Juneteenth Becomes a Paid Holiday for Target, J.C. Penney

(Bloomberg) -- J.C. Penney Co., TikTok, Target, Qatalyst Partners, Spotify Technology SA, and Quicken Loans joined companies across finance, retail, technology, media, professional sports and other industries in giving employees a paid day off on June 19, a date known as Juneteenth that marks the effective end of slavery in the U.S..

• Jill Soltau, chief executive officer of J.C. Penney, citing the killing of George Floyd in Minneapolis followed by the death of Rayshard Brooks in Atlanta, said in a memo to staff Monday that Juneteenth will be a paid day off. Hourly employees working that day will receive additional holiday pay. “American voices are growing louder and calling for an end to racial injustices,” she wrote. “This momentum is increasing across our nation and the world.”

Key Insights

• Publicly traded and closely held companies are responding to public outcry sparked by the killing of Floyd by a police officer, which has led to nationwide protests and increased awareness about systemic racism and prejudice affecting Black Americans. Companies marking Juneteenth as a holiday have more than 330,000 employees globally, according to Bloomberg calculations.
• Read a QuickTake on what Juneteenth commemorates and why there was a fight about it.

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• Short video app company TikTok said it would give U.S. employees the day off on Juneteenth. “We invite you to take this time off, not only to reflect on the importance of this historic event, but also, to acknowledge the systemic racism that persists and how much work needs to be done on our long road ahead,” Kevin Mayer, TikTok’s new CEO, said in a letter to staff Monday. The company apologized earlier this month after a technical glitch resulted in posts with the hashtags #BlackLivesMatter and #GeorgeFloyd being marked with zero views.
• In a tweet Sunday shared by co-founder Frank Quattrone, boutique investment bank Qatalyst said it had established Juneteenth as a company holiday “in recognition that, despite slavery’s demise on June 19, 1865, the deep pain of racial injustice continues to persist, and we’d like to be part of the solution to achieve equal justice and opportunity for all.”
• Quicken CEO Jay Farner said in a tweet Friday that Juneteenth will be a paid holiday for team members who choose to commemorate it. “We are encouraging those team members to use it to have a voice, to contribute to the community, to celebrate their identity, or use it to learn more about addressing racial inequity,” he wrote.
• Target will recognize Juneteenth as an annual company holiday. While stores and distribution centers will remain open, hourly team members who work on June 19 will be paid time and a half.
• Mastercard Inc. has given employees Juneteenth off and encouraged workers to educate themselves about the history of racism in America or volunteer with a civil rights organization, while Jack Dorsey’s Twitter Inc. and Square Inc. made the day a holiday “forevermore,” with the CEO of both companies describing it as a “day for celebration, education and connection.”
• Other companies marking the day with paid time off include Allstate Corp., TikTok, Conde Nast, Lyft Inc., Postmates Inc., the New York Times, Vox Media LLC, Omnicom Group Inc., the National Football League, the Atlanta Hawks, Nike Inc., Insight Partners Inc., and law firm Skadden, Arps, Slate, Meagher & Flom LLP. A Spotify spokeswoman said the company is recognizing Juneteenth as a paid holiday for all U.S. employees.

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