Target invests $200M in associates with new round of bonuses
Target has spent $1B more in 2020 than year prior to support employees
More than 375,000 Target employees will be receiving another cash bonus for their hard work during "a year unlike any other."
All hourly team members within its stores, distribution centers, field-based offices and in Target's headquarters will receive a $500 bonus, the company announced Monday.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TGT | TARGET CORP. | 152.16 | -1.30 | -0.85% |
Meanwhile, all store directors, executive team leaders and salaried distribution center leaders will receive a bonus between $1,000-$2,000. Target said its latest investment -- around $200 million -- is "in recognition of the exceptional results" its staff helped drive in 2020.
An associate stock shelves in the women's wear department at a Target store last month in New York. (AP Photo/Bebeto Matthews)
This is also the fifth time the company has recognized frontline team members or leaders with bonuses during the course of the pandemic.
The company first doled out bonuses to store team leads in April followed by a one-time bonus of $200 for all hourly full- and part-time employees within stores and distribution centers in July. That same month, the company offered a performance bonus for all store directors, executive team leaders and salaried distribution center leaders.
TARGET STARTS $15 MINIMUM WAGE IN US STORES
In October, the company announced more than 350,000 frontline workers will receive a one-time bonus of $200 by early November, an investment of more than $70 million ahead of the holidays.
Aside from its bonuses, the company also raised its starting wage to $15 this summer.
To date, the company has spent $1 billion more in 2020 to support its staff compared to 2019.