B2B e-commerce firm IndiaMART has adopted weekly wage payment 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 create a flexible work culture and ensure the financial well-being of our employees, Indiamart has become the first Indian organization to adopt weekly payroll,” Indiamart said in a Facebook post.
The company argues that weekly payments to employees will make it easier to meet their financial needs.
Now the employees will not have to wait till the end of the month to get the salary.
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Weekly pay is a major step towards promoting employee welfare. Weekly payments are already common in New Zealand, Australia, Hong Kong and the US.
When it comes to processing payroll, most employees receive their paychecks at the end of the month. Weekly payroll is the best payroll option available, especially for hourly employees.
Weekly payroll provides many 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 really help your business:
Indiamart Consolidated net profit down 12.4 percent 70.2 crore in the December 2021 quarter. The company had recorded a net profit of 80.2 crore in the corresponding period of the last financial year. Its revenue grew 8.3 percent 188.1 crore in the third quarter of FY22 from 173.6 crore in the year-ago period, said a regulatory filing.
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