Target Raising Minimum Hourly Wage

Target Raising Minimum Hourly Wage

Target Raising Minimum Hourly Wage

Cornell said Target will address potential hits to profit from the $15 wage at the company's next analyst day for Wall Street this winter. The chain raised hourly wages to $10 in April 2016 after increasing to $9 a year earlier to match similar hikes by Walmart.

The company had previously announced it would hire more than 100,000 hourly workers for the holiday season, including hundreds in Northern Virginia. Target also said the move would provide an "elevated experience" for shoppers and communities.

Target responded aggressively to stagnating sales numbers by cutting prices, remodeling stores and prioritizing e-commerce improvements. Minneapolis this summer joined at least three dozen other cities that have voted to raise hourly pay to at least $15 an hour in the coming years. U.S. Senate Democrats recently introduced a $15 minimum wage bill. It also comes at a time of greater scarcity of available labor in retail and higher turnover.

TGT stock was down slightly as of Monday morning and is down 18% year-to-date. The current federal minimum wage is set at $7.25 an hour.

Target raised its minimum to $10 a year ago.

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According to Target, a minimum hourly wage of $11 is higher than the minimum wage in 48 states, and matches the minimum wage in MA as well as Washington. At the same time, competition for workers is becoming increasingly stiff.

"Target has a long history of investing in our team members", Brian Cornell, CEO and Chairman of Target, said in a statement.

Opportunities are posted now on Target's seasonal hiring page.

The Minneapolis-based retailer says all hourly team members nationwide will get $11 an hour starting this October.

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