Target announced today (August 4) that they will offer new perks to attract employees — buy offering a debt-free way to get a college degree.
According to CNBC, the retail company will cover the cost of tuition, fees and textbooks starting this fall for workers pursuing a qualifying undergraduate degree at more than 40 institutions. Target will also fund advanced degrees, paying up to $10,000 each year for master’s programs at those schools.
The national retailer is the latest company to use such perks to attract job candidates in a competitive labor market. With the move, Target joins other retailers and restaurant chains like Chipotle that have programs in place that aid employees in paying for college. Walmart recently announced it would cover the full cost of college tuition and books for its employees, after previously requiring them to pay $1 a day.
Target’s employees at stores, distribution centers and headquarters locations in the U.S. will qualify for this incentive on their first day. Target will cover the full cost for 250 programs aligned to its business, such as computer science, information technology and business management. 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.
Target said it plans to invest $200 million in the education program over the next four years. It developed the program with Guild Education, a company that manages corporate education assistance programs. Participating schools include the University of Arizona, Oregon State University, University of Denver, Morehouse College and Cornell University.