The Minneapolis-based discount retailer said Monday that it will adopt minimum wages that range from $15 to $24 an hour, with the highest pay going to hires in the most competitive markets.
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.
Target set a new marker for the retail industry back in 2017 when it announced it would increase hourly wages to $15 by 2020. But U.S. labor-market dynamics have changed during the pandemic, with many employers. And many of Target’s rivals are now paying a minimum of $15 per hour or more. When Target first announced in 2017 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 like Best Buy followed suit, with some surpassing Target. Costco raised its minimum hourly wages for workers from $16 to $17 last fall. Amazon’s starting wage is $15 per hour, and the e-commerce giant’s nationwide average starting wage for jobs in transportation and fulfillment is $18 an hour.
That demand for workers has steadily pushed up wages, particularly for lower-income workers. According to the Federal Reserve Bank of Atlanta, pay among the poorest one-quarter of workers jumped 5.8% in January, compared with a year ago. That is double the gains for the highest-paid one-quarter.
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Target seeks to entice workers with pay of up to $24 an hourWorkers at Target stores and distribution centers in places like New York, where competition for finding and hiring staff is the fiercest, could see starting wages as high as $24 an hour this year.
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Target seeks to entice workers with pay of up to $24 an hourWorkers at Target stores and distribution centers in places like New York, where competition for finding and hiring staff is the fiercest, could see starting wages as high as $24 an hour this year.
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Target seeks to entice workers with pay of up to $24 an hourWorkers at Target stores and distribution centers in places like New York, where competition for finding and hiring staff is the fiercest, could see starting wages as high as $24 an hour this year. The Minneapolis-based discount retailer said Monday that it will adopt minimum wages that range from $15 to $24 an hour, with the highest pay going to hires in the most competitive markets. “The market has changed,' said Target CEO Brian Cornell in an interview with The Associated Press.
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Target Seeks to Entice Workers With Pay of Up to $24 an HourWorkers at Target stores and distribution centers in places like New York, where competition for finding and hiring staff is the fiercest, could see starting wages as high as $24 an hour this year.
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Target boosts its starting pay for some jobs to $24 an hourTarget says it is raising its starting wage for workers in some positions to up to $24. The retailer says some workers will qualify for the higher starting pay based on the nature of their job and the prevailing competitive wages in their local market.
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Target to set starting wage as high as $24 an hourThe highest pay will be in competitive markets.
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