Chipotle is investing roughly $2 billion a year in labor and its senior leaders say that is part of long-term return on investment strategy.
list — said in a separate session at the CNBC @Work Summit that there are still wide gaps to bridge between employers and employees over understanding of a company's role in education.
In addition, she said Guild knows that even as more big companies offer education benefits, "We know a very significant amount of employees feel uncomfortable telling employers they don't have a high school diploma or college degree. ... They inflate data or avoid answering it."Andrada said the company also leaned into a health care concierge service for employees and their families, and she stressed that was an investment made pre-pandemic.
For Chipotle, "almost all managers in the future will come from the crews of today," Hartung said. "So every dime we spend on that labor line, whether wages or benefits or education is an investment in the future, and that's a different way to think about it." In a bullish thesis on Chipotle in mid-September, Piper Sandler said its long-term return on investment capital compared favorably to many peers. Goldman Sachs analysts noted in a recent bullish call on the stock that labor costs will continue to rise.
In a note this week, Cowen wrote that among millennial and Gen Z consumers Chipotle stands out among restaurant chains for issues including food transparency, a rapidly-growing digital business, reducing waste, packaging, and energy use, including 22% of electricity that is generated from renewable sources. While Cowen's analysts noted a generally high level of trust relative to peers, notably missing among the ESG factors cited in the report was labor standards and treatment of workers.
"It really ties to culture and I would argue these guys really have that down," Charles said. "And they are growing stores at a healthy clip and growing a company-operated system and can identify talent within the system."
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