Chipotle Mexican Grill, Inc.CMG is set to hire 4,000 people at its first-ever National Career Day on Sep 9, 2015. Open interviews will be held at each U.S. restaurant location for up to 60 applicants. Candidates will have to register for an interview at the Chipotle location of their choice by visiting NationalCareerDay.com. Some of the workers will be employed at the restaurants scheduled to open this year. However, the majority will be placed at the existing ones.
The company looks to counter a tightening market for restaurant labor. Per market analysts, with an improvement in the economy, more restaurants are coming up. This implies that the number of applicants vying for a job has gone down from what it was even a few years back. Moreover, wages for workers in fast-food restaurants are outpacing those in the broader private sector; thereby make it more difficult for restaurateurs to find cheap labor. Therefore, restaurants are leaving no stone unturned to retain their employees.
Chipotle's Efforts to Retain Employees
More than 95% of restaurant managers are internally recruited with the highest performing managers being offered benefits such as a company car and a six-figure salary. Chipotle that currently employs 60,000 people promoted more than 10,000 people who had started as hourly crew to management roles in 2014. Chipotle also recently began offering highly competitive benefit packages to its employees, including paid sick leave and vacation time for full and part time employees, along with tuition reimbursement and merit-based increases.
Chipotle is not the only food chain that is busy hiring or boosting wages. Recently, McDonald's Corp. MCD and The Cheesecake Factory Incorporated CAKE raised employee wages. Besides providing tuition reimbursement and financial aid to employees who enroll in an online bachelor's degree program, Starbucks Corporation SBUX along with major U.S. companies like Yum! Brands, Inc.'s Taco Bell and Potbelly Corporation's Potbelly Sandwich Shop recently started the 100,000 Opportunities Initiative. This is the biggest collaboration between companies to create employment opportunities for the American youth. The group aims to hire apprentices, interns and employees aged between 16 and 24 years by 2018. These positions will include both full-time and part-time jobs. (Read: Starbucks Collaborates with Industry Majors to Create Jobs )
Chipotle presently has a Zacks Rank #3 (Hold).
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