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“Weekly pay has helped me maintain constant money flow, higher interest earnings, and greater cash liquidity to address my ongoing expenses. If you know how to supervise expenditure, there are only benefits of systematic, frequent and routine income.” – Paras Lehana, Lead Engineer, IndiaMART
The regular flow of money is essential to everyone’s well-being. We all know that paying employees on time is probably more critical than all of the other HR activities put together. This is particularly important in case of the new age employees, the millennials and Genz, many of whom live away from home, once-a-month paychecks hinder their experiences and are hampered by their payrolls’ lack of flexibility. More than ever before, employees value experiences, financial independence, a flexible work culture, and a work-life balance over a basic collection of belongings.
Taking into account the benefits of employees, IndiaMART initiated disbursing salaries weekly instead of monthly, another first by the organization catering to the changing expectations and dynamics of new-age employees. Employees who are paid weekly are better able to satisfy their immediate financial obligations. Not to mention how the weekly incentive quadruples the excitement of payday, making employees more fulfilled, as a result, more devoted to the organization’s goal.
The Weekly Payout System goes a long way towards supporting employees in overcoming financial issues and reclaiming control of their lives, positioning them for success in all aspects of their lives. Amid the fast-expanding Flexi work culture, instant satisfaction is what every employee wants, and IndiaMART’s decision to introduce weekly compensation is first-of-its-kind for any firm in the country. The company began moving in this manner many years ago when it switched to weekly incentive payouts for several roles across the firm.
After the announcements, questions poured in from employees, especially regarding the most recurring payments like various Bills that are by and large monthly payouts. So, IndiaMART has collated the best practices on how a person can plan their monthly finances that highlighted the Dos and Don’ts to be followed. With this, the company also conducted open houses along with business heads for employees to educate them on the best practices and take any questions or queries that they had.
Shivi Malhotra who is a Relationship Manager at IndiaMART was one of those employees who had their doubts about this decision initially, she said, “When initially the weekly payout module was explained to us I was a little skeptical that how are we going to manage the daily and fixed expenses. Even though it was a little confusing at the initial stage but when an unexpected expense came up in the 3rd week of March, I checked my bank statement and actually found the amount that I needed and that was the moment of relief.”
In contrast to the previous procedure of a one-time monthly payment, with weekly payouts, fixed components of remuneration, such as earnings and deductions, are separated into four portions and distributed to employees at the conclusion of each week.
All about employee satisfaction
In a time when consumerism is increasingly influenced by digital platforms, social influencers, and increased brand awareness which is leading to more fast-buying methods, it seems unfair for the employees to wait a whole month for their pay. A regular flow of money is hence essential to the well-being, financial wellness, and employee motivation of any individual. Payment on a weekly basis makes it easier for them to meet their real-time fiscal obligations. In developed countries such as New Zealand, Australia, Hong Kong, and the United States, weekly payouts are already commonplace.
The weekly payout system is a part of the larger efforts of IndiaMART, to work towards the betterment of the employees. Like, during the pandemic, the company introduced many initiatives to aid employees in a seamless transition from work office to work from home. Programmes like iLeaps, iBuds, and Own your Desktop by the company enabled the employees to work efficiently from home by extending to them the resources to own their office laptops and providing discounted rates on online courses to broaden their horizons.
Beyond their own workforce, IndiaMART has taken several steps in the last two years to reach out to underserved segments of the workforce through their Online Associate programme, onboarding over 3500 freelancers, including people with disabilities, and women returning to the workforce after a break, and aspirants from remote locations. Their latest action is simply another step in the same direction. Keeping a healthy balance is extremely difficult in an always-on-the-go world. Employees need both the opportunities as well as the resources to decompress and rebalance. IndiaMART’s announcement for the Weekly Payout System, hence, goes a big way in helping employees alleviate their financial hardships and regain control of their lives – positioning them for success in every aspect.