Chipotle Mexican Grill Inc. (NYSE: CMG) shares dipped slightly on Monday after the burrito chain announced that it would be undertaking a huge expansion to its workforce. Chipotle currently employs roughly 94,000 people, and it is looking to add even more on top of this.
Specifically, the firm announced its first national hiring event of the year called “Coast to Coast Career Day” on Thursday, January 14. The goal of this event is to employ 15,000 new team members for Chipotle’s restaurants across the United States to keep up with its expansion.
Note that Chipotle has plans to open up roughly 200 new restaurant locations, although the timeline is a little fuzzy.
Chipotle boasts a lot of benefits for its employees. According to management, more than 70% of Chipotle’s general managers are a result of internal promotions. Also, Chipotle has covered more than $13 million in college tuition costs and paid out over $40 million in bonuses and assistance pay for restaurant employees last year.
One thing to note here is that Chipotle has been one of the best-performing restaurants throughout the pandemic, if not the best. Perhaps the greatest move Chipotle made over the past year was building out the delivery feature of its app, allowing for more customer engagement and sales. Not to mention, partnering with DoorDash for the actual delivery service was a key move.
Excluding Monday’s move, Chipotle ranks as the best-performing restaurant stock in the S&P 500, with shares up about 62% in the past 52 weeks.
Chipotle Mexican Grill stock traded down about 1% at $1,391.23 Monday morning, in a 52-week range of $415.00 to $1,435.52. The consensus price target is $1,434.65.
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