Whew! Target is pulling out the big guns to attract new employees, Roommates! The national retailer announced Wednesday it will be investing $200 million to offer workers a debt-free way to get a college degree starting this fall.
According to CNBC, Target announced it will cover the cost of tuition, fees and text books for all employees who pursue an undergraduate degree in 250 programs including computer science, information technology and business management. Per the announcement, employees at Target stores, distribution centers and headquarters locations in the United States will qualify for the program on their very first day of work.
Target said it plans to invest $200 million in the program over the next four years in collaboration with over 40 institutions including the University of Arizona, Oregon State University, the University of Denver and Morehouse College. Target will also pay a portion of tuition fees for employees seeking a master’s degree.
The new program makes Target the latest company to invest in its employees’ education! Chains like Chipotle and Starbucks have been helping workers pay for college, and Walmart recently announced it would cover the the cost of tuition for employees after requiring them to pay $1 a day to be eligible.
Target Chairman and CEO Brian Cornell said the company hasn’t had any issues retaining employees throughout the pandemic, despite public criticism that the new program is just a new way to entice new workers.
“The wages we pay, our commitment to training and development, the way we took care of our team during the pandemic…We actually haven’t had any challenges with labor,” Cornell said. “In fact, our turnover rates are the lowest we’ve seen in years.”
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