Entrepreneurs Share About Their Payroll Standards
CEO of Instrumental Global
Before the pandemic, we used to pay our employees twice a month, on the 14th and 28th days of the month. Since we have an existing agreement with a local bank where all of my employees have opened an account, we disburse salaries through that, direct to their bank accounts. This is an easy method as employees can get a hold of their salaries immediately by just withdrawing from an ATM. Also, some people do not appreciate being handed physical bills or cash as they need to go to a bank and deposit it again.
However, when the pandemic started, we decided to pay our employees on a weekly basis, with their pays being released every Wednesday. Since many families have been greatly affected by the pandemic, we think it is but appropriate to support our employees by providing a weekly salary. Our employees have actually appreciated this gesture a lot.
CFO and Co-founder of Anura PR
At Anura, we pay our employees on a monthly basis. On the 5th of every month, they receive their paychecks via direct deposit. We use Rippling for our payroll and HR software.
We chose this method to make things more streamlined because most bills are due monthly and commissions are paid monthly, as well. It takes a little getting used to for new employees, but they know exactly how much their paycheck will be and exactly when it will be deposited directly into their bank accounts.
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On the podcast, Sean talks with entrepreneurs about the reality of their struggle to succeed, as well as answering questions from the community, and sharing nuggets of wisdom from his own life.
Discover through these amazing episodes the courage to open your mind, heart, and soul to the world so you can be the best entrepreneur possible, respect the people you work with, and improve the world with your company while not hurting others or yourself in the process.
Sean is an entrepreneur, investor, and advisor based in SE Asia for over 12 years. He is passionate about Psychology and helping others improve themselves.