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  • Writer's pictureStephanie Love

Fancy your student loan paid off by your employer?

It’s the Progressive Practice of the Week! This update brings to your inbox the finer details of one progressive practice from around the world.


This week we learn about an innovative US company who have identified who their people are and implementing attractive benefits.


A popular (and delicious, I might add) US restaurant chain has announced they will be introducing enhanced financial wellness and wellbeing support benefits for it’s 110,000 employees.

 

Chipotle will be investing in a new EAP programme that offers employees six free sessions with a licenced counsellor or mental health coach, plus tools for legal, financial, and family matters.

 

Plus, they have announced they will encourage paying off student debt while helping employees save for retirement. Once an employee becomes eligible for Chipotle’s 401(k) plan (US retirement fund), they will match up to 4% of their salary by contributing to their 401(k) if they make eligible student loan payments.

 

Chipotle will also offer financial literacy education through making a financial assessment tool free and help boost credit scores by offering a high-tech Visa card to access pay checks faster.

 

This is ahead of its “Burrito” season, where it hires an additional 19,000 employees during its busiest period from March to May.

 

73% of Chipotle’s workforce are Gen Z, student loan in the US is crippling, with many young people leaving university with thousands of dollars of debt, financial literacy is often lacking in traditional education, and the cost of living continues to rise. There have also been frightening statistics on increases of mental and emotional health challenges among Gen Z compared to previous generations.

 

Chipotle have clearly taken the time to understand who their people are, and what their unique needs are, and have consciously chosen to implement progressive practices that will have the most positive impact on the majority of their workforce. This is a strong example of why it’s important to understand your people.

 

If you haven’t yet put in place tools to understand the age, gender, ethnicity, and rainbow identity makeup of your workforce, you may be missing out on opportunities to tailor your workplace practices for the needs of your people. Workforce analytics are an area of expertise for us, and we’d be more than happy to have a chat to understand your goals.

 

Read the full article here.

 

 

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Our very own People First Index framework measures the progressiveness of your organisation's employment practices. Check it out here.




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