Target Corporation (TGT) Under Pressure To Increase Hourly Wage
Target Corporation (NYSE:TGT) appears to be under pressure from a woman’s group to hike hourly wage. The campaign initiated by the woman’s group, UltraViolet, follows after Wal-Mart Stores, Inc. (NYSE:WMT) lifted the payment of its workers recently. The Women’s group said that it took to online ads in at least three States and commenced petition through online to press the company to hike its wages.
The group’s move has attracted close to 25,000 signatures from Target Corporation (NYSE:TGT) workers. Last month, Wal-Mart disclosed that it was boosting its minimum wages to $9 per hour from April. This would go up to $10 for the existing employees in the next year. The wage revision was above the federal minimum limit of $7.25 an hour.
It was not just Wal-Mart alone, but others too included. For instance, T.J. Maxx, apparel retailer, also made a similar announcement. Last year, Gap Inc (NYSE:GPS) boosted its pay. As a result, UltraViolet Organizing Director, Karin Roland, expects Target to follow the other retailers.
The Organizing Director said that a higher minimum wage has become necessary for women’s economic security. Therefore, she believes that the campaign to attract the attention of Target Corporation (NYSE:TGT) was a first step on wages. The company indicated that it was ready to pay competitive wages to its workers. At the same time, it said that all the workers were paid more than the minimum wages prescribed by the Federal.
Last week, the retailer said that would cut several thousand jobs primarily at its headquarters to realize $2 billion in costs savings as part of its restructuring. The company has identified 1,700 jobs to be slashed.
Target Corporation (NYSE:TGT)’s CEO, Brian Cornell, said last week that the company has been historically very competitive as far as wages to its team members were concerned. He added that the company’s objective was to attract the best talent in retail space.
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