Shake Shack Inc. said Wednesday that it will invest more than $10 million in wages, hiring bonuses and other programs over the coming years, after spending $6 million in 2020.
The coming investment will not only be for current workers, 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 U.S. 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 hires.
raised wages at more than half of its locations last year, and raised them again at two-thirds of restaurants this year.
The burger chain is also offering $1,000 hiring bonuses for managers, and $500 bonuses for hourly workers brought on board between June 10 and August 31 in most locations across the U.S.
Managers will be receiving allowances for cellphone bills, entertainment subscriptions and services that help with mental, physical and emotional well-being.
Shake Shack employees at the general manager level and higher will also continue to receive equity-based compensation that can push salaries to $115,000. Most salaried managers start at $50,000 to $65,000 depending on location and experience, with additional monthly and quarterly bonuses.
And the company offers leadership development programs that aim to help entry-level staff 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 biggest team member commitments we’ve made in our history.”
Shake Shack stock is up 2.5% in Wednesday trading, and has gained 14.7% for the year to date.
The S&P 500 index
has gained nearly 16% for 2021 so far.