Report on management for Travelex

Travelex Company: Employee Engagement Policies

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.

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 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 relationship 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 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:

- 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.

- 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.

- 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, 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.

- 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.

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

- 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 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 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:

- Reducing the costs of lost productivity.

- Reducing the costs of sickness absence payments

- Meeting of employees' obligations

- 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 be motivated and execute their tasks appropriately.

References

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