Target Launching Debt-Free Education Assistance Program to More Than 340,000 Frontline Team Members

Rhea-AI Summary

Target Corporation (NYSE: TGT) announced a comprehensive debt-free education assistance program for over 340,000 U.S.-based frontline team members. Starting this fall, eligible staff can access support for undergraduate degrees, certifications, and free textbooks with no upfront costs. Target will invest $200 million over four years into this initiative, which also includes tuition assistance of up to $5,250 for non-master's degrees and $10,000 for master's degrees. This program aligns with Target's sustainability strategy, Target Forward, aimed at fostering an equitable workforce.

Positive

• Target is investing $200 million in employee education support over four years.
• The program covers costs for undergraduate degrees, certifications, and textbooks with zero out-of-pocket expenses.
• Tuition assistance of up to $5,250 for non-master's degrees and $10,000 for master's degrees is available.

Negative

• None.

MINNEAPOLIS, Aug. 4, 2021 /PRNewswire/ -- Target Corporation (NYSE: TGT) today announced it will offer its more than 340,000 U.S.-based part-time and full-time frontline team members the most comprehensive debt-free education assistance program available in the retail industry.

Beginning this fall, all part-time and full-time team members working in Target stores, distribution centers and headquarters locations in the U.S. will be eligible for debt-free assistance for select undergraduate degrees, certificates, certifications, free textbooks and more with no out-of-pocket costs on their first day of work at Target. Target will invest $200 million over the next four years in the program.

"Target employs team members at every life stage and helps our team learn, develop and build their skills, whether they're with us for a year or a career. A significant number of our hourly team members build their careers at Target, and we know many would like to pursue additional education opportunities. We don't want the cost to be a barrier for anyone, and that's where Target can step in to make education accessible for everyone," said Melissa Kremer, chief human resources officer, Target. "Our team members are the heart of Target's strategy and success, and we have a long history of investing in industry-leading pay, extensive benefits and career opportunities to help our team thrive and have rewarding careers at Target."

Debt-Free Education Assistance

Team members will have options for assistance through a program that Target has been building for several months with education and upskilling platform Guild Education.

• Debt-Free Education: Target will support team members taking courses for high school completion, college prep, English language learning and select certificates, certifications, bootcamps, associate and undergraduate degrees. Team members can attend classes at more than 40 schools, colleges and universities, choosing from an industry-leading 250 business-aligned programs from Business Management and Operations to IT, Computer Science, Design and more. Team members who opt into this program won't have any out-of-pocket costs and will have flexibility to find opportunities that fit with their interests, schedules and career goals. Academic institutions include the University of Arizona, Oregon State University, University of Denver and eCornell along with HBCUs Morehouse College, Paul Quinn College and more.
• Tuition Assistance: For team members pursuing educational opportunities outside of the select business-aligned programs within the Guild network of schools, including master's degrees, Target will provide direct payments to their academic institution of up to $5,250 for non-master's degrees and up to $10,000 for master's degrees each year to reduce the burden of up-front, costly tuition payments. 
• Educational Supplies: Target will also ensure that smaller out-of-pocket expenses and fees, such as textbooks and course fees, that may hinder team member participation, will also be covered at no cost to them. 

Team Member Investments

This education assistance program is part of Target Forward, Target's new sustainability strategy that includes goals to create an equitable and inclusive workforce. It also builds on Target's well-established learning and development programs that offer a variety of opportunities for team members to learn and grow in their careers. Team members spend more than seven million hours in training annually, including participation in functional learning courses and trainings, leadership development programs, coaching, mentoring and more.

This is also the latest in a long history of investments Target makes to support the health, safety, well-being and career development of its team members. Target most recently awarded all U.S.-based frontline hourly full-time and part-time team members in stores, distribution centers and contact centers a $200 recognition bonus. And, in 2020, Target invested an additional $1 billion in the well-being, health and safety of team members compared with 2019. This included Target's industry-leading move to a $15 starting wage for all U.S.-based team members, along with five recognition bonuses Target paid to thank team members for their work throughout the pandemic. Target also offers coronavirus benefits and has taken steps to ensure Target remains a clean, safe place for team members and guests.

Several benefits introduced during the pandemic have recently transitioned into ongoing benefits for all U.S.-based team members, including:

• Free access to health care through virtual doctor visits. Offered through the CirrusMD app, this program focuses on text-first virtual health care visits for team members to securely text, share images or video chat with a doctor. The platform is available 24 hours a day, 7 days a week at no extra cost to U.S.-based team members.
• Free access to online resources and apps that support mental, emotional and physical health. This is in addition to mental health support through Target's longstanding Team Member Life Resources (TMLR) program, which offers free in-person or virtual counseling sessions. TMLR is available 24/7 to all team members, dependents and any member of the household to help with a variety of needs. All team members and their entire household can receive five free counseling sessions per need, per year. TMLR also provides resources for a wide variety of topics like managing money, finding childcare and dealing with stress.

About Target 
Minneapolis-based Target Corporation (NYSE: TGT) serves guests at more than 1,900 stores and at Target.com, with the purpose of helping all families discover the joy of everyday life. Since 1946, Target has given 5% of its profit to communities, which today equals millions of dollars a week. Additional company information can be found by visiting the corporate website and press center and by following @TargetNews.

 

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SOURCE Target Corporation

FAQ

What is the new education assistance program by Target Corporation (TGT)?

Target's new education assistance program offers debt-free support for select undergraduate degrees and certificates to over 340,000 frontline team members.

How much is Target investing in its education assistance program?

Target will invest $200 million in the education assistance program over the next four years.

When does the Target education assistance program start?

The education assistance program begins this fall.

What types of education are covered under Target's assistance program?

The program covers undergraduate degrees, certifications, and textbooks at no cost to eligible team members.

How much tuition assistance can Target team members receive?

Team members can receive up to $5,250 for non-master's degrees and $10,000 for master's degrees annually.