MINNEAPOLIS, March 20, 2020 /PRNewswire/ -- In
recognition of the significant contributions its frontline team
members are playing during an incredible time of need, Target today
announced it is raising its industry-leading pay by $2 an hour until at least May 2. In addition, effective immediately, Target
is offering a new option for all team members who are 65 or older,
pregnant or those with underlying medical conditions to access paid
leave. Target's latest investments include bonuses it is paying out
to frontline team members, including, for the first time, bonuses
for 20,000 hourly store team leads who manage individual
departments in its stores across the country.
"We continue to experience incredible demand across our
business, and Target's ability to help our guests in this
unprecedented time would not be possible without the strength of
our team. I am proud and humbled by the dedication and humanity
they show to our guests every day," said Brian Cornell, CEO of Target. "Increasing their
compensation for a job incredibly well done and ensuring continued
compensation for those who need to care for themselves and their
families is a reflection of our company's values and simply the
right thing to do."
Details of Target's team member investments announced today
include:
- Increased Wages: With the $2-an-hour wage increase, store and distribution
center hourly full-time and part-time team members will earn
$240-$480 more, on average, during this timeframe.
After working with its current team to offer extra hours, the
retailer will pursue additional hiring where needed.
- Team Member Paid Leave: Effective immediately, Target is
offering a new option for team members who are 65 or older,
pregnant or those with underlying medical conditions per the
Centers for Disease Control and Prevention to access paid leave for
up to 30 days. This comes on top of expanding back-up care for all
team members, temporarily waiving its absenteeism policy and
covering quarantine and confirmed illness pay.
- Bonus Payouts: For the first time, this April, Target
will pay out bonuses to 20,000 hourly store team leads who oversee
individual departments in Target stores, ranging from $250-$1,500.
- Team Member Giving Fund: $1
million will be donated to the Target Team Member Giving
Fund to assist team members who are most impacted by coronavirus.
Established in 2018, the fund has supported hundreds of team
members year-round through times of hardship, and Target will match
up to an additional $1 million in
contributions from fellow team members who seek to assist their
colleagues in need.
"Families across the country are counting on Target in so many
ways during this pandemic, and our team has been nothing short of
remarkable," said Cornell. "The commitments we're making today will
provide additional resources for our most valuable asset – our
team, their families and the communities impacted by the
coronavirus."
In addition to the $1 million
donation to the Target Team Member Giving Fund, Target and the
Target Foundation have committed another $9
million to expand relief and assistance to organizations
helping respond to the coronavirus. This commitment is the
retailer's largest donation to a single relief effort.
In addition to team members, the $10
million donation will support efforts in three areas:
- Local Communities – $5
million will be committed to state and local community
foundations supporting nonprofit organizations addressing the
greatest needs in their area, including vulnerable populations such
as underrepresented communities.
- National Organizations – $3
million will support partners such as Feeding America and
others, assisting with response and recovery for affected
communities.
- Global Response – $1
million will support organizations such as UNICEF and
others, helping provide critical medical equipment and supplies to
regions around the world.
And, as always, with every purchase they make, members of the
company's free loyalty program, Target Circle, can assist in
supporting their local communities and nonprofits. Through the
program, members can direct Target's giving to local organizations,
helping have a positive impact in their community.
Miscellaneous
Statements in this release regarding
expected pay and benefits costs are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements are subject to risks and uncertainties
which could cause the Company's actual results to differ
materially. The most important risks and uncertainties are
described in Item 1A of the Company's Form 10-K for the fiscal year
ended Feb. 1, 2020. Forward-looking
statements speak only as of the date they are made, and the Company
does not undertake any obligation to update any forward-looking
statement.
About Target
Minneapolis-based Target Corporation (NYSE:
TGT) serves guests at nearly 1,900 stores and at Target.com. Since
1946, Target has given 5% of its profit to communities, which today
equals millions of dollars a week. For the latest store
count or for more information,
visit Target.com/Pressroom. For a behind-the-scenes
look at Target, visit Target.com/abullseyeview or
follow @TargetNews on Twitter.
For more on the Target Foundation, click here.
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SOURCE Target Corporation