Shake Shack Inc. said Wednesday that it will invest more than $10 million in salaries, recruiting bonuses and other programs in the coming years, after spending $6 million in 2020.
The upcoming investment will not only go to existing employees, but is part of the company’s “commitment to attracting and retaining the best restaurant talent.”
Restaurants and other businesses have struggled to find enough workers in a tight US labor market. Many companies, like Papa John’s International Inc.
Six Flags Entertainment Corp.
and Chipotle Mexican Grill Inc.
are offering higher pay and other perks to find new people.
raised wages at more than half of its locations last year and raised wages again at two-thirds of its restaurants this year.
The burger chain is also offering a $1,000 hiring bonus for managers and a $500 bonus for hourly workers who are onboarded from June 10 to August 31 in most locations across the United States
Managers will receive allowances for cell phone bills, entertainment subscriptions, and services that help improve mental, physical and emotional well-being.
Shake Shack employees at the general manager level and above will also continue to receive equity-based compensation that can push salaries to $115,000. Most managers are paid starting at $50,000 to $65,000 depending on position and experience, with additional monthly and quarterly bonuses.
And the company offers leadership development programs aimed at helping entry-level employees work their way up the professional ladder with the company.
Shake Shack has more than 9,000 employees. The company calls this year’s investment “one of the largest team member commitments we’ve made in our history.”
Shake Shack stock rose 2.5% in Wednesday trading and is up 14.7% this year.
S&P 500 Index
has grown by almost 16% for 2021 so far.
https://www.marketwatch.com/story/shake-shack-to-invest-more-than-10-million-in-workers-with-some-high-level-salaries-reaching-115-000-11626886243?rss=1&siteid=rss | Shake Shack to invest more than $10 million in workers, with some high-level salaries reaching $115,000