Large retailers are proactively preparing for the approaching holiday season, one of the busiest times of the year. Companies are ready to hire additional manpower and come up with great deals and product launches to attract more customers. Target company TGT has also done its best for the holiday season. In the latest developments, the company has announced that it will reward its hourly and seasonal team members with an additional $ 2 for every hour worked during peak times during the holiday season. The effort reflects the company’s appreciation for its employees and recognition of their efforts. Let’s take a closer look at this move and other efforts the company is undertaking as it prepares for the holiday season.
Encourage employees with rewards
Target continues to reward its hard-working employees with bonuses and other privileges. The company values ââthe estimated contribution of its workforce to achieve its targets and set objectives. True to these values, the company decided to pay an additional $ 2 per hour to its employees who work during peak holiday hours. This is likely to encourage employees and give them an extra boost to perform well this season.
The additional salary can be used by members of the company’s hourly team in stores, service centers and supply chain positions, as well as certain head office positions and seasonal members of the company. team, on specific dates. Hourly members of the store, head office and service center can earn an additional $ 2 for each hour worked from November 20 to December 19 as well as December 24 and 26. Hourly members of the supply chain team can earn the additional salary between October 10 and December 18.
Efforts to strengthen the workforce to cope with the holiday rush
Target had previously unveiled plans to invest in its existing workforce this holiday season, as it tries to sidestep the issue of worker shortages across the industry. The company will offer its current employees the option of working overtime if they are interested. It will provide five million additional hours of work for its existing store workers, resulting in a pay rise of more than $ 75 million. Team members can benefit from scheduling preferences based on their own choices. To make planning more convenient, Target has come up with an easy-to-use mobile planning app. The company also offers the possibility of additional training for all team members.
Target will also hire 100,000 seasonal team members at stores across the country to support its current team. Suitable seasonal workers will have the option to stay at Target even after the holiday season. The company’s hiring plans are on a lower scale than in previous years as it invests in its current team for more flexible hours, training, compensation and benefits. Management believes that by investing and taking care of its workforce, it will be able to better manage attrition and improve customer service.
Cautious offers to add joy this season
Target will launch vacation deals earlier this year, with thousands of items across all categories. The company’s âDeal Daysâ shopping event will offer significant discounts on the entire product line including TVs, Beats headphones, fleeces, video games, vacuum cleaners, kitchen appliances, food deals and drinks, etc. Interested customers can access all of these amazing offers from October 10-12.
Meanwhile, bargain hunters will find the best deals and values âânot only on the Target app or website, but also at over 1,900 outlets across the country. To attract customers, the company is offering a âHoliday Price Match Guaranteeâ starting October 10. The program, which runs through December 24, is designed to give shoppers the confidence that they are getting the best deals, no matter when they shop. .
Image source: Zacks Investment Research
We expect Target to capitalize on its well-laid plans this holiday season. The company, which is recognized as a one-stop shopping destination, will likely be able to effectively serve its customers with its robust omnichannel services, multi-category assortments of top brands, and prudent supply chain operations directed. by an efficient workforce.
The shares of this company Zacks Rank # 3 (Hold) have gained 11.3% in the last six months compared to the industry6.8% increase.
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