Target has announced that it will spend $200 million over the next four years so that it can offer its workers free undergraduate and associate degree programs as well as specific certifications at select online institutions, the company said in a press release.
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Target is now the latest company to hop on the bandwagon of offering more extensive benefits to its employees. Target is teaming with Guild Education and other companies like Walmart, Taco Bell, and the Walt Disney Co.
Guild Education is a startup located in Denver that negotiates deals between companies and colleges for the program. Now the retailer will offer educational assistance to schools like the University of Arizona and the University of Denver. Textbooks will also be free.
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This fall, the program will be offered to more than 340,000 U.S.-based part-time and full-time students. The program will be offered to workers the day they start, and they will be able to attend classes at more than 40 schools, colleges, and universities. In addition, Target will also allow their workers to choose from 250 business programs, including computer science, operations, and business management, according to Kare11.
There are still options for those who would like to pursue the company's educational opportunities outside of the select program within Guild. Target will offer direct payments to those employees' academic institutions of up to $5,250 for non-master's degrees and up to $10,000 for master's degrees each year.
"A significant number of our hourly team members build their careers at Target, and we know many would like to pursue additional education opportunities," Melissa Kremer, chief human resources officer at Target, said in a statement. "We don't want the cost to be a barrier for anyone."
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Target is following in the footsteps of megastore rival Walmart after it announced that it would cover the total cost of tuition and books for its 1.5 million part-time and full-time Walmart and Sam's Club workers in the U.S. through its Live Better U program.
Walmart will charge workers in the program $1 a day and plans to invest nearly $1 billion over the next five years in career-driven training and development.
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