Target to Hire More Black Employees

Target on Thursday said that it would increase the number of black employees it hires by 20% over the next three years.
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Target  (TGT) - Get Report said it would increase the number of black employees it hires by 20% over the next three years as protests across the U.S. have brought renewed attention to racial disparities.

On Thursday the Minneapolis retail giant shared its Workforce Diversity Report with stats on race and diversity within the company. 

According to 2019 data Target employed 360,908 team members across 1,850 stores. Out of this 15.6% - 56,412 - were black or African American men and women.

White people, in comparison, represent 50% of all Target employees. 

"The data also makes it clear that there’s much more work to be done," the company said in a blog post. 

"Our actions to date simply haven’t resulted in equitable outcomes for our Black team members, and we need to do more to increase representation and advancement opportunities and reduce turnover." 

In the U.S., black Americans make up more than 13% of the population, or just under 1 in every 8 people, according to the Census Bureau.

The company said it would conduct anti-racist trainings, increase Target’s network of mentors and sponsors to help black team members, and develop programs to hire and retain black team members in areas of low representation.

Last month, Target posted much stronger-than-expected second-quarter earnings as digital sales nearly tripled from the year earlier. Shoppers flocked to the stores that remained open throughout the coronavirus pandemic. 

In July, Target said it would shutter stores across the U.S. on Thanksgiving this year to ensure public health safety during the coronavirus pandemic.

At last check shares of Target were down 0.5% at $146.82.