You’re going to have to expand your benefits package to cover the cost of college.
A story in The Wall Street Journal recently noted that several companies were concerned that employees were paying off student loans rather than building retirement funds. So they have adopted a new policy of matching student loan payments with payments into 401(k) plans.
Yesterday, Chipotle announced it is covering 100% of tuition costs up front for 75 different business and technology degrees.
After 120 days of employment, employees are eligible to pursue degrees from leading nonprofit, accredited universities, including The University of Arizona, Bellevue University, Brandman University, Southern New Hampshire University, and Wilmington University.
“Chipotle recognizes that financial barriers can be one of the biggest obstacles that impede our employees from achieving their fullest potential,” said Marissa Andrada, Chief People Officer at Chipotle. “We are proud to launch this opportunity for debt-free degrees by providing free tuition to help our employees excel in all areas in their lives, both in and out of Chipotle.”
“This expansion of Chipotle’s Cultivate Education benefits program to cover 100% tuition costs upfront for degrees in business and technology represents the company’s commitment to upskilling its workforce and helping employees achieve their professional goals,” said Rachel Carlson, Guild Education CEO & Co-Founder. “We are thrilled to partner with Chipotle as they continue to lead the way in the fast-casual industry for enhancing the employee experience with best-in-class benefits.”
The launch of the debt-free degree is the latest addition to Chipotle’s Cultivate Education program, which includes an existing tuition reimbursement program, allowing eligible employees to be reimbursed for tuition up to $5,250 a year at the school of their choice. According to Guild Education research, 63% of students enrolled in the program are first-generation college students and 86% have reported feeling that they need additional education to achieve their professional goals.