When it comes to paying employee salaries, many business owners have a number of options as to how regularly they would like to pay out money. It varies from weekly, fortnightly, and once a month.
Obviously, the employees would like to be paid on a more regular basis because they have bills coming in at different times of the month and they would like to pay them off as quickly as possible. If they have to wait until the end of the month to pay the bills, then there might be financial penalties, which means they end up paying more than the actual bill total.
In order for any business to be successful, the employees must be happy because happy employees are busy employees. If your staff is struggling to pay their bills and having to borrow money from illegal money lenders until the monthly salary arrives, then they are going to grow increasingly frustrated with the timing of the payment for their salaries.
This is why many companies use Acclime payroll services in Singapore because they move all the responsibility over to them and they let them deal with what their workers would prefer. If you were to ask the majority of workers in your business, you would find that the vast majority would like to get paid weekly instead of monthly. To understand why, please have a look at the following benefits of doing so.
Employees like consistency
Everyone likes consistency would employees especially so. They would prefer to be paid on a weekly basis because it just makes our lives so much easier and this is why you need to outsource your payroll. They have money in their pockets all the time and so if any unexpected bills, they are able to pay them without any issues. If they have to rely on their salary arriving on a monthly basis, then this means they have to curtail their spending and they can live the life that they would like to lead. Sometimes it’s nice just to be able to buy something because you want it and you have the money on you at that time.
It’s more convenient for you
If it is your intention to pay your staff on the last day of every month, then sometimes the last day falls on the weekend and so your staff might have to wait until the following Monday to get their salaries. If you do it like this, you will have disgruntled employees and it may increase your staff turnover. Paying your staff on a weekly basis, however, is a lot easier for you and a lot easier for them. There is no ambiguity and everyone knows exactly when they are getting paid. To learn more about best salary practices, have a look here.
Employees deserve their salaries because of all the hard work that they put into their jobs, and so it seems counter-productive to not give them their salary on a more regular basis. If you want to make your staff happy, then pay them regularly and watch your business and profits grow.
