To build a flexible and supportive working environment for its employees, online B2B marketplace IndiaMART has moved to a weekly salary pay disbursement regime.
In line with the evolving flexi work culture and the changing motivational needs of the employees, the company says it has taken this step to enrich them with stability, purpose, and growth.
The consistent flow of money is essential to the well-being of any individual. Employees receiving their salaries on time is probably more important than the rest of the HR initiatives combined.
This is especially relevant in light of the current pandemic where millennial workers, who in many instances, live on their own away from home, struggle financially with their once-a-month pay-checks and are deeply impacted by the profound lack of flexibility in their payrolls. Now more than ever before, employees value experiences, financial freedom, a flexible work culture, and a work-life balance more than a simple collection of assets.
Weekly payouts are, therefore, a big step in the direction of promoting employee wellness. Weekly payouts are already common in mature economies like New Zealand, Australia, Hong Kong and the US. Their benefits have been tested out and proven over many years.
IndiaMart says it has taken the initiative to disburse the salaries on a weekly basis rather than monthly taking into account the benefits to the employees, their preferences as well as the changing dynamics of the global economy.
Speaking on his decision to introduce weekly payout, a first for any organisation in the country, Dinesh Gulati, COO of IndiaMart said, “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.”
Paying employees on a weekly basis makes it easier for them to meet their real-time fiscal obligations. Not to mention how the excitement of the payday increases fourfold with the weekly payout, making employees more satisfied, happier, and, consequently, more motivated towards their purpose in the organisation.
The company says the weekly payout system goes a big way in helping employees alleviate their financial hardships and regain control of their lives – positioning them for success in every aspect.