It is the industry standard at least in the construction field that payday is on Friday for the week ending the previous Friday. Is this considered paying on time?
There are two parts to the mitzva of paying workers on time, there is the positive commandment to pay them the day, (if the work we finished during the day to pay him before sunset), and a negative commandment not to stall the payment later thn that. When an employer or company, makes up with the worker when that the payment will be on a later date, the employer has not violated the negative commandment, however unfortunately since it is not the date that the work was completed, he has lost out on fulfilling the positive commandment.
משפט שלמה עמ’ מ”ו, וכן נחלת צבי ס’ ב’ אות ה’.