Jim Cramer: Walmart Pay Hike a Good Move for Employees and Shoppers

Walmart announced Thursday that it will increase wages for half a million employees. TheStreet's Jim Cramer says the move means that Walmart recognizes that retention of employees is really important. Current full and part-time store employees will earn at least $9 an hour. One year from now that will go to $10 an hour. The wage boost meant the world's largest retailer had to guide down forecasts in part because of the cost. But Cramer says this is CEO Doug McMillon's recognition that Walmart has to fundamentally change, they cannot be the cheapest at everything including employees. The pay hike comes after the retailer posted a surprisingly strong U.S. holiday season. Walmart is the nation's largest private employer.