in 2008 I started out as a TPS @ $9.25/hr and after 6 years I was at $15.03/hr. Took me 6 years to get there with target, staying as a TPS.
Started a new job at $17.32/hr earlier this year. Point is, if you stay with Target, you'll NEVER get to a great wage if you just wait for the yearly merits. You need to branch out and try new companies. The min wage will raise faster than your yearly raises, and you'll be at the same wage as new TM's.
You could even go to Wal-Mart in the same TM position and start at a higher wage. I think they pay minimum $10/hr across the board.
Take a good look around. How many long-term employees are really left? Most already jumped ship and there has been a massive brain-drain that went with them. This company is NOT a long-term investment. There is no loyalty. You are an expense and liability. Your TL's/ETL's will change and everyone will move on. Question is, how long will you ride the carousel?