Managers Should Do Everything They Can To Enhance The Job...

Introduction The notion that employee job satisfaction should be a top priority for managers has been one of much debate. Although managers have many roles in organizations, their most important purpose is to manage their organizations in a way that can maximize profits. Thus, investing time, effort and money in ensuring that employees are satisfied in only worthwhile if it results in higher productivity and profitability for the firm. Early theorist analyzed that increased profitability should increase with an increase in job satisfaction while later studies emerged to refute the existence of any significant relationship between the two variables. However, various literatures has more recently emerged drawing attention to the†¦show more content†¦Visit coursework bf in bf fo bf for bf more coursework bf Do bf not bf redistribute Early theorists such as Likert, Mayo, and McGregor theorized that employee satisfaction is related to organizational performance. The common sense logic of this relationship can be explained by viewing the job satisfaction - performance relationship as a social exchange in which employees that are accorded some manner of social gift would experience satisfaction and feel an obligation to reciprocate perhaps in the form of increased productivity(Organ). On the flip side of this relationship, it is predicted that dissatisfied workers would be less willing than satisfied workers to give their service whole heartedly to their organization and produce up to their maximum potential, but instead have a tendency work at a minimum acceptable level. Over the last 40 or so years however, the job satisfaction - performance relationship has come under attack due to its failure to produce strong and unambiguous results in favor of any appreciable relationship between high productivity and job satisfaction. The conflict arises due to the fact that there is no agree upon definition for productivity. Whereas critics use the traditional definition of productivity, supporters of the performance-job satisfaction model encompass citizen behavior in the definition of performance which also denotes helpful, constructive gesturesShow MoreRelatedEmployee Satisfaction1221 Words   |  5 Pagessubject matter of this case involves the job satisfaction and employee engagement of a spa company’s workforce called Bella. The case depicts a new general manager Kris Jenkins’s concern that Bella’s numbers had deteriorated dramatically in the past year. Profits were down; absenteeism was up; turnover, while not dramatic, was higher than it had been in the past five years. This report shows how important the employee engagement to bring job satisfaction which overall leads a company with a lessRead MoreEthics : The Inner Guiding Moral Principles, Values, And Beliefs790 Words   |  4 Pagesinterpret a situation and then decide what is the right or appropriate way to behave† . In other words, ethics represent the way people should act. When a person behaves ethnically, they follow rules of conduct that respects the rights of a particular group or individual, distinguishing between right and wrong. In regards to business, ethics has a say in the decisions managers make since these decision will affect the overall success of the organization. It is important for management and companies to behaveRead MoreThe Urgent Question of How to Motivate Employees1046 Words   |  4 Pagesmotivate employees is the most urgent. Because employees are valuable resource of any organization. And their willing to satisfy customer needs, increase and improve productivity is vital for an organization growth and success. Therefore, managers should clearly understand needs of their workers. The aim of this project is to try to understand what can be done in order to motivate the workforce competently. 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The individual correlation between the employee and their leader is important. Employee engagement is guided by the actions of their leader. The leader is responsible for creating an environment in which the employees remain engaged. There are five skills that are crucial for a good leader to possess to successfullyRead MoreFirst, Break All The Rules : What The World s Greatest Managers Do Differently1211 Words   |  5 PagesGreatest Managers Do Differently† written by Marcus Buckingham and Curt Coffman. The book explains their views and how they hang onto their gifted workers. You should consider reading this book if you are in management. Marcus and Curt describe the myths of normal management thinking. Some of the concepts that the two describe are people are capable of almost anything, treat others as you like to be treated, and a manager’s role is diminishing in today’s economy. The authors write, â€Å"Great managers areRead MoreThe Ethics And Social Responsibility1040 Words   |  5 Pagesa situation and then decide what is the right or appropriate way to behave† . In other words, ethics represent the way people should act. When a person behaves ethically, they follow the rules of conduct that respects the rights of a particular group or individual, distinguishing between right and wrong. In regards to business, ethics has a say in the decisions managers make since these decisions will affect the overall success of the organization. It is important for management and companies toRead MoreHuman Resource Management (Hcm) Can Be Best Defined As1182 Words   |  5 PagesHuman Resource Management (HCM) can be best defined as â€Å"the function within an organization that focuses on the recruitment of, management of, and providing direction for the people who work in an organization.† For the successful operation of an organization, the members within HRM department provide the training, legal and management advice, administrative services, knowledge, talent management oversight, and necessary tools. While a majority of HR managers are responsible for ensuring team buildingRead MoreEmployee Motivation: A Powerful New Model in HRM1216 Words   |  5 Pagesmotivation, the levers the managers can pull to address them and the local strategies that can boost motivation despite organizational constraints. Finding of new research introduce a model that establishes the four basic emotional need people exhibit; they are the drive to acquire, bond, comprehend and defend. Also it exhort organizations take an holistic approach to satisfy employee’s emotional needs through its reward system, culture, management systems, and design of jobs. The potential benefitRead MoreMaslow s Hierarchy Of Needs864 Words   |  4 Pagesof the most important tools in today’s workplace. Managers use motivation to inspire and influence people to work, both independently and team-wise, to produce the most efficient and effective results and productivity. They want to inspire employees to work to ward organization’s goals. Moreover, in order to have an impact on employees, managers need to identify and understand what factors drive their employees. Some questions that manager should ask include: What kind of work environment will motivate

Its Time to Stop Child Trafficking Essay examples

According to the factsheet from United Nations Children’s Fund (UNICFE), which is a global organization and active in more than 190 countries and territories through country programmes and National Committees â€Å"The huge transnational industry of trafficking in human beings generates approximately up to $10 billion per year† (www.unicef.org). Even though child trafficking is an illegal and underground trading, there are still huge numbers of child trafficking by we are known. Nowadays, most countries have better laws to protect their own citizens. Moreover, as time goes by, people are receiving a higher quality education and are more protected by the state and government, so it would make sense that there would be fewer criminals involved†¦show more content†¦First of all, before people are ready to take action to reduce child trafficking after reacting to a particularly provoking report from the media, people should know the background of human trafficking. As stated by United Nations Office on Drugs and Crime (UNODC) â€Å"Trafficking in person is a serious crime and a grave violation of human rights. Every year, thousands of men, women and children fall into the hands of trafficking, whether as a country of origin, transit or destination for victims† (UNODC). It is extremely alarming that such a serious crime and breach of the human rights to freedom is occurring so often and throughout so many regions of the world. This crime can potentially affect anyone, regardless of age, sex, or race, and we are all essentially vulnerable to the threat of human trafficking. The UNICEF website reports â€Å"Current estimates suggest up to 100,000U.S. citizen children are trafficking in the United States each year† (Walts). In comparison with the total amount of children being trafficked every year worldwide, this number may seem relatively small, but to put things in perspective, the city of Cambridge, Massachusetts has a populatio n of 105,162 (Wikipedia). To imagine that an entire city’s population (comprised of children) would disappear over the course of a year is very concerning. It is vital that people are informed regarding child trafficking and incredibly large amount of children who are affected every year are represented in theShow MoreRelatedHuman Trafficking: Otherwise Known as Modern Slavery Essay1082 Words   |  5 Pages 2. Child Trafficking More specifically then human trafficking, there is child trafficking. Child trafficking is today’s version of slavery that involves transferring a child for the purpose of abuse or illegal activities. According to the U.S. Department of State, â€Å"Child/Human Trafficking is one of the fastest growing crimes in the world and is the world’s second largest criminal enterprise, after drugs. Child trafficking happens in every single country, including the United States. When peopleRead MoreHuman Trafficking And The United States1230 Words   |  5 Pagesall cases are reported, and there are few victims rescued in comparison to the millions that are still helpless each and every year. Human trafficking is an epidemic all across the world and many countries are doing all they can to stop it. But what about the United States; what are we doing to stop it and is what we’re doing enough? What is human trafficking? It is defined by the United Nations as â€Å"the recruitment, transportation, transfer, harboring, or receipt of persons by improper means (suchRead MoreModern Day Slavery: Human Trafficking 866 Words   |  4 Pagesme again again.† (Gladys Lawson, Blood Borne Connections.) Human trafficking is the modern day slavery, it involves taking control over a person through force, fraud or coercion to exploit the victim for forced labor, sexual exploitation. or both (â€Å"What† par.1). This is become the sad reality for many, approximately three out of every 1,000 people worldwide are being forced into this such slavery. Victims of human trafficking are people of all backgrounds and ages, no one is safe from the dirtyRead MoreHuman Trafficking : A Dangerous Crime1634 Words   |  7 PagesHuman trafficking is the quickest increasing criminal industry currently in society and is a dark human behavior that has been going on since the beginning of h istory. The trafficking of human beings for forced slave labor and sexual exploitation is a horrendous crime that takes advantage of one throughout the illegal trading and forced labor of all types of people People trafficking forces millions of people going against their will and having to take part in prostitution, beg and complete hardRead MoreHuman Trafficking Is An Issue That Has Been Influencing Our Nation For Years?1408 Words   |  6 PagesMeghan Salinas Professor Purcell English 101 paper 30 September 2015 Human Trafficking in Greece (Rough Draft) Human trafficking is an issue that has been influencing our nation for years. So many people out strive to take advantage of women and strip us of our human rights. Traffickers deceive desperate people whose dream of being freed from poverty is transformed into the worst of nightmares. Greece s European Union membership, coupled with a shared border with Turkey, which means the countryRead MoreHuman Trafficking : An Illegal Movement Of People1396 Words   |  6 PagesIt’s terrifying to know that there are unsolvable issues beyond and in our own cities. As we turn on our local news channels, we often see bolded headlines that contain events in which someone has been abducted, beaten, and even murdered. We observe the effects of evil from our living room and wish there was a way to better the issues that feel heavy with our hearts. We begin to dread the days that follow because we fear the next headline will be news of a loved one. It reaches a point where everythingRead Mor eNo More Sex Trafficking?1689 Words   |  7 PagesMore Sex Trafficking Human sex trafficking is an illegal trade that is steadily increasing in the United States. In particular, human trafficking starts with young children. Around the world today, 5.5 million children are victims of trafficking (Bales, Free the Slave). Young children become victims to sex trafficking for many different reasons. How they enter into the system is one issue, but who is there to help them get out is a bigger issue? Children are forced into the sex trafficking systemRead MoreSex Trafficking Is Modern Day Slavery1175 Words   |  5 PagesSex trafficking is basically modern day slavery. It’s terrible, sex traffickers use violence, threats, and lies to compel and trick not only adults, but innocent children to get involved in commercial sex acts against their will. Not only that, but in different countries like Algeria and Cuba they are also dealing with sex trafficking but sometimes the children or adults are used and forced labor upon them. It’s sad and sicke ning. These sex traffickers take these people and children away from theirRead MoreModern Slavery: Human Trafficking Essay1348 Words   |  6 PagesIndex: Human trafficking is modern slavery. Human trafficking is a serious problem but affects our home, Las Vegas the most. It’s such a problem, because people fail to recognize it, and don’t understand the severity of the crime. Human trafficking is where children, teens, and adults are prostituted for money. Some are forced to have sex. Human trafficking occurs all over the world, but its effect in Nevada is devastating. There have been 2,229 victims of human trafficking that have been savedRead MoreChild Prostitution And Domestic Violence1305 Words   |  6 Pagesdie under their own will. Those choices are an individual’s own morality and should not be judged when living in a free country. What about Child Prostitution or Domestic Violence that are not individual choices? Why do those two phenomenon’s seem to be looked over and the court doesn’t have a strong hand in developing a solution in such resilient issues? Child Prostitution is one of the most overlooked injustice for children. These poor kids live in a country where the courts are more worried about

Report on Wonga.com free essay sample

The overall purpose of this report is to examine whether Wonga has a promising future and to access, and provide a recommendation as to whether it is worth investing in. This is examined in light of the company’s background, key product and operations, financial statistics, a SWOT analysis, ethics and it’s future targets. Wonga is a british payday loan company which offers, short term high interest loans to individuals online, and within minutes using an algorithm that analyses thousands of pieces of information in seconds. Since its launch it has also added a service where customers can distribute the cost of items bought online over three monthly installments in return for an upfront payment. Through its operations Wonga’s retained profits are equivalent to approximately 5 pence on every pound it is lending. It lent ? 1. 16 billion in the UK last year; up with the number loans granted standing at 3. 8 million in the UK, currently Wonga caters to more than one million people in the UK. Wonga remain committed strengthening their balance sheet. In 2012, they ended with a gross cash of 105 million, which is more than doubled the previous year. However, the cost of sales operating the company relatively increased, nearly ? 140 million, 86% higher than 2011. Wonga’s massive profit margins and average 5853% APR has been surrounded by much criticism from the church of England which threatens to aid credit unions to compete the firm out of business. Furthermore the company has also been widely criticized in the media for its marketing campaign which was targeted at the teenage crowd. But despite all the controversy this company continues to strive and have set their sights on global expansion. The firm is already present in Canada, South Africa and Poland, and through its acquisitions of Nahar Credit, Credito Pocket, and BillPay the company is looking to expand into India, Spain and Germany. From an overall examination of the company, an investment in Wonga could prove to be profitable especially in the long term. This company has differentiated itself from others in their new market by being able to examine a client and provide a loan within fifteen minutes. The simplicity of their service is attracting more customers every day, even with the  steady increase in interest rates. They have persuaded millions of customers to trust and continue using the service, despite the bad publicity associated with the company. The companies future targets, and its international investments have aided its goals for globalization. Their plans show promising results, which makes the company much more attractive to investors. Therefore, Wonga is an innovative and reliable company to inve st in, especially for the long term. 2 COMPANY INFORMATION 2. 1 Background Errol Damelin and Jonty Hurwitz established SomeDayCash in October 2006. Neither of the founders had any past experience in retail banking, but they both had some key entrepreneurial skills. They had a lot of difficulty convincing investors as everyone thought of the short term-loans business to be too risky and unprofitable. Banks weren’t keen on the idea of a fully automated loan, not having any human approval of the transactions taking place. Once the beta website of SomeDayCash. com was launched in 2006, within 5 minutes the first loan application was processed and within a week the first loan default occurred. That then became a sequence through a couple of weeks, for every successful loan, came a defaulter. Throughout the next couple of months the number of customers was slowly rising. SomeDayCash experienced default rates of around 50% as the traditional credit risk assessment proved to be inadequate. During that time, the company was gathering data about every customer they had; their online profile, repayment time and so on, which was used and put into an algorithm. The official market launch of Wonga. com was in July 2008 and it quickly developed as one of the most innovative credit providers all over the world. Wonga was number one company in the Sunday Times Tech Track 100, which lead to the fastest improvement of all technology companies in the UK as it reached a figure of 100,000 loans in just under a year of operation. (Shaw 2011) 2. 2 Key Product Wonga’s mission is to deal with occasional and short-term cash flow demands for individuals and businesses, with equally short term solutions by using automated and real-time risk technology to process a wide number of requests. Therefore, the company can make instant decisions for lending in seconds at anytime the customers require. The loans available by the website vary from ? 1 to ? 400 and the payback period of 1 to 38 days. Although Wonga can approve loans through paying into bank account in a few minutes, the company are highly selective about the customers who they believe can repay quickly. This means there are about two-third of first time applicants are declined. However, Wonga have provided millions of loans via the website and smart phones which helps the company to achieve industry-leading low arrear rates and world-class customer satisfaction. â€Å"Whilst there is not much difference in terms of costs between Boodle and Wonga, we feel that Wonga is just slightly ahead in terms of optimising their user experience, as well as communicating the product in a professional yet easy-to-follow manner which makes Wonga the best payday company in South Africa. †(payadayloans. top10reviews) 2. 3 Company operations As the company’s service is operated in a flexible and simple way, Wonga became an advantage competitor to the old world of high street banking and traditional lenders along with QuickQuid, Pay Day UK, Dosh Express and Wage Day Advance. To become more competitive, one of their main goals became international expansion. Wonga’s services are now provided in the UK, Poland, Canada, Spain and South Africa. Because of Wonga’s new strategies in online finance services, the company can gain many competitive advantages and make differences in the finance market of the world. The first advantage is providing financial services fast and simple without the long queue of waiting, complex documents and rigidity. Thus, the company becomes a great choice for people and small businesses that need to borrow some cash quickly. The next difference is the company using online technique to deal with customers’ requests. As a result, customers do not need to make a meeting with bank officers or contact with banks via phones because all the services are processed via online website or smartphone. The other competitive advantage is creating a friendly environment for customers’ choices. Customers may feel more comfortable to choose how much cash they want to borrow and how long they want to pay money back to the firm. Therefore, customers can save a lot of money when paying interest anytime they want that can be a few days or weeks. This is really a big advantage the company brings to customer when traditional finance providers require a fix-interest paying in a long time. Wonga therefore differentiates itself from banks and other payday loan providers. 3 FINANCIAL STATISTICS Wonga’s retained profits are equivalent to approximately 5 pence on every pound it is lending. It lent ? 1. 16 billion in the UK last year; up with the number loans granted standing at 3. 8 million in the UK. Its UK customers grew to just nearly 1 million in the year 2012. (Quinn J. , 3rd September 2013) Primarily charging interests on short-term loans generates Wonga’s revenue. This turnover is recorded when customers fully pay back their interests in addition to their original loan amount borrowed. The companies’ 2012 full year pre-tax turnover was approximately ? 309 million. Wonga expanded by introducing small commercial loans for business last year. The company also launched a product for the online retail payments market, which explains an increase of 67. 5% in revenue, compared to the year 2011, ? 184 million. Wonga remain committed strengthening their balance sheet. In 2012, they ended with a gross cash of ? 105 million, which is more than doubled the previous year. However, the cost of sales operating the company relatively increased, nearly ? 140 million, 86% higher than 2011. The cost of sales of a credit provider includes costs related to the development of technology and system, administration, land rent, advertising, salaries for managers and employees. One of the reasons for the significant increase of cost was a rise in number of employees. There were only 131 staff in 2011; the salaries amounted to just above ? 8 million. Because of the company’s expansion, they recruited 191 more employees, so the salary cost increased to   22. 5 million. This leads to a Gross Profit of about ? 169 million in 2012, a 55% improvement. Although the company’s profit boosted, this is an adverse improvement as its cost increased by 86%, more rapidly than the profit. After deducting investment income from other earning sources, the company itself only generated an operating profit of ? 84 million to about ? 63. 5 million in 2011. Therefore, i t could be concluded that most of the increased profits were generated from outside investment rather than profit the company were earning. Moreover, taxes need to be considered as well, as the rate of taxes may change in years. In 2012 and 2011, the profit post tax was ?62. 6 million and ? 45. 8 million, respectively. As can be seen from the table above, in terms of ledger figures, the company owns ? 224. 5 million worth of assets in the year 2012. This amount was increased by 60% in a one-year period. Yet liabilities were increased by 90%, reaching the highest amount ever, ? 36. 8 million. It is only amounted of about 16% of the total assets of the Wonga. Chairman of the Wonga Board Robin Klein, quoted Wongas profitability during 2012 was the result of the large scale of our operations and an unflinching commitment to provide a flexible and convenient service designed around customers. The total number of funded money by shareholders was over ? 187 million in 2012. It can be seen that, in one year Wonga managed to attract ? 66. 7 million more, which shows an overall good potential for investment. There are no official statistics on the payday-lending sector in the UK but clearly it has grown significantly since 2008, when we estimated it to be worth around ?  900 million. Consumer Focus estimated the total value of loans in 2009 at ? 1. 2 billion, 23. 2 As the sector continues to grow, responding to increasing demand, we are seeing very different reports on who takes the loans, why and the impact on them. while more recent media reports have suggested it is in the range ? 1. 7 to ? 1. 9 billion. (Damelin E. , 2013) 4 SWOT ANALYSIS 4. 1 Strengths Wonga’s main strength is the simplicity of its service to customers. The basic method of taking a loan online with just a few simple steps has attracted and kept customers to use Wonga. Additionally, as wonga increases trust in customers returning loans, the budget to take a loan for those customers increases, ensuring that the company and the customers are in control of their finances. The effectiveness of Wonga’s advertisements and marketing strategy has increased their brand loyalty which in return plays a major role in the company’s success. 4. 2 Weaknesses Wonga’s main weakness is that the loans are based on a simple algorithm which proved to be very unpopular when trying to get finance from investors. This means that there is no face to face interaction between the borrower and the lender which is very risky for the company and unpopular among banks. As Wonga expands into developed countries where the wage rates are high, labour costs are slowly increasing which has a negative effect on the net profit margin. 4. 3 Opportunities Due to the rapid growth of the pay day loan market, Wonga is experiencing an increase in demand resulting in a larger consumer base which not only increases revenue but also raises the barriers to entry into this market. As Wonga is one of the only companies in the pay day loan market looking to expand internationally, its strategy to target the growing middle class in developing countries could prove to be effective as these countries face a market gap in the corporate payday loan sector. 4. 4 Threats Another effect of the rapid growth in their market is an increase in competition, this means that the increasing demand for the product is attracting entrepreneurs to set up in this market. As they are new private companies there is no financial data released to the public making it difficult for Wonga to compare. Wonga has drastically increased their annual percentage rate which in the long run could decrease their number of customers, especially if it continues growing past what people can afford. Wonga has also been heavily criticised for their marketing strategy which aims to entice a younger audience threatening the company’s ethics in advertising and their customer targets.  5 ETHICS Corporate social responsibility is the way a company manages all aspects of its business in order to make a positive effect on all the stakeholders and their environment. The initiative is for a company like Wonga to take responsibility for its impact on the environment and social welfare. A lot of controversy has risen regarding Wonga’s advertising strategy of leading people into borrowing money on a normal basis if their monthly income is not enough(Poulter. S,2013). Because this leads to borrowers increasing their personal debts, debates have been brought up questioning Wonga’s ethical concerns towards its customers. While the payday loan industry claims that children are not part of their target market, Wonga’s advertisement including adorable puppets and catchy tunes seeks to captivate children(Poulter. S,2013). However, a research conducted shows that one in seven adults are asked by their child to take out a loan to purchase something for them and 70% of under 16 year olds have seen advertisements from payday loan(Poulter.  S,2013). Wonga has also sent letters to children offering them a loan, which they may not be able to repay due to the high interest rate (Winch J. 2013). This shows that Wonga is encouraging children to start borrowing money at a very young age. Although Wonga claim that they are responsible lenders and reject 80% of first time lenders, debt charities and advice organisations state that the number of peopl e who have approached them with payday loan problems have been on the rise for the last two years. Wonga. com, is planning rapid expansion around the world after dominating the short term loan market in the UK. The company is looking to enter countries that have a favourable regulatory environment, large numbers of internet users, and where reliable sources of data are available. Since its launch, the company has already expanded into South Africa and Canada, where its business is fully operational. The South African and Canadian branches of the company operate on exactly the same system as the UK, loans for new customers are smaller and extend to a maximum of 30 days. After its success in these two countries, the online lender is now eying a number of markets around the world, looking to invest in both developed countries and developing nations. Niall Wass, chief operating officer, said that â€Å"What we’re anxious to do is make sure we can replicate that growth rate in other territories and replicate it with other digital finance products,†(Cookson, Moore 2013). Wonga has no debt, and claims that it has sufficient financial means to make acquisitions around the world; It is now actively looking to further expand in India, Spain, USA and Germany. 6. 1 India Expansion into India is Wongas first investment in the developing world. Wonga has bought a 75% stake in Nahar Credits Private for 3. 2 million pounds. Although the deal may seem small in financial terms, it is a significant step for the company as it now has access to the Indian market. Nahar Credits was mainly focused on giving commercial loans to small companies, but its existing license permits lending to individuals, which will allow Wonga to enter the market gap created by a growing middle class in need of convenient, short-term loans. Details of this acquisition were filed in the companies annual accounts, and in the document Wonga stated The acquired company is authorised as a financial services company in India and will give the group the opportunity to commence operations in India. (Quinn 2013) 6.2 Germany Wonga made further progress on its quest for global expansion with its acquisition of German payment firm BillPay. BillPay lets people make payments for items purchased online with a range of different methods such as installment credit. Wonga has a similar service in its company, where it allows customers to distribute the cost of items up to a thousand pounds over three monthly installments in return for an upfront payment, but this service remains unp opular as only twenty retailers have agreed on the service so far. Wongas purchase of BillPay will help expand this service and progress its goals for expansion. Wongas chief executive, Errol Damelin, said: The combined Wonga and BillPay business will consolidate our position as a pioneer in the financial revolution as well as giving Wonga a presence in Europes second largest online retail market, this deal continues our ongoing transformation into a fully international, digital finance business with operations across three continents and more than 3 million customers. (Osborne) 6. 3 Spain Wonga is using a similar strategy to penetrate the Spanish market as it did in Germany. In Spain Wonga bought pay day lender Credito Pocket to make its first appearance in the country. Overtime it re branded the website under the Wonga name and now the Spanish branch of Wonga is fully operational as well. Spain was a great opportunity for a company like Wonga as the economy is down, and unemployment rates are soaring, Wonga saw the need for short-term loans in the country and grabbed the opportunity by buying up the other major short-term loan provider around. Wonga.com is expanding rapidly around the world, it has successfully started to transition its business into all of Europe and the companies services will soon be available in developing countries in Asia and Africa. All these areas are great for business for a short-term loan company like as they accomplish Wongas goal of expanding into territories, which have lots of internet users and few strict regulations on short-term loa ns. 7CONCLUSION AND RECOMMENDATION To conclude the full research done of the company, it is evident that Wonga is in a financially stable position and shows promising signs of growth. The companies’ 2012 full year pre-tax turnover was approximately ? 309 million, a 67. 5% increase from the previous year. Despite some controversial criticism of Wonga’s high interest rates, debt collection issues and misleading advertising strategies to attract teenagers, it still proves to develop high recommendation and reliability from its users among other short-term loan competitors. Wonga has also shown great interest in global expansion, it has already made its brand available in several European countries, South Africa and Canada. Wonga also has future plans to move into developing countries such as India. From an overall examination of the company, an investment in Wonga could prove to be a profitable investment especially in the long term. Wonga differentiated itself from other payday loan provider by using a fully automated system, which can examine a person and process their loan in minutes. The simplicity of their websites helps make the service easy and hassle free, the company is able to attract more customers every day, despite its skyrocketing interest rates. They have persuaded millions of customers to trust and continue using the service, despite the bad publicity associated with the company. The companies future targets, and its international investments have aided its goals for globalization. Their plans show promising results, which makes the company much more attractive to investors. Wonga is also increasing its services from just short term loans to allowing people to pay for online purchases in installments. Furthermore, the payday loan market is still in its early stages which gives Wonga,one of the market dominator, countless opportunities to grow and improve. Lastly one can see from the company’s financial statistics that Wonga is doubling its revenue and profit every year, it was launched only in 2008 and in just five years it has accumulated more than a million customers. Wonga is an innovative and reliable company, it has immense potential and a lot of room to grow as the payday lending market is still young. Their plans for increasing their line of services as well as for global expansion and market domination show bright prospects. Investing in this company could prove to be highly profitable, especially in the long term.