IndiaMart, the Indian B2B ecommerce firm, has decided to pay its employees a weekly salary now. The Company hopes that this will enable its employees to fulfil their real-time financial needs better. This step will benefit the 2,724 permanent and about 836 temporary or contract employees of the Company.
The Company realises that weekly salary can be a boon to many employees who are staying away from their families and are living on their own and may have many expenses to handle. Waiting for a once-a-month pay can be a bit problematic for them.
This shift to a weekly pay system will bring more financial wellness and health to the employees.
It is pertinent to mention here that IndiaMart was one of the first few companies that had shifted to a more or less 100 per cent work from home when the pandemic had struck, giving priority to the health and safety of its employees.
Now, with this weekly salary payment system, the Company is attempting to ensure that employees are able to deal with their financial challenges and have better control of their finances and lives, in general.
The e-commerce company posted a 12.4 per cent drop in consolidated net profit in the December 2021 quarter. In the last financial year, it had posted a net profit of Rs 80.2 crore for the same period. Its revenue grew 8.3 per cent in the third quarter of FY22 compared to the same period a year ago.