B2B e-commerce firm IndiaMART has moved to a weekly salary pay policy. The company says that this will reduce the financial burden on the employees and they will be encouraged to do better work. “With an aim to build a flexible work culture and ensure the financial wellness of our employees, IndiaMART becomes the first Indian organization to adopt a weekly payout of salaries!” IndiaMART said in a Facebook post.
The company argues that weekly payments to employees will make it easier for them to meet their financial needs.
Now, employees won’t have to wait until the end of the month to get the salary.
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Weekly payouts are a big step in the direction of promoting employee wellness. Weekly payouts are already common in New Zealand, Australia, Hong Kong and the US.
When it comes to processing payroll, most employees receive their paycheques at the end of the month. Weekly payroll is the best payroll option available especially for hourly employees.
Weekly payroll provides a number of benefits to both employees and employers. Let’s take a look at why you should consider paying your employees on a weekly basis—and how weekly payroll can actually help your business:
Indiamart posted a 12.4 per cent decline in consolidated net profit to ₹70.2 crore in the December 2021 quarter. The company had registered a net profit of ₹80.2 crore in the corresponding period of the last fiscal. Its revenue grew 8.3 per cent to ₹188.1 crore in the third quarter of FY22 from ₹173.6 crore in the year-ago period, a regulatory filing said.
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