We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Nobody downloaded yet

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

Comments (0) Cite this document
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…
Download full paperFile format: .doc, available for editing
Polish This Essay94.9% of users find it useful
Western Union Money Transfer: Compensation and Benefit Challenges
Read TextPreview

Extract of sample
"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
Cite this document
  • APA
  • MLA
(“Western Union Money Transfer: Compensation and Benefit Challenges Research Paper”, n.d.)
Western Union Money Transfer: Compensation and Benefit Challenges Research Paper. Retrieved from https://studentshare.org/management/1432862-western-union-money-transfer-compensation-and-benefit-challenges
(Western Union Money Transfer: Compensation and Benefit Challenges Research Paper)
Western Union Money Transfer: Compensation and Benefit Challenges Research Paper. https://studentshare.org/management/1432862-western-union-money-transfer-compensation-and-benefit-challenges.
“Western Union Money Transfer: Compensation and Benefit Challenges Research Paper”, n.d. https://studentshare.org/management/1432862-western-union-money-transfer-compensation-and-benefit-challenges.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
Threats Of Electronic Money Transfer
The use of the Internet definitely facilitates electronic communication between and among customers, suppliers and financial service providers. And at the same time, the Internet brings new avenues of channels of distribution, creating novel business models that do not allow the traditional means to be of any relevance in future (Walters, 2008).
11 Pages(2750 words)Research Paper
Organization experiencing challenges with its compensation and benefit system
The problem statement for this study as reveals from the case of American Airlines is immense employee resistance emerged out of the management’s decisions to cut down wages and salaries in order to curtail costs. The paper suggests recommendations in order to tackle the problem, and considering the views reflecting from arguments presented by various researchers
10 Pages(2500 words)Research Paper
My compensation plan is about giving bonuses to employees who complete a specific number of years with the company. This may be called longevity bonus and it aims to encourage employees to serve the company for as long as they can so that they stand legible for this compensation.
1 Pages(250 words)Research Paper
Compensation and Benefit System
Worker benefits and compensation are turning out to be more and more intricate and costly. Companies should cautiously think about both the business's financial needs and the workers' requirements when making compensation and benefits plans.
7 Pages(1750 words)Essay
Compensation and Benefit Strategy
The massive shortfall in the workforce and subsequent recruitment, which has become a common feature in the recent days, has been causing heavy overheads for the company. The firm is in dire need of adequate supply of well trained employees for the successful performance of their business processes.
7 Pages(1750 words)Research Paper
Organization's Compensation and Benefit Plan
This study declares that fresh juices and teas, coconut water, hot organic oatmeal, organic tea lattes, fruit and vegetable smoothies, frozen yogurts, breakfast wraps, salads, sandwiches, California flatbreads, baked goods and snacks, creamy treats, fruit and yogurt parfaits, fruit tea infusions, leaf teas, probiotic fruit and yogurt blends and etc.
5 Pages(1250 words)Research Paper
Organizational structures that exist in different organizations help them to establish a system of operation that enhances the participation of its employees without a lot of investment in supervision. In this respect, different people enhance their activity and their participation in the services delivery in such a way that they form a culture that allows them to work towards achievement of the goals.
3 Pages(750 words)Research Paper
Db1 employee compensation and benefit
To accomplish its objectives, the Fair Labour Standards act has a legal framework, which stated a federal minimum wage rate, created labour laws, set a 40-hour workweek and requirements for
1 Pages(250 words)Research Paper
Db3 =employee compensation and benefit
Bratton & Gold (2007) argue that incentives plans are effective in changing employee behavior in the positive direction. However, the authors point out that
1 Pages(250 words)Research Paper
Compensation and Benefit Systems
Employs almost such a compensation that surpasses cash when thinking about whether your line of work provides them with security, constancy, and a sturdy future. A benefit and position system can help an organization appeal to and maintain employees. Compensation system does not have to be costly for the organization or surpass its budget.
5 Pages(1250 words)Research Paper
Let us find you another Research Paper on topic Western Union Money Transfer: Compensation and Benefit Challenges for FREE!
Contact us:
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us