Connect with us

Hi, what are you looking for?

Money And WelfareMoney And Welfare

Business News

Target doubles bonuses for salaried employees as profits surge

Target is ratcheting up bonuses for salaried employees, including leaders in stores and across supply chains, thanks to a surge in profits.

The move comes thanks to $2 billion in additional profit growth for 2023, a company spokesperson said in a statement Thursday.

Target’s stock surged in November after having fallen for much of 2023 as the company reported it had lowered costs to offset a slowdown in consumer discretionary spending. Since mid-November, Target’s shares have climbed 54%.

The company spokesperson confirmed that eligible Target employees received 100% of their 2023 bonuses, up from 50% the previous year.

“We’re rewarding our team accordingly,” the spokesperson said.

In-store managers and supply-chain operation leaders are among those who will get the increased bonuses, the statement said.

Bloomberg first reported the news.

The profits bump is part of a trend of stronger earnings growth for companies across the board as inflation cools and labor productivity surges to all-time highs.

On Thursday, stock indexes closed at all-time highs.

The bonuses don’t apply to Target’s hourly employees, whose pay starts at $15 an hour except in markets like California, where it rises to $19.75. That compares with a starting hourly wage of $14 for Walmart workers.

This post appeared first on NBC NEWS

You May Also Like

Stock News

In this episode of StockCharts TV‘s The Final Bar, Tony Dwyer of Canaccord Genuity talks Fed policy, corporate bond spreads, and why the level of interest...

Stock News

SPX Monitoring Purposes: Long SPX 8/9/23 at 4467.71. Long SPX on 2/6/23 at 4110.98: Sold 6/16/23 at 4409.59 = gain of 7.26%. Gain since...

World News

An hour before the public release of an indictment that alleges the former president of the United States led a criminal conspiracy to overturn...

Investing News

Sage Potash CORP. (TSXV: SAGE) (OTCQB: SGPTF) (‘ Sage Potash ‘ or the ‘ Company ‘) is pleased to announce it has achieved an essential...