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Target Raises Minimum Hourly Wage to $11, Commits to $15 Minimum Hourly Wage by End of 2020

Target Raises Minimum Hourly Wage to $11, Commits to $15 Minimum Hourly Wage by End of 2020


MINNEAPOLIS, MN
Tuesday, September 26th, 2017

Target appears to be doubling down on its holiday retail strategy; after announcing it would hire 100,000 additional holiday workers this year, the company now plans to raise its minimum hourly wage for all team members to $11 by October, paired with a commitment to increasing that wage to $15 by the end of 2020.

Brian Cornell, Chairman and CEO, Target Corporation“Target has a long history of investing in our team members. We care about and value the more than 323,000 individuals who come together every day with an absolute commitment to serving our guest,” said Brian Cornell, CEO and Chairman of Target, in a press release. “Target has always offered market competitive wages to our team members. With this latest commitment, we’ll be providing even more meaningful pay, as well as the tools, training, and support our team needs to build their skills, develop professionally, and offer the service and expertise that set Target apart.”

The move has newsfeeds in a frenzy of analysis, explaining how the retailer is potentially positioning itself against competitors like Walmart and Amazon.

In October Target will raise the hourly minimum wage to $11 for all team members

“Target and its competitors are contending with a nationwide unemployment rate that dropped to 4.3 percent in May and July — the lowest level in 16 years — before ticking up slightly in August,” noted a New York Times report by Tiffany Hsu. “With a shallow pool of job seekers, they must compete harder for workers to handle the holiday shopping crush.”

According to Target, this significant investment in its team will allow Target to continue to recruit and retain strong team members, while providing an elevated experience for its guests and in the communities it serves.

By moving to an $11 minimum hourly wage this fall, Target will provide pay increases to thousands of team members across the country before the holiday season. More than 100,000 hourly team members that Target is hiring for the holiday season will also reap the benefits of this wage increase. The commitment to move to a minimum hourly wage of $15 will be implemented between now and the end of 2020.

On average, Target employs 160 team members at each of its stores and offers career planning and development opportunities, with one in four of store leaders having come from hourly positions within a Target store. Target noted that the company currently pays market competitive rates above the federal minimum wage at all stores nationwide. The company’s last major wage increase was in 2016, when the company moved to a $10 minimum hourly wage. A minimum hourly wage of $11 is higher than the minimum wage in 48 states, and matches the minimum wage in Massachusetts and Washington.

Target
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Minneapolis-based Target Corporation (NYSE: TGT) serves guests at 1,816 stores and at Target.com. Since 1946, Target has given 5 percent of its profit to communities, which today equals millions of...