Whew! The goal is to pull off the big guns to attract new employees, roommates! The national retailer announced Wednesday that it will invest $200 million to provide workers with a debt-free way to earn a college degree starting this fall.
to me CNBCTarget has announced that it will cover tuition, fees and textbooks for all employees pursuing bachelor’s degrees in 250 programs including computer science, information technology, and business administration. According to the announcement, employees at Target stores, distribution centers and major US locations will qualify for the program on their first day of work.
Target said it plans to invest $200 million in the program over the next four years in collaboration with more than 40 institutions including the University of Arizona, Oregon State University, the University of Denver and Morehouse College. Target will also pay a portion of the tuition fee for employees pursuing a master’s degree.
The new program makes Target the latest company to invest in the education of its employees! Chains like Chipotle and Starbucks have helped workers pay for college, and Walmart recently announced it would cover the cost of employees’ tuition after requiring them to pay $1 a day to be eligible.
Target’s chairman and CEO Brian Cornell said the company has had no problems with employee retention throughout the pandemic, despite public criticism that the new program is just a new way to attract new workers.
“The wages we pay, our commitment to training and development, the way we have taken care of our team during the pandemic … we haven’t actually had any challenges with employment,” Cornell said. “In fact, our job turnover rates are the lowest we’ve seen in years.”
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