Target plans to increase their minimum wage to $15 by the end of 2020, according to Target Corporations. According to an MSNBC report, by the end of October, the company’s goal is to pay employees $11 an hour. This is especially great for states paying minimum wage workers at or below the federal average of $7.25.

According to Pew Research Center, the current federal minimum wage is not enough to provide for families who want to make ends meet. Students who need to support their families are able to rely on a corporation like this to help with income and provisions necessary to live.

According to the University of Amherst Massachusetts, higher minimum wages would reduce poverty by 6 million people for young adults.

According to The Economic Policy Institute, if the rate of minimum wage increased to $10.10, there would be an increase in 85,000 jobs in a time span of three years. Especially since Target’s goal is to reach $15 per hour by 2020, with more low-wage workers earning more money, it would help create more jobs in the long run.

With Target taking these kinds of steps toward higher minimum wage, there will be an increase of production in the workforce which will contribute to better sales as well as higher profits.

According to Melody Hobbs of Ariel Investments, one of Target’s problems is in sales, and mentions how the new minimum wage proposal provides a better likelihood in less millennial employees leaving. For students that want better career experiences, that is where Target is taking a step in the right direction.