Full-time hourly employees - nearly 60 percent of the privately held retailer's workforce - will receive at least $13 an hour effective immediately, the company said this week. [...] the company - which established its own minimum wage four years ago - was paying its full-timers at least $12 an hour. The money will come in handy to pay the bills, said William Carey Jones, who also works full time in the framing department and has been with Hobby Lobby for 12 years. Competitive pay keeps employees motivated and reduces turnover, said Howard Davidowitz, chairman of Davidowitz & Associates, a retail consulting and investment banking firm in New York. Davidowitz pointed to health benefits that Costco provides its employees and noted that investment analysts have said the discount chain's earnings would be higher if its benefits weren't so generous.
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