Hobby Lobby says it will increase its minimum wage to $10 an hour. (Didn't the small business lobby just successfully defeat legislation to put the state minimum wage in line with the federal minimum wage, now $6.55 an hour and going to $7.25 in July?)
Do unto others ...
Said CEO David Green:
“We believe the success of Hobby Lobby is directly attributable to our outstanding employees and our strong corporate values, which are based on biblical principles, including integrity, service to others and giving back to those in need.”
HOBBY LOBBY NEWS RELEASE
OKLAHOMA CITY – Hobby Lobby Stores Inc., a privately-held retail chain of more than 400 arts and crafts stores, announced a minimum wage increase to $10 per hour for full-time hourly employees of Hobby Lobby and its affiliated businesses, including Mardel and Hemispheres, effective immediately. This increase and other pay raises for full-time hourly employees earning up to $13 per hour will raise the pay of more than 6,900 employees, some by up to nearly $600 per month. Hobby Lobby’s new minimum wage is more than 52 percent above the national minimum wage of $6.55 per hour.
“Our employees are the backbone of our company, and we believe that giving them the opportunity to share in our success is the right thing to do,” said David Green, CEO and founder of Hobby Lobby. “This is part of our continuing efforts to reward our employees for their hard work and integrate them into the growth of our company.”
In 2009, Hobby Lobby projects continued revenue growth and plans to open about 25 stores, which will create an additional 1,000 jobs across the country.
“Despite the current economic crisis, some retailers continue to thrive,” said Tracy Mullin, president and CEO of the National Retail Federation. “Companies who choose to reinvest in their employees will be rewarded with higher morale, lower turnover and, ultimately, a stronger company.”
The increase in pay is not the first time Hobby Lobby has bucked the trend during trying times. Last year, as the price of gasoline ballooned, Hobby Lobby gave employees a permanent 25 cent per hour raise to help offset cost of living increases.
“This minimum wage increase is the most exciting initiative I’ve been involved with since I started the company,” Green said. “We believe the success of Hobby Lobby is directly attributable to our outstanding employees and our strong corporate values, which are based on biblical principles, including integrity, service to others and giving back to those in need.”