Target (NYSE: TGT) announced Monday it is set to allocate USD200 Million on yet another series of employee bonuses amid strong holiday season, furthermore it will stretch out its coronavirus-related benefits. Over 350,000 workers will receive the bonus for their work after “a year unlike any other.”
The company will give USD500 bonuses to hourly employees and USD1,000 to USD2,000 for store directors among other leadership roles. The retailer revealed it has used USD1 Billion more on its workers benefits and pay in 2020 than it had in 2019.
This is the fifth time the company has rewarded frontline staff or leaders with bonuses throughout the ongoing coronavirus pandemic. Target has plans to raise its starting wages to USD15 an hour by July 2021.
The retail giant has been one of the few to benefit from the global pandemic, as customers buy additional merchandise while spending more time at home. The increase in sales was prominent throughout the holiday season, boosting them 17.2%, while e-commerce sales doubled in November and December.
Target has also drawn-out its pandemic-related benefits for employees, like compensation for those who were forced to quarantine, access to virtual doctors and complimentary backup care for family members of its employees.
Shares rose 66% within the past year, amounting to a market value of USD96.1 Billion. Analysts anticipate the company to report fiscal 2020 earnings of USD9.22 a share on sales of USD92.71 Billion in March.