IndiaMART, an online B2B marketplace, has switched to a weekly salary pay disbursement system in order to provide a flexible and supportive working environment for its employees.
The organisation claims it has taken this move to provide stability, purpose, and advancement to employees in keeping with the expanding flexi work culture and shifting motivational demands.
Any individual’s well-being depends on the steady flow of money. Paying employees on time is arguably more essential than all of the other HR activities combined.
This is especially important in light of the present pandemic, in which millennial workers, many of whom live alone away from home, struggle financially with their once-a-month pay checks and are severely harmed by their payrolls’ lack of flexibility. Employees appreciate experiences, financial independence, a flexible work culture, and a work-life balance more than a basic collection of possessions now more than ever before.
As a result, weekly rewards are a significant step in promoting employee wellness. In developed countries such as New Zealand, Australia, Hong Kong, and the United States, weekly payouts are already widespread. Their advantages have been studied and confirmed over a long period of time.
IndiaMart claims to have taken the initiative to pay salaries weekly rather than monthly, citing the benefits to employees, their preferences, and the changing dynamics of the global economy as reasons.
Speaking on his decision to launch weekly payout, a first for any organisation in the nation, Dinesh Gulati, COO of IndiaMart stated, “Amidst the rapidly evolving flexi work culture, instant gratification is what every employee expects. We believe weekly payouts will be appreciated by one and all across the organization. We had started taking steps in this direction many years back when we migrated to weekly incentive payouts for many roles across the organizations.”
Employees can better meet their real-time financial responsibilities if they are paid weekly. Not to mention how the weekly reward boosts the excitement of payday fourfold, making employees more fulfilled, happier, and, as a result, more committed towards their organization’s objective.
The weekly payout mechanism, according to the corporation, goes a long way toward assisting employees in overcoming financial challenges and regaining control of their life, putting them for success in all areas.
