Worker shortages around the U.S. during the pandemic have forced retailers to boost their pay.
Highlights
- Target announced in 2017 it would increase hourly wages to $15 per hour by 2020.
- The Minneapolis-based discount retailer said Monday that it will adopt minimum wages that range from $15 to $24 an hour.
- Target’s CEO Brian Cornell: “We want to continue to have an industry-leading position” The new starting wage range is part of a company plan to spend an additional $300 million on its labor force this year that will also include broader, faster access to health care coverage for its hourly workers.
- The retailer noted that the turnover rate among its employees is now actually lower than before the pandemic, and that it was able to exceed its goal of hiring 100,000 seasonal workers at its stores.