Target says cuts to workers are off-limits as it hunts for up to $3 billion in savings
As retail sales return to Earth after their pandemic-era flight, many companies are under increasing investor pressure to find creative ways to deliver a profit.
One area that's off-limits, O'Neil said Tuesday, is Target's investments in"the best team in retail." Target is not alone in telling investors to expect higher payroll costs as alarm bells continue to ring over declining consumer spending and concerns of an economic downturn. Retail workers are still quitting at elevated rates, and total monthly layoffs remain at just three-quarters of their normal, pre-pandemic average, according to Indeed Hiring Lab's latestThat leaves companies in somewhat of a stalemate over staffing with the US unemployment rate at record lows.
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