This company to pay salaries every week
IndiaMART, a B2B e-commerce company has shifted to a weekly salary structure.
image for illustrative purpose
Hyderabad: IndiaMART, a B2B e-commerce company has shifted to a weekly salary structure. This will reduce the financial burden on the employees and they will be encouraged to work with free mind and efficiently, the company says. "With an aim to building a flexible work culture and ensuring the financial wellness of our employees, IndiaMART becomes the first Indian firm to adopt a weekly payout policy," an IndiaMART Facebook post says.
The company stresses 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.
Weekly payouts are a huge step towards promoting employee welfare. Weekly payouts of salary are prevalent in New Zealand, Australia, Hong Kong and the United States. Weekly payroll is the best payroll option available especially for hourly employees but when it comes to processing payroll, most employees receive their paycheques at the end of the month in majority of the companies in India.
The company posted a 12.4 per cent decline in consolidated net profit to Rs 70.2 crore in the December 2021 quarter. The company had registered a net profit of Rs 80.2 crore in the corresponding period of the last fiscal.
