Gold Mountain Communications
Many Employees Greatly Appreciate Getting Paid Every Week
Many young adults just starting out in the workforce have trouble managing their money. They can get into debt with credit cards or start a cycle of payday or vehicle title loans that is difficult to break out of. Prevailing wisdom states that people with these problems need to spend less and, if possible, earn more money. Research also indicates that being paid more frequently than once every two weeks helps a great deal when it comes to money management.
In general, workers tend to prefer weekly pay because it makes budgeting simpler. Once someone becomes firmly established with a good-sized savings account and rainy-day fund, that story may change. Before that, however, workers commonly find themselves running out of money well before the two-week payday arrives. Especially when they are learning to budget, receiving a much larger amount of money less frequently can make it tempting to spend more on frivolous things like going out for dinner or to a movie. By the end of two weeks, they realize they could really use that $20 or $30 they spent on entertainment because an important bill has come due. An even less convenient pay schedule is one in which the person is paid twice per month, perhaps on the 15th and 30th. Now there sometimes are more than 14 days between paydays.
If an emergency funding crisis happens toward the end of the pay period, the individual may really be strapped for a solution. A vehicle breakdown, for instance, can result in the need for the person to pay for the repairs with a credit card or to acquire a personal loan. If this individual had just been paid a few days ago, however, the likelihood of being able to pay for most or even all of the repair work is much greater.
A company such as Gold Mountain Communications understands its employee preferences on this topic. Management has decided that the extra processing time and small cost involved with increasing the frequency of pay is well worth the additional employee satisfaction it generates. This is an important aspect of the positive work environment this type of company strives to maintain.