What Are the Benefits of Paying an Employee Weekly?

How often do you pay your employees? You might be like most employers who pay employees every two weeks.

But have you thought about the financial stress this likely causes your employees? If you’re taking your time with paying employees you might be making their life much harder!

So what should you do? You should consider paying an employee every week.

Here are the benefits of paying weekly wages:

Easy Scheduling

Do you ever stress about doing your payroll every other week? Are you worried that you’ll miss out on payroll and not pay your employees on time?

If you have a weekly payroll option, then you’ll be less likely to forget to send out your paychecks. 

You can use a service such as Payactiv.com to help you keep track of these payments and send them out each week.

Loyal and Productive Employees

If you want to keep your employees loyal then you want to offer them weekly salaries. The more often they get paid, the less financial stress they’ll have.

They know that getting weekly wages is rare and they’ll want to stay with your company longer. You’ll also find that they’ll become more productive at the workplace.

If you keep your employees happy, they’ll dedicate themselves to their work. They’ll be sure to work harder than if you paid them biweekly. They’ll also be more likely to strive to go above and beyond their duties.

You can also ensure that work gets completed efficiently. Work is more satisfying for an employee if they know they’ll get paid at the end of each week.

Additional Benefits

You don’t have to go through the stress of prorating to pay your employees. This means that you don’t have to pay a new employee for the entire week when they only worked partial hours.

If you pay them weekly, you also won’t have issues with paying overtime. If your employee works 45 in one week, they’ll get paid for the extra 5 hours if you offer weekly wages. Otherwise, the 5 hours carries onto the next week and they might not receive their overtime wages.

It’s also great for your company’s accounting needs. You don’t have to wait every two weeks to estimate your salary expenses. Each week you can update your accounts once you’ve paid your employees.

This is the best way to keep an accurate record of your company’s cash reserves. It’s perfect for keeping track of your cash flow and your company’s financial security.

Start Paying an Employee Each Week

Now that you know the benefits of paying an employee each week, you can offer weekly salaries to your staff.

It makes it much easier for you to schedule your payments. You’ll have less stress with paying overtime. You also won’t have to worry about prorating your employee’s wages.

You can also ensure that your employees will work harder if you pay them each week. This is also ideal for improving employee retention. It’s also ideal for keeping accurate records of your company’s financial health.

You can find more great business tips on our website!