Advantages of Weekly Payroll vs. Monthly Payroll
From the moment a company starts hiring employees, it must decide what payroll schedule to follow. While this may sound like an easy decision, there are many options to consider.
Early on, you will be faced with many questions. One of the most common is as follows: what are the advantages of weekly payroll when compared to monthly payroll?
You may think that these options are one in the same, with the only exception being that weekly payroll means more paychecks are issued. While this is the main difference, it is good to become familiar with the advantages of weekly payroll.
Employees Will Love it
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 paycheck every week. In turn, they find it easier to schedule bill payments and organize 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, so it could help more than you think to have the flexibility of money coming in each week.
Automation and Organization
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, when a company begins to hire employees they must settle on a payroll schedule.
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.