We all know that happy, secure employees deliver the best work but how can employers help their employees feel this way when the world is so full of uncertainty right now?
Weekly pay is just one way of showing your support to your employees, this is why.
With employees having to buy extra groceries, medication, delivery fees and everything in between, now is a better time than ever to give them that extra security by running the payroll weekly. Additionally if your employees are currently having to work over time, letting them see their compensation immediately is going to be very encouraging.
Most companies run payroll either monthly or semi-monthly (twice per month, for example, every 15th and 30th) or biweekly (every two weeks, for example, every other Friday).
Generally speaking, employees prefer getting paid more frequently because it’s the best alignment of work and earnings.
Hourly employees, in particular, prefer getting paycheques weekly. Weekly payroll better matches an hourly employee’s cash flow needs. If an hourly employee has an irregular working schedule with overtime, weekly payroll best reflects the compensation she’s earned. For example, if an employee works 60 hours one week and 20 hours the next, weekly payroll makes sure the employee is paid that valuable overtime in the first week when she may need it most.
We are inspired by employers who care about the financial welfare of their
employees because we think these builders make stronger, longer-lasting
Are you looking for a way to improve employee morale?
Do you want people to enjoy working for your company?
Do you want to offer added value to working for you which will allow you to retain your best people?
If so, one of the easiest things you can do is opt for weekly payroll.
With this, employees will receive a paycheque every week. In turn, they find it easier to schedule bill payments and organise their personal budget.
On the other hand, getting paid once per month can put a financial strain on many people.
You never know the financial situation each individual employee is dealing with at home, perhaps their partner has lost their job or other extra costs have been incurred since the pandemic, so it could help more than you think to have the flexibility of money coming in each week.
With weekly payroll, you are going to choose a particular day of the week for this task and then stick with it no matter what. This goes a long way in ensuring that the task is completed, week in and week out, without any deviation. Additionally, it is easier for employees involved with the payroll process to add this task to their schedule.
Regardless of industry, every company has to decide on a payroll schedule and every employer has the opportunity to increase company morale with this small change.
By comparing the advantages of weekly payroll to monthly payroll, you should have a better idea of whether or not this is the right decision for your company.
In closing, weekly payroll is beneficial in many ways to both employees and the employer.