Target has partnered with education and upskilling platform Guild Education to offer all employees debt-free college degrees.
The Target Corporation announced Wednesday that it would pay for the full cost of college for its employees. The offer covers more than 340,000 full-time and part-time employees.
The deal also will provide free textbooks, pay for course fees, and cover other incidental educational expenses. If an employee chooses a different specialty or seeks a graduate degree, Target will pay up to $5,250 for non-master’s degrees and up to $10,000 for master’s degrees each year in direct payments to the academic institution.
To make it happen, Target is investing $200 million in the program over the next four years.
“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,” says 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.”
Target’s announcement comes just a week after Walmart announced that it would pay for 100% of college tuition and books for all its part-time and full-time employees.