As far as retail businesses go, Target is certainly among the top corporations in the world. Even though the company has experienced hardships in the past, today they are stronger than ever.
Under the guidance of CEO Brian Cornell since 2014, the Target Corporation is now a global powerhouse. But you don’t get to that status without an attention to detail and a high standard of community and global responsibility in the marketplace.
As one of the largest retailers in the U.S. with over 350,000 team members and stores in all 50 states, target has become a consumer favorite. In fact, the company likes to point out that 75% of the U.S. population lives within 10 miles of a Target store. [https://corporate.target.com/about]
You may be familiar with Target’s famous tagline, “Expect More. Pay Less.” But the reality is that the company’s mission, vision and corporate values go above and beyond this simple tagline.
Target has become a beacon of corporate responsibility and it shows in their treatment of their customers, team members, and communities. In this article we’ll take a closer look at this remarkable retail company. We will provide an in-depth analysis of their corporate values and policies and find out exactly why this company stands among the very best in the world.
Target’s Corporate Mission Statement
The corporate mission statement at Target is: “To help all families discover the joy of everyday life.”
A mission statement like this works on 2 fronts. (1) to provide exceptional experiences for customers while maintaining a strong sense of family, and (2) to inspire and empower team members to take an active role in providing the best experience for the customer.
The Customer Experience
Target’s number one priority is to enhance the customer experience on all fronts. This means providing more ways to shop and save with Target. The company truly is delivering on their promise to “Expect More. Pay Less.”
From providing trusted band names at prices everybody loves, to online shopping with in store pick up and even delivery options, Target is enhancing the customer experience in more ways than one. And this includes utilizing 21st century technology to provide families with more ways to experience the joy of everyday life.
And it doesn’t stop there. Target is committed to making customers feel safe, welcomed, and respected. And that includes extending those commitments beyond their stores and into the communities they share.
Empowering Team Members
Team members are at the heart of any retail business and Target is no exception. The relationship Target fosters with its customer base reinforces its relationship with its team members.
Team members at Target are just as much a part of the customer experience as the overall corporate mission, if not more. And Target continually invests in their team members, providing opportunities for career advancement and terrific benefits.
In fact, the company is committed to instating a $15 per hour minimum wage for all team members by the end of 2020.
Target’s Corporate Vision Statement
Though Target does not have a direct vision statement, it is clear that they have a strong, proactive attitude towards ensuring a bright future for both the local and global communities they are involved with.
Their overall commitment to corporate responsibility can be summed up in this statement from their website:
“As a good neighbor and global partner, we’re committed to serving and strengthening the communities where we operate—putting the needs of people, communities and the planet at the heart of how we work today, to help build a better tomorrow.’
From this statement alone, we can recognize Target’s corporate vision for its place in the world as a three-fold plan to work toward a better future. The three areas of focus are:
Putting People First
Target supports a policy of overall diversity and inclusion when it comes to people. And that goes for both their team members and the friends and neighbors who choose to shop at target.
The team members at Target are provided with ample opportunity to learn and grow. Actually, Target takes a more wholistic approach with their team members’ well being. They truly care about their employees both on and off the job and do what they can to include benefits that extend to team member families as well.
As a company, Target realizes that they are nothing without their team members. And they make it a point to go the extra mile to show their employees how much they mean to the company.
But Target’s vision for the impact of people on the future extends beyond the team and into the community as well.
Target supports each and every local community that they are a part of. And in doing so becomes a valued member of that community, providing jobs and support for community goals and social projects.
The company is also active at the political level as well. Target supports a bipartisan effort in both local and federal government to improve the way business and community coexist to support one another.
As we’ve discussed, Target’s primary mission is to include all families in its efforts to spread the joys of everyday life. But this policy also effects the surrounding communities by bringing them together.
And philanthropy is certainly a major part of that policy for Target. Target regularly provides grants for community programs such as youth sports, food shelves, and public safety partners.
Finally, the third part of Target’s corporate vision is all about the planet. Target works hard to reduce their carbon footprint and provide transparency in its ethical and responsible use of resources wherever it does business.
The company believes in a sustainable future and that happens through continued economic and environmental development. From clean water to climate change and alternative energy sources, Target maintains a very active role in protecting our planet for future generations.
And in 2017, Target became the first retailer to instate a chemical strategy. This new strategy would provide transparency to their consumers by being up front about the manufacturing practices used for the products they cary.
Target’s Core Values
If I had to sum up Target’s core values as a company in one word, that word would be “inclusivity.” Remember, their primary mission is to help “all” families…
And the company goes even further, explaining…
“That purpose and our inclusion of “all” directly connects to our inclusivity value as a company. We champion a more inclusive society through creating an inclusive guest experience, having an inclusive work environment, ensuring we have a diverse workforce, and leveraging our influence to drive positive impact on society.”
Inclusivity also means “staying open.” And no, we’re not talking about longer shopping hours here. By staying open, the company means “getting comfortable being uncomfortable.”
It is important as a company for Target to keep an open door policy of fairness and equality. Everyone must have access to the same opportunities. And in doing so, Target promotes an attitude of togetherness.
Target is among one of the top retail companies in the world because of its incredible market awareness and leadership. The company not only continues to provide innovative ways for customers to do business and shop at Target, it takes into account the impact it has elsewhere.
Treating team members’ well being as an equal priority for doing business has Target’s future as a company quite secure. And doing business in an economically and environmentally sustainable way means the planet’s future is better off too.