Target boosts salaried employee bonuses amid strong profit recovery

On ​Monday, March 4, 2024, a Target store ⁣in New York, US,⁤ was captured in a photo by Shelby Knowles of Bloomberg for Getty Images. Target ⁣is set to double its bonus payments to salaried employees this year as the big-box retailer’s profits recover from a bumpy nearly two-year‌ stretch. Salaried employees at the Minneapolis-based retailer receive ‍an annual bonus based on‌ Target’s performance and the eligible amount⁢ set as part of⁣ their compensation. The retailer will pay ‍100% of employees’ ⁤eligible annual bonus amounts for the most recent fiscal year, a⁤ company ⁤spokesperson said Thursday. This is an increase from 50% in the prior year. Target said the annual bonus payout is based on how the retailer performs against sales and profit goals set at the beginning of the fiscal‍ year. The company stated, “Based⁤ on Target’s performance in 2023, including the ⁢$2 billion in additional⁣ profit growth our team delivered that exceeded the goals we ⁣set at the beginning of the year, we’re rewarding our team accordingly.”​ The news was reported on CNBC on March 21, 2024.