Workers at Target stores and distribution centers in places like New York, where competition for finding and hiring staff is tough, could see starting wages as high as $24 an hour this year.
and distribution centers in places like New York, where competition for finding and hiring staff is the fiercest, could see starting wages as high as $24 an hour this year.said Monday that it will adopt minimum wages that range from $15 to $24 an hour, with the highest pay going to hires in the most competitive markets. It currently pays a universal starting wage of $15 an hour.
"The market has changed," said Target CEO Brian Cornell in an interview with The Associated Press. "We want to continue to have an industry-leading position."set a new marker for the retail industry back in 2017 when it announced it would increase hourly wages to $15 by 2020. But U.S. labor-market dynamics have changed during the pandemic, with many employers facing severe worker shortages. And many of Target’s rivals are now paying a minimum of $15 per hour or more.
Walmart remains a laggard: Last fall, it boosted its minimum wage to $12, from the $11 hourly base it established in 2018. Walmart also raised the hourly wages for more than 565,000 store workers by at least a dollar.Many retailers say they’re struggling to find workers. According to a recent survey of more than 100 major retailers with annual revenues between $500 million to more than $20 billion, 96% said they’re having trouble finding store employees.
That demand for workers has steadily pushed up wages, particularly for lower-income workers. According to the Federal Reserve Bank of Atlanta, pay among the poorest one-quarter of workers jumped 5.8% in January, compared with a year ago. That is double the gains for the highest-paid one-quarter.
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