Your next burrito might cost a little more than usual. Chipotle Mexican Grill is hiking menu prices by about 4 percent to cover the cost of its recent wage increases.
The company announced in May that it is looking to hire 20,000 employees and will incentivize new hires with starting wages of $11-$18, averaging at a $15 hourly wage. The company is also adding increased referral bonuses for employees and providing a path to work up to a six-figure salary.
Brian Niccol, Chipotle’s CEO, said these investments in employees would not come without cost.
“It made sense in this scenario to invest in our employees and get these restaurants staffed and make sure that we have the pipeline of people to support our growth. And then with that, we’ve taken some pricing to cover some of that investment,” he said.
Chipotle is among a multitude of companies like McDonald’s, Amazon, KFC, and Applebee’s that are desperate to attract