Compensation and Benefits Essay

1237 WordsNov 11, 20125 Pages
Strategic Compensation MGMT 365 Kevin Pratt Target Corporation’s Compensation and Benefits. Target Corporation has been around since the early 1900’s and the first Target retail store opened in 1962. (Fundinguniverse) Since then the company has now grown to having 1,744 stores and expanding into Canada. It is safe to say that a company like this that has been growing the past 100+ years that they must have a strategic business plan and this must include a strategic compensation and benefits package for their employees. After visiting the Target website I found a lot of information on employee benefits which were very detailed but I failed to find any information on the compensation packages/bases for pay. To find this information I visited a website called payscale.com. This website covered the minimums to maximum of all the hourly wages to salary information. Payscale.com also said that “Target Corporation typically pays its employees 7% above market, Similar employers pay their employees: at market” (Payscale.com) Seven percent higher, is one way to bring in the right employees. The average hourly rate ranges from $8.57 to $14.80 this is a competitive amount for a retail store where most pay minimum wage, Target goes above this. The hourly positions available make up most of the retail stores and can range from Cashier, Customer Service Representative, Department Manager to Pharmacist with the Cashier having the lowest median hourly pay at $7.36 to Pharmacist with the highest median hourly pay at $44.92 When it comes to salaried pay they have 7 listed on the site they are Assistant Manager at a median of $47,239, Team Leader at a median of $49,498, Manager at a median of $52,402, HR Manager at a median of $54,151, Store Manager at a median of $60,678, Store Team Leader at a median of $65,000 and last the Retail Pharmacist at a median of $106,000. These

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