Life has been moving so fast that it has become near impossible to sit back and take a breath of fresh air. Somehow months have been reduced down to finishing work on time, meeting deadlines and managing the salary received at the beginning of the month.
IndiaMart, the largest online marketplace in India, has tried to do away with the anxiety that comes along with managing the entire months’ finances in the very beginning. IndiaMart has shifted to a weekly salary payment policy.
What Is IndiaMart?
IndiaMart is the country’s largest online marketplace where it directly connects buyers to suppliers. The channel’s main focus is to provide a platform to SMEs, large enterprises as well as individual entrepreneurs. The company was founded in 1996 and has since lived by a simple motto: “To Make Doing Business Easy.”
The online platform currently has over 2.6 crore buyers along with 22 lakh suppliers while they have 3.6 crore products listed on the site platform. They have also registered a revenue of Rs 300 crore in the financial year 2015-2016.
The company employs over 3600 employees located across 60+ offices in the country while their customers span over 200+ countries. The company’s investors include Intel Capital, Amadeus Capital, WestBridge Capital and Quona Capital.
IndiaMart has had numerous awards and significant nominations to its name over the years which include the Red Herring Award and Emerging India Award amongst several others. The company has also been in the limelight of the media due to their pioneering role in promoting SME business in the country.
What Is Their New Policy?
As the world evolves every day, IndiaMart has decided to change its salary payment policy in order to blend in with the rapidly evolving Flexi work culture and to provide further benefits to its employees. The company has shifted to a weekly salary pay policy and are the first company in India to do so.
The company has undertaken this decision as they feel this will provide an incentive for their employees, help them plan out their monthly budget and make it easier for them to be financially organised. IndiaMart employees will receive a paycheck every week which will make it simpler to schedule their bill payments and other miscellaneous expenses.
The company feels like this will be beneficial to their employees keeping in mind their preferences and the changing dynamics of the global economy since weekly payments will help their employees meet their real-time fiscal obligations.
“This is especially in light of the current pandemic where millennial workers, who in so many instances, live on their own away from home, struggle financially with their once-in-a-month paychecks,” Dinesh Gulati, the COO of IndiaMart shared.
The system is already employed over the globe in countries such as the United States, New Zealand and Hong Kong where a weekly or fortnightly paycheck is expected by the employees. However, this move by IndiaMart is definitely radical in a country like India where salary structures are driven by house rent and EMI needs.
What Do The Employees Say?
Nishant Singh, a project manager at an IT MNC based in Gurgaon had some significant contributions to this debate. He said, “If I get paid every week, I will tend to spend much more than I do now. And I definitely don’t want that. If a company is really keen to make the payment cycle more fluid for employees, it could try a fortnightly salary payment rather than a weekly one.”
However, on the flipside, Sandeep Arora, Director of GreenTree Advisory Pvt Ltd, shared that prefers the weekly mode of payment saying, “This helps us in getting projects delivered in a timely manner. Also, this works as an added incentive to be able to get Gen Z and millennials on-board at a time when the gig economy is on the rise and they have multiple opportunities.”
Either way, it is an extremely pleasant sight to see companies trying to keep up with the ever-changing economy and rapidly changing lifestyle while they have only the best interests of their employees at heart.
Disclaimer: This article is fact-checked
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This Post Is Tagged Under: salary, IndiaMart, online marketplace, weekly salary payment, marketplace, buyers, suppliers, SMEs, large enterprises, individual entrepreneurs, company, Business, online platform, Intel Capital, Amadeus Capital, WestBridge Capital, Quona Capital, Red Herring Award, Emerging India Award, SME business, salary payment, monthly budget, employees, millennial, Dinesh Gulati, United States, New Zealand, Hong Kong, house rent, EMI, Nishant Singh, IT MNC, Gurgaon, Sandeep Arora, GreenTree Advisory Pvt Ltd, Gen Z, millennials
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