Target is raising its starting pay to up to $24 an hour, a significant increase from its previous minimum wage of $15. This new pay scale is part of Target’s effort to stay competitive, but the exact positions and markets affected have not been disclosed. The company previously announced in 2017 that it would pay a minimum of $15 an hour, and now it aims to outpace competitors like Amazon and Costco.
In addition to the wage increase, Target is also improving healthcare benefits for its employees. Previously, workers had to work at least 30 hours a week to qualify for benefits, but this threshold has been reduced to 25 hours. The company is also shortening the waiting period for benefits.
Target’s Chief HR Officer, Melissa Kremer, emphasized that these changes are part of the company’s strategy to support its workforce, enhance job satisfaction, and help employees build fulfilling careers. With around 350,000 employees, Target plans to invest about $300 million in its workforce to enhance pay and benefits. This move may influence other retailers to follow suit with similar wage hikes.
