Management report

Travelex: A Successful Private Business in the UK

Travelex is one of the most successful private businesses in the United Kingdom. It is a foreign exchange firm that mostly deals with overseas transfers and provides passengers 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 et al. 2014, p. 22). In addition, the firm employs skilled employees to ensure that customers have high-quality care. This report, therefore, presents employee engagement policies, their aims, legal regulation, costs and benefits for Travelex Company.

Employee Engagement Policies

According to the theory of employee engagement, the leaders of a firm should ensure that workers are usually engaged in their respective activities for the company to achieve its objectives. Notably, the management of any business is expected to ensure that all the employees perform their respective duties efficiently without any delay. The main aim of an organization is to minimize production costs and maximize profits. Therefore, leaders in any firm should ascertain that workers perform their tasks appropriately for the company to achieve its goals. Notably, it is imperative for the administration to set targets for the workers so that they may work towards meeting the individual predetermined goals. Employee engagement theory explains that workers are likely to perform their respective duties efficiently if they are motivated by the management. Travelex Company strives to motivate its employees through job promotions and numerous benefits to ensure that the workers perform their duties efficiently for the company to maximize its profits. Such motivational measures have resulted in the continuous rise in gains made by the company. The management of Travelex Company has also set different policies to ensure that the daily operations of the firm run smoothly and quality services are offered to the customers. The policies that guide the day-to-day operations of the Travelex Company include the following components. _x000b_Employee trust in management

Employee Trust in Management

Employees are most productive at work when they feel emotionally attached to their work and this can be achieved through management trying to build a good relationship with the staff. Travelex is well aware of how important it is for employees to trust in the management and therefore, management is very friendly. Managers and those holding senior positions always encourage their employees to feel free to approach them at any time in case they have any grievances to air. Apart from that, the management always ensure that they are easily reachable in that their staff can call them in case of a work emergency problem. Furthermore, the management encourages the staff to always come forward in case they have new ideas or suggestions for promoting sales. This friendly environment goes a long way in helping employees love their work even more as they feel appreciated and the fact that they are given a chance to speak up, is a great incentive for them to take their work more seriously since their opinions and suggestions are valued at the company.

Satisfaction with Work and Job

Work is supposed to be enjoyable for everyone and research shows that employees who enjoy their work are more productive than those who do not. Good pay is a major incentive for people to work hard at their jobs but this alone cannot ensure maximum productivity. Travelex has various strategies that help to keep their employees motivated at work as well as to encourage them to fall in love with what they do every day. The company offers the employees great bonuses when they hit their targets as well as offers them fully paid trips annually for the employees to visit various places and engage in team building activities. The team building activities help employees bond with each other even more hence a good relationship among the workers ensues. With the hefty bonuses that they get to supplement their salaries coupled up with the good working relationships whereby employees are able to help each other out at work, such kind of positivity leads to the employees feeling satisfied at work which in turn leads to increased productivity at the company.

Involvement in Decision-Making at Work

Decision making process is a matter that could either affect a company positively or negatively. Every decision made affects the operations of a company as well as influences how successful or unsuccessful a company could be. Senior management is usually in charge of the decision making process in most of the companies. This isn't any different when it comes to Travelex as the company's management is tasked with making decisions concerning various issues from recruitment of staff to the daily operations. However, what is different is the fact that employees even those in low ranking positions are allowed to give their input regarding various matters and while their suggestions may not be implemented, their input is still considered valuable and in one way or the other and may influence decision making. This kind of involvement gives employees of the company a great satisfaction and sense of belonging motivating them to want to continue working for the company.

The Climate or Relationship Between Management and Employees

Most companies usually experience a strained relationship between management and the employees since some managers tend to look down on the low ranking employees, something that negatively affects a company's performance. At Travelex, employees have a good relationship with the management in that, managers create a free and open kind of working environment however, the management is strict when it comes to punctuality, meeting of sales targets, employee discipline, customer relations among other things. It is the duty of the management to ensure the smooth running of operations and in doing so, they have to be firm with the employees but the employees should not take this strictness as a personal attack on them since everyone at the company has roles and responsibilities that they must attend to. Everyone understands this and that is why the company's management and rest of the employees continue to enjoy a healthy working relationship.

Satisfaction with Pay

The issue of payment is a sensitive matter in regards to employee engagement. For an employee to feel appreciated, the pay should be equivalent to the amount of workload they undertake. While the payment at Travelex may not as be generous as one would expect, the big bonuses that the company offers to its employees makes up for this problem. Any hardworking employee of the company receives a bonus once they meet their sales targets and so really, one's pay is highly dependent on the input of the employee. This method acts as a great motivation to the employees of the company to work harder so as to earn some really good money and most employees are satisfied with this payment arrangement.

Job Challenge

Every job has its share of challenges that employees have to deal with in their day to day work activities. At Travelex, workers do face a couple of challenges such as: commuting on a daily basis to n from work, a problem to many employees as some spend up to 2 hours a day to commute to work n back to their residences. Another problem that most employees complain about is the immense pressure at work to meet deadlines and meet sales targets. Another issue they face is having to deal with rude customers each and every day. The management should go easy on the employees when it comes to matters sales as well as offer training to their employees on how to handle difficult customers so as to alleviate the frustrations of their employees. This is because, when employees are undergoing high stress levels they tend to underperform n thus the working environment should be made conducive for everyone to give their best.

Sense of Achievement from Work

Every employee's dream is to work for a company that truly and honestly appreciates them and in the case of Travelex, employees are usually well rewarded for a job well done. Managers go out of their way to praise and compliment the employees when good work has been done. Other rewards include good benefit packages offered to the employees as well as special treats to well performing employees. This rewarding strategies are used by the company in enhancing their employees' work engagement since it is common knowledge that an employee who is emotionally attached to his/her work will produce good results.

Equal Employment Opportunity and Workplace Behavior Policy

The policy indicates that the company offers equal employment opportunities to qualified personnel without discrimination. Travelex Company hires employees based on qualifications and skills of the applicants. The process hiring of experienced and skilled staff has ensured that the company delivers quality services to its clients that, in turn, has attracted most of the people to seek the services offered by the firm. Hiring qualified employees results in the delivery of quality services to the clients (Williams and Aguilera 2008, p.50). The policy also presents ethical behaviors expected of every employee. Notably, the policy has ensured that there is an excellent employee-customer relationship. Additionally, the workers also have a good working relationship among themselves. Arguably, the remarkable bond between workers in Travelex Company has facilitated teamwork that has resulted in the provision of quality services to the customers.

Code of Conduct

The management of Travelex Company has written a document which presents a set of principles and guidelines that it commits itself to follow. In the policy, the administration has presented the firm's expectations and principles for appropriate workplace behavior. Arguably, the code of conduct policy of Travelex Company has been designed with considerations for the company's values, the services provided, and the clients. Grugilis (2017) explains that the policy outlines the code of conduct expected from all of the employees. The company strictly follows the policy to ensure that it improves the image of the company to attract more clients and to maximize the profits. Strict adherence to the principles outlined in the policy has attracted more clients to the company. It has also created a conducive working environment for the employees. According to Williams and Aguilera (2008), for the success and objectives of any business to be achieved, there must be a code of conduct policy that presents the principles and guidelines for the firm.

Grievance Resolution Policy

The policy presents the process used to redress employee grievances in an organization. It is worth noting that the policy is not a disciplinary process but presents guidelines on how to resolve employee grievances. Verhoef et al. (2009) assert that the policy outlines the appropriate channels for grievance resolutions. In Travelex Company, it indicates the ways by which employees should follow to present their grievances to the management for a possible lasting solution. Notably, complaints are likely to arise where several employees are working together to achieve a common goal. To help in redressing such grievances, the management of Travelex Company utilizes grievances resolution policy. The policy has promoted good working relationships among the employees as they find amicable solutions to their various grievances.

Whistleblower Policy

A whistleblower, according to this policy, is an employee of an organization who notifies the management about an activity that he/she considers to be illegal, immoral or dishonest to one or more of the parties specified in this policy. It encourages the employees to act as whistleblowers in case they suspect anything that might affect the productivity of the company (Grugilis 2017, p. 32). They are encouraged to report any suspicious activity that might prevent the company from achieving its objectives. In Travelex Company, the policy encourages staff members to present credible information on improper practices or violations of adopted policies of the company. The policy also specifies that the company is mandated to protect the whistleblower from any party. According to Williams and Aguilera (2008), the policy directs a company not to retaliate against any whistleblower. Travelex Company adopts a whistleblower policy because there may be illegal or inappropriate activities that may be happening in the firm without the knowledge of the management of the company. Therefore, the policy is beneficial to the company as it minimizes the chances of such activities from taking place.

Aims of the Policies

The main aims of the policies include:

_x0095_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). A firm operates following various guidelines to ensure the objectives are met. Therefore, the policies ensure that the company is headed towards the right direction and maximize its profits.

_x0095_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). It is essential to supervise the activities of an organization to check if they are geared towards ensuring that the company achieves its goals. The policies, therefore, ensure that the management strives to ensure the company meets its target.

_x0095_To monitor compliance with relevant laws, standards, and policies (Idowu and Papasolomou 2007, p.140). The policies also ensure that the company complies with the applicable regulations. For instance, the code of conduct policy ensures that nobody infringes the rights of other employees. The policies also ensure that employees conform to the set standards to promote quality delivery of services.

_x0095_To provide appropriate advice to the management and to ensure effective management and implementation of policies and decisions (Hendry 2012, p.10). The management relies on the principles and guidelines of the policy to make appropriate choices. In any business, the administration should make proper decisions to ensure that the firm maximizes its profits.

_x0095_To create a favorable working environment for the workers (Mintz 2005, p.590). The policies ensure that employees enjoy cordial relationships among themselves for better performance of their respective duties.

_x0095_To ensure that every contribution from any employee is appreciated (Holland and Foo 2003, p.10). The policies ensure that employees' efforts and contributions are acknowledged.

Legal Regulations

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 the smooth running of the company and maximization of profits. According to Williams and Aguilera (2008), such laws promote the morality and integrity of employees. Notably, legal regulations ensure that staff members perform their tasks with minimal supervision and deliver quality services to the clients. 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. Arguably, before one is approved to be an employee, he/she should show that he/she deserves and is suitable for that position.

Environmental Regulations

According to Noe et al. (2003), 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. The law requires every company to ensure that the lives of the employees are not at risk. Therefore, it is imperative for firms to strictly adhere to environmental regulations, which are majorly concerned with the health of workers. Before the government approves the operation of any company, it ensures that the firm is ready to adhere to the environmental regulations.

Costs and Benefits

It is imperative to provide support for employees in a company to ensure an 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 includes:

_x0095_Reducing the costs of lost productivity.

_x0095_Reducing the costs of sickness absence payments

_x0095_Meeting employees' obligations

_x0095_Increasing profits.

Recommendations

The management of the company is recommended to monitor funding and liquidity risks taken by financial institutions in connection with foreign currency lending. This should be done within one fiscal year to ensure that the company does not incur losses over an extended period. Such a measure is likely to make the management of the firm adjust on their weak areas to ensure that the objectives of the company are met. Also, the administration is recommended to require financial institutions to hold adequate capital to cover risks associated with foreign currency lending. Businesses are prone to various risks in the course of their respective operations. Therefore, Travelex Company should ensure that adequate capital is held by financial institutions and insurance companies to cover any risk.

Conclusion

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 motivated and execute their tasks appropriately.

References

Aguilera, R.V., Williams, C.A., Conley, J.M. and Rupp, D.E., 2006. Corporate governance and social responsibility: A comparative analysis of the UK and the US. Corporate Governance: An International Review, 14(3), pp.147-158.

Beardwell J. and Thompson A., 2014. Human resource management: A contemporary approach, 7th ed. Harlow: Pearson

Bratton J. and Gold J., 2017. Human resource management: Theory and practice, 6th edition. London: Palgrave

Grugilis I., 2017. A short, fairly interesting and reasonable cheap book about human resource management. London: Sage

Hendry, C., 2012. Human resource management. London: Routledge.

Holland, L. and Foo, Y.B., 2003. Differences in environmental reporting practices in the UK and the US: the legal and regulatory context. The British Accounting Review, 35(1), pp.1-18.

Idowu, S.O. and Papasolomou, I., 2007. Are the corporate social responsibility matters based on good intentions or false pretences? An empirical study of the motivations behind the issuing of CSR reports by UK companies. Corporate Governance: The International Journal of Business in Society, 7(2), pp.136-147.

Mintz, S.M., 2005. Corporate governance in an international context: Legal systems, financing patterns and cultural variables. Corporate Governance: An International Review, 13(5), pp.582-597.

Noe, R.A., Hollenbeck, J.R., Gerhart, B. and Wright, P.M., 2003. Gaining a competitive advantage. Irwin: McGraw-Hill.

Torrington D. et al., 2014. Human resource management, 9th edition. Harlow: Pearson

Verhoef, P.C., Lemon, K.N., Parasuraman, A., Roggeveen, A., Tsiros, M. and Schlesinger, L.A., 2009. Customer experience creation: Determinants, dynamics and management strategies. Journal of Retailing, 85(1), pp.31-41.

Williams, C. and Aguilera, R.V., 2008. Corporate social responsibility in a comparative perspective. [Online] Available at: [Accessed Oct. 29, 2017].