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Western Union Money Transfer: Compensation and Benefit Challenges - Research Paper Example

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Summary
Western union is a financial service and Communications Company based in the US and it conducts the business of wireless money transfer services. The company transfers money electronically from one area to another…
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Western Union Money Transfer: Compensation and Benefit Challenges
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"Western Union Money Transfer: Compensation and Benefit Challenges"

Download file to see previous pages The organization was founded in 1851 and it started as a messaging medium, it then added the USA’s first stock sticker, helped standardize time keeping nationally, debuted an early charge card and the singing telegram and finally shifted to money transfer services. Other competitors in the business include; Xoom PayPal Moneygram and E-gold. Challenges facing western union Money laundering and fraud by criminals is the major challenge that is faced by western union. Criminals either intercept the delivery of services or extort money from individuals. Ability to adapt to new technology in response to changing industry and consumer needs or trends is also a major challenge. Strategies applied by other organizations to solve these problems The other organizations such as Money gram have developed a link between them and the Interpol to bring the criminals back to book and hence making the others with the intent to commit the same crime to be afraid. They set up a fraud monitoring unit in their organization which helps track money transfer and thus ensure safety. Strategies to address the current situation The organization must try to link itself with the Interpol in order to arrest any criminals who may try to sabotage the money transfer process. The company should come up with new technologies and adapt them in order to help detect those trying to distort company business. For example the anti-theft money transfers software. Recommendations on how to address the challenges The management should consider creating good customer relations by addressing their needs on time before they go a long way in damaging the company image. This could be done by creating a customer complaints desk. The management should also embrace the new technology and also promote its application. The organization should also review the literature of their competitors and apply some of the positive aspects that have made them prosper. INTRODUCTION The purpose of this research is to shed more light into the challenges facing money transfer organizations and the possible recommendations on how to address those challenges. The paper aims at contributing to the training literature by highlighting a detailed description of the challenges in compensation and benefit systems of the money transfer organizations ,with major emphasis on the Western Union ,and giving the possible recommendations that need to be put in place in order to curb the problem. The topic is of very much concern because many organizations have been faced with extinction due to their inability to withstand the challenges in the industry. The topic area is intertwined with the topic in such a manner that if the challenges are addressed then these financial institutions are likely to grow and expand massively. Thesis statement: Because Western Union is faced with various challenges, it should exploit its potentiality of a good agent base, and network connection in order to reduce the magnitude of these challenges. 2.0 LITERATURE REVIEW 1. Money laundering and fraud Money laundering is the process of disguising illegal sources of money so that it looks like as if came from the legal sources. Criminals often use lottery scams and online auction to extort money from unsuspecting individuals. The individuals are convinced to send money with western union being used as a conduit to conduct these transactions. This has led to the deterioration of the customer’s confidence in the company. However, with the current advancements in technology, the money transfer tracking systems have been put in place curb this menace. The close ties between western union and the Interpol has also gone a long way in reducing these criminal activities. (Financial ...Download file to see next pagesRead More
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