A Travelex store is a familiar sight for any global traveler; the foreign exchange business operates in 60 countries and has a widespread presence in airports, transport hubs, shopping centres, supermarkets and high streets.
With 9,000 employees around the world, the organisation operates its benefits on a local basis, with some significant global trends.
To meet the health and wellbeing needs of employees, for example, Travelex offers different options in different countries: for example, in the Netherlands and Japan, employees can have a health check each year. In the UK, Germany and the United States, Travelex provides a health cash plan. It also offers private medical insurance (PMI) on differing paid-for bases: in the UK, this is paid for by the employer, depending on seniority level and length of service; in France, this is employer paid, and in Japan it is part-employer, part-employee funded.
Samantha Hunkin, rewards business partner at Travelex, says: “[Employees] really appreciate the ability to manage their cost savings through a health cash plan, for example. It helps them stay on the right side of health and not get hit with a medical or dental bill down the line, which could cause them a lot of financial stress.
“We do not want our employees to get in that situation where they don’t go to the doctor because they can’t afford the prescriptions, or they won’t go to the dentist because they can’t afford the treatment. So, offering these plans is beneficial because it gives them access to things they might not otherwise have access to.”
Travelex also provides travel benefits to make the commute easier for its employees. “We operate in a lot of airports, so [in locations] where it’s quite difficult to get parking or there might not be public transport, we put on bus services in those areas,” says Hunkin. “Also, in the UK we offer a season ticket loan benefit. While the same benefit won’t be applicable in each country, we try and do a variant of it according to the local needs.”
Employees across the globe can also take advangtage of retail discounts in shopping centres, and enhanced leave policies, including additional days off for events such as marriage, a house move or a new baby.
Hunkin says: “If [employees] feel they are supported and appreciated above what they are getting in their pay packet, we do find that that helps build loyalty between the employee and the employer. It is a win-win situation: we want to be supporting our employees in any way we can, and they appreciate that and in return stay with us as an employer of choice.”