UAE Exchange: The RACE to Positive Organizational Change — Video 2

Summary

UA Exchange, established in 1980 in Abu Dhabi, began with a mission to provide expatriates a secure platform to remit money home. Under the leadership of Dr. BR Shetty, it grew to become one of the largest remittance firms in the Middle East. Despite challenges like the 2008 financial crisis, the company adapted with strategies focusing on customer satisfaction and operational improvements. By 2009, new systems reduced queue lengths, while in 2010, cost-saving strategies were implemented. The company celebrated its 30th anniversary with a large employee event, further fostering a sense of identity and motivation, driving future growth.

Takeaways

• 😀 The company, UA Exchange, began operations in 1980 in Abu Dhabi, with a focus on providing a reliable remittance service for expatriates.
• 😀 The founder and CEO, Dr. BR Shetty, set a vision of excellence, which helped the company grow into one of the biggest in the Middle East.
• 😀 In 2008, the company reached an all-time high in remittance transactions with the opening of its 57th branch, but the global financial crisis soon impacted the business.
• 😀 The financial crisis of 2008 led to changes in the patterns of remittance transfers, as many migrants returned to their home countries, affecting the company’s operations.
• 😀 In 2009, the company implemented a strategy to focus on customer service, reducing queue lengths and offering personalized experiences for customers.
• 😀 UA Exchange worked on revenue maximization in 2009 through a focus on improving customer satisfaction and streamlining branch operations.
• 😀 The company renegotiated contracts and reduced employee accommodation costs in 2010, helping save millions and improving efficiency.
• 😀 The 30th anniversary of UA Exchange in 2009 was celebrated with a motorsports event, strengthening employee morale and fostering a sense of unity within the company.
• 😀 The motorsports event revealed the importance of engaging employees emotionally, which led the management team to focus on fostering positive workplace culture.
• 😀 In 2011, the management's challenge was to keep employees motivated and ensure their potential was maximally utilized, leading to a focus on employee engagement and morale.
• 😀 Throughout its history, UA Exchange has consistently worked to adapt its strategies in response to external challenges, from global financial crises to employee engagement needs.

Q & A

When did UA Exchange begin its operations?

UA Exchange started its operations in 1980 with a small branch in Abu Dhabi.

What was the primary goal behind the establishment of UA Exchange?

The primary goal was to provide a well-organized remittance facility for expatriates to send their hard-earned money back to their home countries.

Who were the key figures behind the success of UA Exchange?

The success of UA Exchange was guided by its founder and CEO Dr. BR Shetty, along with the contributions of the Chief Operating Officer, Mr. Y Sudhir Kumar.

What milestone did UA Exchange achieve in May 2008?

In May 2008, UA Exchange opened its 57th branch, marking a significant expansion in its operations.

How did the financial crisis of 2008 impact UA Exchange?

The financial crisis of 2008 led to changes in remittance volumes and patterns, as the migrant population returned to their home countries, affecting the company's business.

What strategies did UA Exchange implement in 2009 to improve operations?

In 2009, UA Exchange focused on revenue maximization through customer satisfaction, improved queue management, and establishing personalized customer service. They also reduced queue lengths and implemented a more efficient greeting process for customers.

What changes were made to employee accommodations in 2010, and what was the result?

In 2010, the company renegotiated employee accommodations, which resulted in savings of approximately $6.1 million.

What event did UA Exchange organize to celebrate its 30th anniversary in 2009?

To celebrate its 30th anniversary, UA Exchange organized a motorsports and employee engagement event at the Divine Indoor Stadium, which saw the participation of 2,500 employees.

What was the significance of the 30th anniversary celebration for the company?

The 30th anniversary celebration was an opportunity for the company to foster employee engagement, showcase team spirit, and strengthen connections between the employees and the organization’s identity.

What challenge did the management face in 2011, and how did they plan to address it?

In 2011, the management faced the challenge of maintaining employee motivation and optimizing their potential. They initiated brainstorming sessions to explore new strategies for better engagement and performance.