Chipotle Mexican Grill (NYSE: CMG) announced enhancements to benefits that will reach all of its 71,000 employees. These enhancements, which include special cash and stock bonuses and enhanced paid parental leave, are part of the company's ongoing commitment to advancing both the professional and personal lives of its employees. Resulting from savings due to the Tax Cuts and Jobs Act, the new benefits have already begun rolling out to Chipotle employees.
"We have always been proud of our ability to attract and retain top talent who share our passion for cooking delicious food by hand and creating an extraordinary guest experience," said Steve Ells, founder, chairman and CEO at Chipotle. "We're giving back to these committed, motivated, and hardworking team members who have made Chipotle what it is today."
Chipotle will reinvest more than one-third of its anticipated savings from tax law changes into its employees. The remainder of the reinvestment will be dedicated to improvement of restaurant facilities and operations. New employee benefits include:
Accelerated Training Programs. More training programs for employees, including a formalized classroom program with a dedicated faculty that will focus on a range of topics related to operational excellence and leadership. Cash & Stock Bonuses. Qualified hourly and salaried restaurant employees will receive a special one-time cash bonus of up to $1,000. Qualified staff employees will receive a one-time stock grant. Maternity/Paternity Coverage. Additional paid parental leave coverage for everyone from hourly managers to salaried employees. Life Insurance and Short-Term Disability. The company has added life insurance and short-term disability insurance coverage for hourly restaurant managers.
These new offerings are in addition to a unique set of benefits the company already offers to employees, including both hourly and salaried workers. Chipotle currently provides twice annual merit increases for hourly employees, paid vacation and sick time, and stock awards to the restaurant manager level. Additionally, the company has made a significant investment in educational benefits for employees. Chipotle offers up to $5,250 in tuition reimbursement, and through a partnership with Guild Education, the company offers reduced-cost courses and degree programs at a number of colleges and universities. The educational program includes more than 10,000 class and program options and since the inception of the program, nearly 6,000 Chipotle employees have taken advantage of the program.
"We have always been committed to making Chipotle a great place to work with excellent compensation and benefits," said Ells. "With these expanded offerings, we're thanking our employees for their hard work and dedication to our company."
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