Target has announced that it will pay its employees a minimum wage of $9 an hour. It’s easy to dismiss this move as being too little. Instead, I like to look at it as a small step that will have big consequences. Employer who pay less than $9 an hour now have to fear that they will lose employees to America’s two largest retailers. More importantly, wage increases at the bottom raise the bar for all workers. If the unemployment rate continues to drop, wages will have to go up. Hopefully, the decisions by Walmart and Target will be the first step that leads to higher pay across industries.