Seasonal hiring is not a new concept. But usually, it’s applied to retailers about to go into the Christmas rush who need a few extra hands to make sure customers don’t have to wait too long and go somewhere else to shop. But that type of rush hits Chipotle Mexican Grill (NASDAQ:CMG) restaurants during the spring. Typically, March through May is the busy season for Chipotle, and it plans to ramp up its seasonal hiring accordingly.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Chipotle is on track to bring in 19,000 extra workers chain-wide. That’s up 27% from what it was this time last year, suggesting that Chipotle looks for this spring to be even busier than last spring. But with restaurant workers increasingly harder to find and younger folks looking for internships instead of restaurant work, Chipotle may have its work cut out for it.
An Offer You Probably Shouldn’t Refuse
In a bid to get those workers coming in, Chipotle is taking a page out of the Corleone book and making an offer those potential workers probably shouldn’t refuse. And Chipotle is indeed pulling out the stops on this one. It’s offering up to a 4% match on 401(k) contributions as long as they’re making student loan payments. Employees also get access to the Cred.ai Visa credit card, a “financial well-being educational platform,” and six free sessions with their choice of a counselor or a mental health coach.
Is CMG Stock a Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on CMG stock based on 18 Buys and seven Holds assigned in the past three months, as indicated by the graphic below. After a 49.07% rally in its share price over the past year, the average CMG price target of $2,437.61 per share implies 4.6% upside potential.
