Sam's Club hikes pay as it competes for workers with Costco and other retailers

Sam's Club is boosting pay for nearly 100,000 hourly workers, with the retail chain's starting wage rising by a buck to $16.

Longer-tenured employees will get bigger pay hikes, the Walmart-owned retailer announced on Tuesday. The adjustment will take effect on November 2, as retailers gear up for the vital holiday shopping season. 

"Until now, retail compensation has largely been about hourly wages, and it's almost unheard of to talk about frontline associate compensation in terms of a predictable financial future — that changes for Sam's Club starting today," Chris Nicholas, president and CEO of Sam's Club, said in a statement.