The Etiquette of Paying Employees on Time and How It Affects Your Bottom Line

It is a well-known truth that employees who receive their paychecks later are less motivated to perform their duties. In fact, it may make individuals less productive at work and possibly cause them to leave. Many employees will begin seeking other employment when they realize they won't be paid on time repeatedly. This is not only detrimental to your company, but it could also end up costing you more money over time.

Paying salary on time is not a favour to anyone. Please refrain from this sort of mindset.  When someone works hard for their money, you pay. It's your obligation. This is something that resembles trade by barter. You pay someone for the time they give you. Avoid being a business owner who eats fat and leaves his staff hungry. Don't hold back anyone's pay. The most valuable assets in business are talent and loyalty. You can never retain this major currency if your company operates with a culture of withholding salaries.

Address the issue of late paychecks going forward to prevent employee unhappiness.

Create a system that regularly pays employees on time.

Have a procedure in place for when something goes wrong, such as when there is an unanticipated delay in processing payroll.

To your continued business success.

Your friend and Coach,

Damilola Ogunremi.