- Target plans to give all its employees a bonus after a strong year for sales during the pandemic.
- Hourly employees will receive $US500, while salaried employees and store leadership will receive up to $US2,000.
- It’s the fifth round of bonuses Target’s given out since the pandemic began nearly a year ago.
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Target employees will receive another round of bonuses starting at $US500 after a strong year for the retail giant despite the coronavirus pandemic.
The bonuses will amount to $US200 million, the company said in a Monday press release. All hourly employees in stores, distribution centres and offices will receive $US500. Store leadership and salaried employees will receive bonuses between $US1,000 and $US2,000, Target said.
This is the fifth time Target has given out bonuses since April 2020. The first bonuses went to individual store team leads in April. In July, hourly workers received $US200 bonuses and leadership and store directors received performance bonuses. In October, Target gave $US200 bonuses to 350,000 of the store’s frontline workers.
Target also upped its minimum wage to $US15 an hour in July 2020.
Despite the pandemic, Target reported strong sales numbers throughout 2020, and the chain saw major gains during the holiday season. Online sales also jumped 102% in 2020 compared to 2019, while in-store sales rose 17%.
The company’s third-quarter earnings report, released in November 2020, showed that comparable sales were up by 20.7%. Shares of Target rose 52% in 2020, easily outpacing the broader stock market.