In an employee friendly move, IndiaMart on Sunday announced a weekly salary pay disbursement regime.
The company said in a statement that the organisation has taken this revolutionary step in line with the evolving flexiwork culture and the changing motivational needs of employees in order to enrich them with stability, purpose, and growth.
Instant gratification is what is central to every employee, amid the rapidly evolving flexiwork culture, said Dinesh Gulati, COO of IndiaMart while talking about this decision. According to him, weekly payouts shall be appreciated by one and all across the organisation. He added that the organization previously took steps in this direction many years back by migrating to the weekly incentive payouts for many roles across the organisation.
The company had 2,724 permanent employees and 836 employees on temporary or contractual basis as on March 31, 2021. According to the company’s annual report, the median remuneration of employees of the company was Rs 474,996.
In the financial year 2020-21, there was an average increase of 16 percent in the salaries of the employees other than managerial personnel while there was a decrease in managerial remuneration was 8 percent.
Here is an analysis of the company’s salaries from FY14 to FY21:
The company in its annual report for FY 2020-21 said that they have a strong sales and servicing network, comprising employees, outsourced representatives, and channel partners operating on telephone, field or digital mediums which facilitate the engagement with their current and prospective suppliers with greater effectiveness and also develop customer relationships on the ground.
Employee benefit expense has always been the largest expense for the company as the costs of assembling and maintaining the team are significant.
The countries like New Zealand, Australia, Hong Kong, and the US already have weekly payouts.
According to the official statement, this initiative to disburse the salaries on a weekly basis rather than monthly as the preferences and the changing dynamics of the global economy have been taken into account for the benefits to the employees.
In order to alleviate financial hardships and regain control of the lives of employees, Weekly Payout System go long way to in positioning them for success in every aspect.
In order to ensure the safety of both employees and customers, during the pandemic IndiaMART was one of the first organisations to implement complete work from home and integrate relevant processes for the smooth operation of the business.
Upskilling as well as financial assistance help was given to the workforce in the pandemic period by the company. Over the period of past 2 years, in addition to the workforce, IndiaMART onboarded over 3500 freelancers, including persons with disabilities, women restarting their careers, and aspirants from remote locations through their online associate programme.
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