This Company Is Re-envisioning Financial Freedom By Providing “Weekly Pay Policy”
In order to build a flexible and supportive working environment for its employees, IndiaMART becomes the first Indian organisation to move to a weekly salary pay disbursement regime. In line with the evolving flexi work culture & the changing motivational needs of the employees, the organisation has taken this revolutionary step to enrich them with stability, purpose, and growth.
Weekly payouts – towards enabled financial wellbeing
The consistent flow of money is essential to the well-being of any individual. We all know that 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 millennia 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 U.S. Their benefits have been tested out and proven over many years. Taking into account the benefits to the employees, their preferences as well as the changing dynamics of the global economy, IndiaMart has taken another first initiative to disburse the salaries on weekly basis rather than monthly.
When a BW People journalist question Dinesh Gulati, Chief Operating Officer, IndiaMart on why did the management feel a dire need to implement this policy, the response was, “Amidst rapidly evolving Flexi work culture, instant gratification for work done/delivered is what every employee has started looking forward to. We believe more frequent payouts will be appreciated by one and all across the organization.
We had started taking steps in this direction a few years back when we migrated to weekly incentive payouts for many roles across the organizations.”
He further explained that the organisations is moving from a monthly payroll processing to a weekly payout of monthly salary as we believe that this change will ensure a consistent weekly flow of income for all employees, across all levels to enable financial well-being of all our employees that includes -
The New Way Of Payout
Paying employees on 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 organization. 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.
Speaking of his decision to introduce weekly payout, a first for any organisation in the country, Gulati 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 organisations.”
He further that talking about how bonuses and other parameters will be judged, well “First 3 weeks payout of every month will consist of fixed components of salary while the fourth will consist of fixed component + flexible component + any other payments. There is no change in the disbursement timelines for any Incentive, PLI, & flexi component.”
The Year of Opportunities, Growth And Road Ahead
IndiaMART has always been at the forefront of enhancing employee satisfaction. With the advent of the pandemic, IndiaMART was one of the first organizations to implement complete work from home and integrate relevant processes for the smooth operation of the business ensuring the safety of both employees and customers.
The company also noticed the limitations on opportunities available and the skill gap that was deepening because of the pandemic. So, for upskilling and providing financial assistance programs to their workforce throughout the pandemic, the company introduced programs like iLeaps, iBuds, and Own your Desktop that enabled IndiaMART employees to work efficiently from their homes by extending to them the resources to own their office laptops and providing discounted rates on online courses to expand their horizons.
Both their long-term as well as short-term goal is to enable employee satisfaction and their financial well-being. In the times when consumerism is affected heavily by the digital platforms, social influencers, and increasing brand consciousness leading to more instant buying approaches, we felt it is unfair for employees to wait for a month for their work’s payoff. This is especially relevant in light of the current pandemic where millennia 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.
Therefore, realizing that the consistent flow of money is essential to the well-being of any individual, we have taken this step to pay Weekly Salary instead of just once a month salary. 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.
Beyond their own workforce too, over the past two years, IndiaMART has taken several steps to reach the underserved segments of the workforce through their Online Associate program, onboarding over 3500 freelancers including persons with disabilities, women who were trying to return after career breaks and aspirants from remote locations.
