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How Much Do Target Employees Make A Year – FILE-A We’re Hiring sign posted outside a Target store in Sausalito, California in 2019. (Photo by Justin Sullivan/Getty Images)
NEW YORK — Workers at Target warehouses and distribution centers in places like New York, where the competition to find and hire staff is fiercest, could see starting wages as low as $24 an hour this year.
How Much Do Target Employees Make A Year
The Minneapolis-based discount grocer said Monday that it will pursue a minimum wage that ranges from $15 to $24 an hour, with the highest wages being hired in competitive markets. It currently pays a universal starting wage of $15 an hour.
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The new starting salary range is part of the company’s plan to spend an additional $300 million on its workforce this year, including broader, faster access to health care coverage for its hourly employees.
“The market has changed,” Target CEO Brian Cornell said in an interview with The Associated Press. “We want to continue to maintain a leading position in the industry.”
In 2017, Target set a new benchmark for the retail industry when it announced it would raise the hourly wage to $15 by 2020. But U.S. labor market dynamics have changed during the pandemic, with many employers facing severe worker shortages. And many of Target’s rivals now pay at least $15 an hour or more.
Target, which has roughly 1,900 stores and 350,000 employees in the U.S., noted that the turnover rate among its employees is now lower than before the pandemic. The retailer said it was able to exceed its goal of hiring 100,000 seasonal workers in its stores and 30,000 in its nationwide supply chain network through the 2021 holiday season.
Target Minimum Wage Increase
But Target realized there needed to be an even more localized approach to pay. It is still conducting its analysis and declined to name the areas with the highest starting salaries.
When Target first announced in 2017 that it would pay $15 an hour by 2020, it was one of the first major retailers to do so. But during the pandemic, a number of rivals, such as Best Buy, followed suit and some exceeded the target. Costco raised the minimum hourly wage for workers last fall from $16 to $17.
Amazon’s starting wage is $15 an hour, while the e-commerce giant’s nationwide average starting wage for shipping and fulfillment jobs is $18 an hour.
Walmart remains a laggard: Last fall, it raised its minimum wage to $12 an hour from the $11 hourly base it established in 2018. Walmart raised hourly wages for more than 565,000 store employees by at least a dollar.
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Many retailers say they are struggling to find workers. According to a recent survey of more than 100 major retailers with annual revenues ranging from $500 million to $20 billion, 96% said they have trouble finding warehouse workers.
In a January survey by global consulting firm Korn Ferry, 88% said it was difficult to find distribution center workers.
That demand for workers has steadily pushed up wages, especially for low-income workers. Wages among the poorest quarter of workers rose 5.8% in January compared with a year ago, according to the Federal Reserve Bank of Atlanta. That’s double the profit of the highest-paying quarterback.
In January, average wages for retail workers excluding managers rose 7.1% from a year ago to $19.24 an hour. That’s faster than pre-pandemic gains. In January 2020, wages for retail workers rose 4.2% year over year. In January 2017, it increased by 1.7% over the previous year.
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But much of that increase has been eaten up by inflation, with consumer prices rising 7.5% over the past year, the biggest increase in four decades. But the rise in inflation followed muted price gains. Over the past two years, according to research by the Dallas Fed, wage increases have been strong enough to offset inflation, giving workers a slightly higher inflation-adjusted wage on average. According to KCRG, Target announced a minimum wage increase of $15 to $24 an hour for their employees. Although the company pays $15 an hour at all of its locations, the $24-an-hour bump is only offered to workers in the most competitive markets, such as New York.
The new salary range is part of Target’s plan to take care of employees, the KCRG report said. The company plans to spend another $300 million on its workforce, which will go toward pay raises and “include broader, faster access to health care coverage for its hourly employees.”
Target continues to set the bar when it comes to caring for employees. .In September 2017, we told you that Target would raise its minimum wage to $15 an hour by 2020. Now here we are in 2022 and the company is taking it even further. Other retailers have raised their wages to $15 an hour to entice people to work. While big companies like Amazon, Best Buy, and Costco pay workers $15 an hour, Target’s latest pay scale sets them apart from the rest. Help secure workers, with worker shortages prominent throughout the pandemic.
Workers will appreciate this increase, especially with rising inflation in the country. If you’re in the market for a job, apparently now is a great time to work at Target! NEW YORK (AP) — Target is raising its minimum starting wage for employees for the second time in less than a year after seeing bigger money and a better candidate pool.
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The Minneapolis retailer, which raised starting wages to $11 an hour last fall, said all workers will receive at least $12 an hour this spring.
Target said in September that it plans to raise the starting hourly wage to $15 an hour by 2020.
On Tuesday, CEO Brian Cornell said the number of job applicants jumped 60 percent in the days after Target raised its minimum wage by $2 to $11 an hour.
The American job market has been heating up for years, meaning employers are having a tough time attracting and keeping employees.
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Last month, the US Labor Department reported that wages grew at the fastest pace in eight years in January. US employers added a strong 200,000 jobs in the month and the unemployment rate was 4.1 percent for the fourth month in a row.
But Target has raised their minimum wage from $9 to $10 every year since 2016.
Walmart said in January it would close dozens of its Sam’s Club stores but raise starting wages for U.S. workers. Walmart Inc. Employees at the former started at $9 an hour and rose to $10 after completing a training program.
Target said in September that its starting hourly wage of $11 was higher than the minimum wage in 48 states. It said the pay increase would affect thousands of its more than 300,000 workers, but declined to calculate the percentage of its workforce.
Thanks For The Appreciation, Target!
But Wall Street has observed higher costs for jobs, among other things. Despite strong sales numbers announced Tuesday for the fourth quarter, Target Corp. The company’s profit fell short of expectations and its shares fell 5 percent. Target, the retail giant currently pays $15 an hour, is aiming to raise its minimum wage to $24 an hour. Starting salary, but said it will increase to $24. Companies have raised wages and benefits in an effort to keep and attract workers.
Target said it would raise its minimum wage to $24 an hour. Mark Lenihan/AP Hide caption
Target says it will raise its minimum wage to $24 an hour this year, in line with the local market. Companies have raised wages and benefits in an effort to keep and attract workers.
The retail giant currently pays a starting wage of $15 an hour, but said Monday it will begin paying workers $15 to $24 an hour. The starting rate depends on the job, the market and local wage data, among other factors.
Target Will Pay A $24 An Hour Minimum Wage In Tightest Labor Markets
The salary increase is part of a $300 million investment in wages and benefits. The company also said it will expand employee access to health care. Hourly employees who work at least 25 hours per week are eligible for a Target Medical Plan.
Initially, these benefits were only available to employees who averaged at least 30 hours per week. With the new benchmark, only about 20% of target employees will qualify.
The company is bolstering many health plans to include virtual physical therapy and acupuncture at no cost, along with increased fertility benefits. Employees previously had access to 401(k) plans, the company said.
Last year, the company announced a partnership with Guild Education — the same company that partnered with Dollywood’s parent company — to offer employees free education programs, including degrees, certificates and boot camps.
Target Raising Minimum Wage Again
Target Workers United, a
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