There’s more reasons to love Target right now.
The retailer made a big announcement this week that it will be raising its hourly wage to $11 starting in October. Not only that but the company plans to raise it to $15 by the end of 2020.
The company’s mission is to improve its business and these hourly wage changes would help it keep the best employees. The company is also working on remodeling stores and expanding its online services.
Target’s hourly wage was $10 last year, and $9 the year before. The company has been following in the footsteps of Walmart and many other retailers of increasing pay, but moving its hourly wage to $15 is a lot higher than the federal minimum wage of $7.25 and what Walmart pays.
“We see this not only as an investment in our team but an investment in an elevated experience for our guests and the communities we serve,” said CEO Brian Cornell to reporters on a call Friday.
He further said, “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 … that set Target apart.”
“This is our continued focus of investing in the Target team,” said Cornell.
The wage increases will begin next month and will even apply to the 100,000 temporary workers that Target plans to hire for the holiday season.
Disclaimer: We have no position in Target Corporation (NYSE: TGT) and have not been compensated for this article.