Chipotle's minimum wage hike could spell profit doom for rivals that are forced to follow suit to retain workers, while also lacking the compelling menus to justify price increases on diners.

The burrito and salad bowl giant said Monday it would lift the average hourly wage for its restaurant workers to $15. The company is also offering employee referral bonuses of $200 for restaurant workers and $750 for general managers. It touted the ability to be a manager of several Chipotle restaurants — a position it calls a restaurateur — within four years. The position pays more than $100,000 a year, Chipotle said. The burrito chain is looking to fill 20,000 restaurant positions. READ MORE