6 Great Target Employee Benefits & Perks The Company Offers

As one of the largest retail giants in the United States, with a whopping 1,948 stores nationwide, Target stands as a cornerstone in the retail industry. With a workforce of over 400,000 team members across its stores and distribution centers, Target focuses on nurturing and supporting these employees. 

The company offers a comprehensive program referred to as 'Target Pay and Benefits'. Through the program, employees enjoy competitive pay and other attractive perks, boosting growth and satisfaction. 

Join us as we delve into the top Target employee benefits!

6 Awesome Perks And Benefits That Target Employees Love

1. Competitive Wages

Target recognizes the importance of valuing its employees' hard work through fair pay. The company offers competitive salaries that reflect each team member’s duties, experience, and performance.

In 2022, Target introduced a new starting wage range – from $15 to $24 per hour – for its hourly team members. This wage range applies across all locations: stores, supply chain facilities, and headquarters. 

Each employee’s starting wage is determined by the nature of their role and the local market conditions. The increase in wage range puts Target's average hourly pay at $17 an hour, making it among the best-paying retailers in the market.

2. Employee Discounts

Target has a remarkable employee discount program called the 'Team Member Discount Program'. It lets workers enjoy substantial savings on various products and services. This includes perks in entertainment, vacations, mobile phone plans, and even car insurance.

The discount program also extends to employees’ families. Team members can access discounts on thousands of beloved brands via the Target Team Member Discount Portal. On average, a Target employee can pocket over $4,900 annually through this program. 

Among the most sought-after perks are massive discounts on travel and entertainment. Employees can get up to 50% off hotel rates and up to 40% off entertainment tickets.

Employees can also save on essential insurance coverage, including car and home insurance. If an employee is considering purchasing a new vehicle, the program can help them save an average of $3,383 off the manufacturer's suggested retail price (MSRP).

3. Flexible Scheduling

Target employee benefits include a healthy work-life balance with a range of adaptable work arrangements. These include flexible schedules, opportunities for remote work, and comprehensive paid time off schemes.

In 2021, the company launched a scheduling app, ‘myTime for Target’. The software allows employees to choose their own shifts, swap shifts, give them away, or pick them up. This flexibility ensures that all employees can work when it suits their schedule best, leaving time for their personal lives.

The retailer firmly believes that fostering employee satisfaction and fulfillment results in greater productivity. By offering these flexible options, Target gives its employees time for personal commitments while maintaining high standards at work.

4. Health And Wellness Benefits

Another great Target employee benefit is health insurance. Depending on one’s employment status at Target, they may be eligible for medical insurance. This insurance includes coverage for basic health needs as well as critical illness, accidents, and hospital indemnity. 

Dental and vision insurance options extend coverage to employees’ entire families, covering domestic partnerships and marriages.

Here are some of the key healthcare benefits available to Target employees:

• Prescription drug coverage, ensuring access to low-cost medications.

• Eligibility for an Employee Assistance Program through Team Member LifeResources.

• Free access to a telemedicine platform.

• Support programs for employees dealing with chronic conditions, diabetes, or cancer.

• Supplemental medical coverage options.

• A 20% wellness discount on various health services.

• Assistance with quitting smoking, including medications and guidance.

• Access to a free fitness and well-being platform on demand.

5. 401(k) Retirement Savings Plan

More than 147,000 employees participate in Target's TGT 401(k) plan. This plan is designed to assist employees in meeting their current and future financial goals. The company boosts employee savings by matching their contributions – up to 5% of their pay – dollar-for-dollar.

This plan also provides workers with the flexibility to decide when a portion of their pay is taxable, with options for before-tax contributions, Roth contributions, and regular after-tax contributions. 

Employees can choose any or a mix of these options, depending on their financial strategy. To qualify for this plan, employees must be 18 or older and have completed at least 90 days of service.

Beyond the 401(k) plan, Target also presents the Executive Deferred Compensation Plan (EDCP). This plan allows eligible employees to increase their savings beyond the typical 401(k) limit, providing a tax-deferred financial growth opportunity. 

Team members who worked for Target before 2009 and have fulfilled the minimum service and hours requirements are also eligible for Target's Pension Plan.

6. Career Development Opportunities

In collaboration with Guild Education, Target launched the Dream to Be initiative, which provides tuition-free education for full-time and part-time team members. This allows them to establish a worthwhile career without accumulating debt.

The program offers over 250 business-oriented programs across more than 40 educational institutions. These include schools, colleges, and universities offering undergraduate and advanced degrees, certificates, and boot camp programs.

Dream to Be covers tuition, learning materials, and course fees. If team members want to attend a school not in the Dream to Be network, they can apply for Target-sponsored tuition reimbursement. The company's partnerships with several institutions offer a chance to enroll in diverse programs at reduced rates.

Target also values promotions from within, enabling employees to ascend the career ladder and embrace new challenges. This commitment to internal growth creates a motivated workforce and boosts company loyalty. 

Final Thoughts

Having an employee benefit program is no longer just a workplace perk but a necessity for staying on top in today's labor market. A comprehensive employee benefits program is the perfect way to attract, engage, and retain top talent.

The Target employee benefits program provides an excellent benchmark for organizations looking to improve their offerings. From free tuition to discounts and health insurance, it’s no wonder Target has such a great reputation among its employees.

By providing comprehensive employee benefits and perks, you can enhance your company’s reputation too. It will also boost employee morale and job satisfaction as it shows employees you support and appreciate them as people. 

If you’re looking for an easy way to implement a perks and rewards program for your employees, PerkUp can help. Book a demo today to find out how PerkUp can elevate your organization's employee perks.