Target Is Giving Huge Bonuses Out To All Employees
It feels good to wear the red at Target these days. Target announced the company will spend about $200 million on another round of employee bonuses and extend its coronavirus-related benefits after its holiday season.
The company will give $500 bonuses to all hourly workers and bonuses of $1,000 to $2,000 to store directors and others in management positions. It said it has spent $1 billion more on employee benefits and pay in fiscal 2020 than in 2019. Target has actually benefited during the pandemic with their curb side pickup and home delivery service, boosting the company’s comparable sales 17.2%, while its e-commerce sales more than doubled in November and December.
This is the fifth time Target has given additional pay to workers during the pandemic. It also fast tracked plans to raise its starting wages to $15 an hour.
It also has extended pandemic-related benefits for its workers, such as pay for those who need to quarantine or stay home from illness, access to virtual doctor visits and free backup care for employees’ family members.
Target shares have risen 66% over the past year, bringing its market value to $96.1 billion. Analysts expect the company in early March to report fiscal 2020 earnings of $9.22 per share on sales of $92.71 billion, according to an online survey by Refinitiv.