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How Much Do Target Employees Make – NEW YORK — Target Corp. is raising its minimum hourly wage to $11 starting next month and then to $15 by the end of 2020, a move that will help it hire and keep the best employees and buy for customers. will be made a better experience. .
The move, announced Monday, is part of the discounter’s overall strategy to improve its business, including remodeling stores, expanding its online services, and opening smaller urban locations.
How Much Do Target Employees Make
Target quietly raised entry-level hourly wages from $9 to $10 last year, following moves by Walmart and others to raise pay in a highly competitive market. But $15 an hour is higher than not only the federal minimum of $7.25, but also the base hourly wage at Walmart, the nation’s largest private employer, and many of its retail peers, whose minimum wages are around $10 an hour. There is Now the target increase may force some competitors to match the salary.
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“We see this as an investment not only in our team, but an investment in a superior experience for our guests and the communities we serve,” Target Chief Executive Brian Cornell said Friday. told reporters.
The changes come as more attention is paid to hourly wages. Thousands of workers have protested to draw attention to their financial struggles and fight for $15 an hour. Elections to a Republican-controlled Congress dampened hopes for a federal minimum wage increase, but advocates continued to press the state and local levels.
At the same time, competition for low-skilled workers is heating up. As shoppers become more mobile-savvy, retailers want staff who are more skilled in technology such as using iPads for customer service and checking inventory.
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But with the unemployment rate near a 16-year low, highly sought-after retail workers feel more confident jumping from job to job. About 75 percent of hourly retail workers now change jobs within a year, compared with 50 percent during the Great Recession, according to the Corn-Ferry Hay Group, a global consultancy.
Thirty-two percent of all first jobs in the United States are in retail, according to the National Retail Federation, a trade group, and there are more jobs in stores overall now than a few years ago.
Hourly wages in restaurants and hotels are up 3.5 percent from a year ago, better than the 2.5 percent increase for all employees.
For workers at transportation and warehousing companies, where e-commerce growth is driving jobs, wages rose 2.7 percent last year.
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Retailers, however, have raised just 1.8 percent of wages in the past year. That could encourage more workers to leave for better opportunities: Separate government data showed the number of retail workers quitting this year was the highest in a decade.
The average hourly wage for cashiers is currently $10.14, according to a survey of 140 retailers by Korn Ferry Hay Group with annual sales of at least $500 million. The survey was conducted in May. A year ago, the average was $9.79.
Target says its $11 hourly minimum wage exceeds the minimum wage in 48 states and matches the minimum wage in Massachusetts and Washington.
Massachusetts lawmakers are considering raising the state’s minimum wage to $15, which would bring the commonwealth in line with California, New York and Washington, D.C., which have all approved $15 minimum wages. . Bills in the Massachusetts House and Senate would raise the minimum wage by $1 a year over four years, reaching $15 by 2021. If lawmakers don’t act, the question could be put before voters next fall.
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Target says its pay hikes will affect thousands of its more than 300,000 workers, but declined to quantify the percentage of its workforce. It said the $11-an-hour increase will apply to the more than 100,000 hourly workers Target will hire during the holiday season.
Target declined to say what the average pay for its hourly workers would be with the wage increase.
“Target is really trying to gain market share in an environment where there’s a lot of turbulence,” Perkins said. But he believes only a few dozen healthy retailers, such as Best Buy, Home Depot, and Wal-Mart, can mirror what Target is doing.
Craig Rowley, head of the retail practice at Corn Ferry Hay, estimates that retailers dedicate 5 to 8 percent of their annual sales to hourly labor costs in their stores.
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In August, it reported a significant second-quarter sales increase, reversing four consecutive quarters of declines, and a 32 percent increase in its online sales.
Target is spending $7 billion over three years to remodel older stores, open smaller stores in cities and college towns and offer faster delivery for online orders. It is also adding more clothing and furniture brands.
Walmart is also benefiting from investing in its workers. Bentonville, Ark. -based retailers have seen less turnover and better customer service scores. Its namesake U.S. division reported a 1.8 percent increase in revenue at stores open at least a year during its fiscal second quarter, marking the 12th consecutive period of gains. Walmart’s wage investment, however, took a large portion of the profits.
Target reiterated its third-quarter and full-year profit guidance and said it would update investors early next year on how higher wages are impacting long-term profits.
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According to USA Today, the arts and crafts chain store will raise its “minimum full-time hourly wage” to $18.50 on January 1st. This is an increase of $1.50 from its last increase in October 2020.
In October, the store announced it was hiring 11,000 seasonal store employees to help with the holiday rush, and raised its minimum wage to $13.
The move comes after other big-box retailers, as well as Amazon ( AMZN ) – get the free report , have raised their minimum wages of late.
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In February, Walmart told CNN that hourly workers will stock shelves and fulfill customers’ home delivery and curbside pickup orders in stores, starting in mid-March, depending on store location and market. Those will receive a starting rate of $13 to $19 an hour. In 2020, the Bentonville, Ark., company raised wages for 165,000 store workers in managerial roles to a starting rate of $18 an hour, CNN reported.
In September, Walmart WMT raised its minimum starting wage from $11 to $12 an hour. In some stores, the New York Times reported, starting wages will reach $17 an hour. And the company said its average wage rose to $16.25 an hour.
Last year, Target ( TGT ) – Get Free Report raised its minimum wage to $15 an hour, and offered front-line workers a $200 bonus, while earlier this year Costco ( COST ) – Get Free Report Carey raised its minimum wage to $16. Additionally, Amazon ( AMZN ) – Get Free Report raised its average minimum wage to $18 an hour in September, and some locations are offering up to $22.50 an hour, plus sign-on bonuses of up to $3,000. .
There are a few possible reasons for a salary increase. The federal minimum wage has remained at $7.50 for the past 12 years, although some states have much higher hourly minimums, such as Washington ($13.50) and Oregon ($12).
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Although the effort to raise the federal minimum wage to $15 an hour was ultimately pulled from the $1.9 trillion coronavirus relief package, requiring employers to raise their wages has been a favorite of progressive politicians such as Sen. Bernie Sanders. (I-Vermont) ), thereby maintaining national attention on the issue.
Currently, companies are struggling to fill open positions due to ongoing labor shortages. According to data from the Bureau of Labor, there are currently 0.7 unemployed people for every open position. That’s down from five workers available for every open position in April 2020 during the peak of the pandemic. Target raises minimum hourly wage to $11 by end of 2020, commits to $15 hourly minimum wage by end of 2020 (Graphic: Business Wire)
MINNEAPOLIS–( BUSINESS WIRE )–Target Corporation (NYSE: TGT ) today announced plans to raise the minimum hourly wage to $11 for all team members in October, along with a commitment to has also announced that he will raise the minimum hourly wage to $15. 2020. This significant investment in its team will allow Target to recruit and retain strong team members and deliver a superior experience to its guests and the communities it serves.
“Target has a long history of investing in our team members. We care and value the more than 323,000 people who come together every day with a total commitment to our guest service,” said Brian Cornell. , CEO and Chairman of Target said
Target To Up Hourly Base Pay To $15 By End Of 2020
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