Noida-based business-to-business (B2B) online marketplace IndiaMART has announced that it is moving towards a weekly salary pay policy.
In a tweet, Dinesh Agarwal Founder & CEO of IndiaMart.Com said, “With an aim to build a flexible work culture and ensure the financial wellness of our employees,” IndiaMART becomes the first Indian organization to adopt a weekly payout of salaries!
With an aim to build a flexible work culture and ensure the financial wellness of our employees,
— Dinesh Agarwal (@DineshAgarwal) February 6, 2022
IndiaMART becomes
the first Indian organization to adopt a weekly payout of salaries!#SalaryEveryWeek #FinancialWellBeing #BadaAasaanHai #IndiaMART pic.twitter.com/XtbqLkCbiG
Explaining the purpose of this policy the company said in a statement, “In line with the evolving flexiwork culture and the changing motivational needs of employees, we have taken this revolutionary step to enrich them with stability, purpose, and growth.”
According to the company statement, weekly payouts are a big step in the direction of promoting employee wellness. Weekly payouts are already common in mature economies like New Zealand, Australia, Hong Kong, and the US. Their benefits have been tested out and proven over many years.
Recently the company has announced its Q3FY22 results, IndiaMART reported consolidated Total Revenue from Operations of Rs. 188 Crore in Q3 FY22, a growth of 8% YoY driven by improvement in realization from existing customers and increase in number of paying subscription suppliers. Consolidated Deferred Revenue grew by 25% YoY to Rs. 790 Crore as of 31 December 2021.
Last month, Indiamart Intermesh Ltd has entered into an agreement to buy 100% stake in accounting software company Busy Infotech Pvt Ltd for Rs 500 crore.
In addition, Indiamart said that it will be increasing its stake in the accounting and inventory workflow product SimplyVyapar Apps Pvt Ltd while also acquiring a stake in legal workflow app Legistify.
