Target Raises Its Hourly Pay For Employees to $11
Target is raising the minimum wage for its workers to $11 an hour. The bump will go into effect next month. The company has also committed to increasing that number in the next few years. By 2020, they pledge to offer $15 an hour as the minimum hourly wage for employees.
CEO Brian Cornell released the following statement regarding the increase in pay:
“We’ve always offered market-competitive wages to our team members… With this latest commitment, we’ll be providing even more meaningful pay, as well as the tools, training, and support our team needs to build their skills, develop professionally, and offer the service and expertise that set Target apart.”
If you’re looking for a season gig, this could mean good news for you. Target announced that the wage increase will apply to the 100,000 temporary employees they plan to hire during the holiday season.
When Did Target Start The Minimum Wage Raise?
Raising the minimum wage isn’t new for Target. The commerce titan has been consistently increasing this number over the past few years. Right now, they pay $10 an hour. The $11 minimum wage will be higher than it is in 48 states. And it’s also substantially greater than the federal minimum wage, which sits at $7.25.
Democrats have been pushing a $15 minimum wage across the country, supporting a bill backed by Vermont Senator and former presidential candidate Bernie Sanders.
How Does The New Target Minimum Wage Compare To Other Companies?
Target and Walmart have been trying to outpace each other in minimum hourly wages for quite some time now. The increase to $11 puts Targets ahead, with Walmart having recently raised their wage for workers to $10.
Other companies have also taken action to raise the minimum wage, without waiting for the federal wage to go up. Starbucks is known for its dedication to its employees, and increased their minimum wage for entry-level workers in 2016.
Banks include Wells Fargo and J.P. Morgan Chase have also bumped up their hourly pay. Fast food giant McDonalds increased their minimum wage in 2015, and noted that the turnover rates in employees went down. In addition, customer satisfaction levels were higher.