After a week of speculation and worry at Target headquarters the axe finally fell today.
Chief Human Resources Officer Jodee Kozlak sent out a staff-wide email this morning detailing the planned cuts. There will be 1,700 layoffs and 1,400 open positions will not be filled.
Laid off employees are getting a decent compensation package on the way out the door, however. Everyone will get at least 15 weeks severance pay, more based on years of service, along with six months of benefits and "outplacement support and access to free executive education courses."
Here's the email Kozlak sent out:
As you know, we're making significant organizational changes. And this morning, difficult conversations are taking place across many teams, resulting in the departure of 1,700 of our colleagues, in addition to the 1,400 open positions we've eliminated over the past few months.
Because these are our friends and peers, I know many of you are wondering what Target is doing to help make this transition easier for them. They will receive a comprehensive separation package that includes more than 15 weeks of pay plus additional severance based on their years of service. They'll also receive six months of benefits coverage at the Target team member rate, outplacement support and access to free executive education courses.
It's difficult to say goodbye to people we care about. And then find out your boss has changed, or you have a new team, or your role is changing. All these changes are happening simultaneously, which is a lot to absorb all at once. It will require a new level of leadership, creativity and accountability from all of us.
We all have a role to play in shaping the new normal and redefining what it means to work at Target HQ - and what it means to be part of a transformational growth company. You'll hear more about our plans for growth from Brian Cornell at a team gathering in Target Hall next week. While difficult, transformation demands the very best we all have to give - to ourselves, to each other and to this incredible company.
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