Holy Guacamole! Burrito Chain Raises Prices to Increase Wage
Prices for the beloved burritos at fast food joint Boloco are going up, but none of the customers seem to mind. Why? CFO Patrick Renna says that the increase is to offset the cost of the ingredients, and will fund continued efforts to pay its employees as much as they can. The company’s mission is to: “positively impact the lives and futures of our people through bold and inspired food and practices."
Right now, a server at Boloco starts at $9 an hour, although the average is more like $11.50 for a typical employee. The Massachusetts minimum wage is $8 per hour. One dollar more may not sound like much, but to Renna, it’s part of their unique strategy.
“It goes back to the beginning about not being just another fast food joint, we want to be a burrito place that can do good,” said Renna. “We pay higher wages and unique benefits. We want to better our employees’ lives.”
No kidding. Renna boasts an employees’ lounge, benefits and English as a second language classes for his employees, so that they can move forward and achieve the American dream. Unfortunately the living wage in Massachusetts, according to Renna, is $12.50. So there’s still a long way to go before employee benefits’ issues are wrapped up. But it’s a start.