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Travelex is one of the most successful private businesses in the United Kingdom. It is a foreign exchange firm that specializes in international transfers and provides customers with prepaid credit cards (Aguilera et al. 2006, p.150). It strives, like every other firm, to remain one of the region's leading firms. To ensure that it stays among the top companies, it has well-defined employee retention policies that aid in ensuring that the group meets its goals (Torrington D. et al. 2014, p. 22). As a result, this article discusses Travelex Company's employee retention practices, as well as their goals, regulatory requirements, expenses, and benefits. Employee Engagement Policies
There are various policies that guide the daily operations of the company.
Equal Employment Opportunity and Workplace Behavior Policy
The policy indicates that the company offers equal employment opportunities to qualified personnel without discrimination. Hiring qualified employees result to delivery of quality services to the clients (Williams and Aguilera 2008, p.50).
Code of Conduct
The policy outlines the code of conduct expected from all of the employees.
Grievance Resolution Policy
It outlines the appropriate channels for grievance resolutions. It indicates the ways by which employees should follow to present their grievances to the management for a possible lasting solution.
The policy encourages the employees to act as whistleblowers in case they suspect anything that might affect the productivity of the company. They are encouraged to report any suspicious activity that might prevent the company from achieving its objectives (Grugilis 2017, p. 32).
Aims of the Policies
The main aims of the policies include:
• To provide oversight and ensure that the company’s goals and desired outcomes are achieved within the allocated timeframes (Bratton and Gold 2017, p. 34).
• To review, monitor and make appropriate recommendations to the management to ensure that the objectives of the company are met (Beardwell and Thompson 2014, p. 20).
• To monitor compliance with relevant laws, standards, and policies (Idowu and Papasolomou 2007, p.140).
• To provide appropriate advice to the management and ensuring effective management and implementation of policies and decisions (Hendry 2012, p.10).
• To create a favorable working environment for the workers (Mintz 2005, p.590).
• To ensure that every contribution from any employee is appreciated (Holland and Foo 2003, p.10).
Every business is subject to various laws and regulations related to employment, intellectual property, and insurance (Verhoef et al. 2009, p.35). Such guidelines ensure smooth running of the company and maximization of profits. Some of the legal laws of Travelex Company include:
Immigration Law and Employment
The regulation requires that whether one is born in the UK or is in the country on a visa or is a permanent resident, he/she should prove his/her work eligibility to the management to hold a job.
Companies are subject to local laws with respect to environmental safeguards. The regulation, therefore, ensures that employees work in a healthy environment. The regulations mainly include the Occupational Safety and Health Act which is concerned with workers safety and environmental issues.
Costs and Benefits
It is imperative to provide support for employees in a company to ensure increase in productivity (Noe et al. 2003, p.60). Travelex Company strives to minimize production costs and maximize profits. As well as financial savings, the importance of such support for Travelex Company include:
• Reducing the costs of lost productivity.
• Reducing the costs of sickness absence payments
• Meeting of employees obligations
• Increasing profits.
The management of the company is recommended to monitor funding and liquidity risks taken by financial institutions in connection with foreign currency lending. Also, the management is recommended to require financial institutions to hold adequate capital to cover risks associated with foreign currency lending.
Travelex Company has continually achieved its set objectives following different strategies that it has employed to attract more clients. The Company strives to be the best in the region by offering quality services to the customers. Employees adhere to the set regulations and policies to ensure that the Company maximizes its profits. Additionally, employees are entitled to a variety of benefits making them be motivated and execute their tasks appropriately.
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Bratton J. and Gold J. (2017) Human Resource Management: Theory and Practice, 6th Edition, London: Palgrave
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Noe, R.A., Hollenbeck, J.R., Gerhart, B. and Wright, P.M., 2003. Gaining a competitive advantage. Irwin: McGraw-Hill.
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