Which pay frequency is best for employee retention?

This episode analyzes the complex relationship between employee retention and various common Canadian pay frequencies, including weekly, biweekly, semi-monthly, and monthly schedules. It underscores that pay frequency is critical to staff satisfaction, noting survey data suggesting many workers would prefer weekly pay and that financial stress leads to significant losses in workplace productivity. The source meticulously details the pros and cons of each schedule, pointing out that while frequent pay aids employees, it simultaneously increases administrative costs and cash flow demands for the organization. Furthermore, it warns that less frequent options, like monthly payment, often fail to meet stringent provincial compliance laws governing pay periods. Ultimately, the optimal solution requires balancing business goals with the specific needs of the staff while ensuring absolute pay reliability.