Shake Shack to offer year-end bonuses to employees
Shake Shack returns money from coronavirus small business loan
Shake Shack is returning a $10 million Small Business Association loan it received during the coronavirus. FOX Business’ Maria Bartiromo with more.
Shake Shack will offer year-end bonuses to its employees as it continues to recover from the coronavirus pandemic, according to multiple reports this week.
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The fast-casual burger chain will grant payments ranging from $250 to $400, Nation’s Restaurant News reported. The employee’s position will determine the size of the payment.
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"Taking care of our teams has always been a core tenet of Shake Shack – we couldn’t do this without them,” the company said in a statement to the publication.
The year-end bonuses were announced days after Shake Shack ended a 10 percent hazard pay bonus that employees received during the pandemic. Employees were eligible for the premium pay from the end of April until Aug. 19.
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Shake Shack said the increased pay program helped to maintain staffing at the height of the pandemic. Aside from the year-end bonuses for all employees, the company said it will be “guaranteeing bonus payments to all managers” in the third and fourth quarter.
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Like many restaurant chains, Shake Shack has struggled to generate revenue during the coronavirus pandemic. The company’s same-store sales plunged 49% in the second quarter. Overall revenue plunged nearly 40% to $91.8 million.
The company has stepped up efforts to alter its business in the current climate, announcing plans to open its first-ever drive-thru location in 2021.
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