What Is Weekly Pay?

Weekly pay is a payroll method that compensates employees on a weekly basis. It uses a day of the week as the weekly payday, which is most commonly Friday—the end of the workweek. However, some companies use Monday as their weekly payday, though you can use other workdays as well.

What is the advantage of using weekly pay?

The main advantage of a weekly payroll is that it can be an attractive perk for many professionals. Getting paid in smaller increments but more frequently can help people manage their finances more effectively. It will give your staff a higher degree of financial mobility, enabling them to deal with emergencies more easily.

How many weekly paychecks are there in a year and a month?

Using weekly payroll, you’ll have 52 paychecks per year and 4 paychecks per month on average. However, due to the way the calendar works, some periods will have one more paycheck. This depends on what day of the week a year or month starts on. For example, if a month starts on your weekly payday, it will be a five-paycheck month.

What is the downside of weekly payroll?

The main downside of weekly paychecks is that your company will have to process more of them over the long run. Compared to a method like biweekly pay, which involves only 26 payments per year, weekly payments will be more costly—both in terms of labor and transaction costs.

How to manage weekly pay in your business?

To manage weekly payroll more effectively, you should use a payroll tracking solution. Apps like WebWork, which combines automated time tracking and payroll, can help you streamline your payroll management work significantly. Moreover, you can use its productivity monitoring functionality to help your staff perform their best.