000 workers just in time for its “burrito season,” when the company typically sees a spike in demand from March to May.
Specifically, the restaurant chain will be offering SoFi’s Student Loan Verification (SLV) service to help workers pay off student debt while saving for retirement. According to a release, once an employee becomes eligible for Chipotle’s 401(k) plan match, the company will match up to 4% of their salary through contributions to their 401(k), as long as the employee makes eligible student loan payments.
Employees will also be able to use the SoFi at Work Dashboard, a platform that offers assessments of current financial outlooks, followed by suggestions and tools to improve financial wellbeing.
Other new features include a debit card created by Credi.ai, where workers can sign up for payroll funds deposited into a bank account and use the card to make purchases and build credit with no fees or interest.
Lastly, Chipotle will begin offering mental health resources through its new Employee Assistance Program (EAP), where workers can book six free sessions with licensed mental health counselors, as well as access community support for legal, financial, and family matters.
Chipotle is particularly catering its benefits to Gen Z employees with its latest offerings. According to the company, the youngest working generation makes up more than 73% of the Chipotle’s overall workforce. Findings from past studies show that nearly all Gen Z workers face obstacles to saving for retirement, including inflation, monthly bills, and paying for unexpected expenses.
SEE ALSO:
- Gen Z Facing Obstacles to Retirement: Schwab Study
- SoFi at Work and Kimley-Horn Partner on Student Loan Repayments
- SoFi at Work Launches Student Loan Debt Repayment Service
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
