If you have a distributed team that is compensated in different currencies, you can set up a single compensation cycle that includes all employees.
Pre-cycle setup
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Check that all employees are assigned to their currency before setting up your compensation cycle. You can update this data in bulk by uploading data to the Settings page or editing records for individual employees via the Employee Pay page.
- When uploading, currencies should be input as a three-digit currency code (e.g., USD, EUR, GBP).
- If compensation bands are part of your compensation strategy, ensure that employees are assigned to compensation bands that match the employee’s local currency. Learn more in Assign Employees to Compensation Bands.
Cycle setup
The following are highlights for creating a compensation cycle with multiple currencies. For a detailed walkthrough of creating a cycle, read Create a Compensation Cycle Overview.
- On the Employees page, admins can filter employees by their local currency and update their eligibility status for the cycle.
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On the Currency page, admins can select the company currency for the cycle and set conversion rates for all additional currencies included in the cycle.
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All budgeting and spending will be tracked in the company currency. The company currency defaults to the currency that most eligible and ineligible employees are assigned to, but you have the option to update it on this page.
- Note: Once the cycle has started, the company currency cannot be changed.
- Additional currencies are automatically identified for you based on the currencies assigned to eligible and ineligible employees included in the cycle.
- If necessary, conversion rates can be updated during an active cycle.
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All budgeting and spending will be tracked in the company currency. The company currency defaults to the currency that most eligible and ineligible employees are assigned to, but you have the option to update it on this page.
- On the Budget page, admins set an overall budget in the company currency. All necessary conversions to and from the company currency and the employee’s local currency will be automatically done for you in the tool.
Active cycle
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Managers and admins can view employee pay in both the company currency and the employee’s local currency during an active cycle.
- Although you can view employee pay in either currency, you must be toggled to the Employee currency view to make compensation changes.
- All spend will automatically be converted to the company currency to be tracked against the budget.
- Read more in Complete Your Compensation Review: Recommendations and Approver.
- During an active cycle, admins can update conversion rates between the company currency and additional currencies. Read in Edit Currency Conversion Rates in an Active Compensation Cycle.
Post-cycle
At the end of a cycle, employees will receive compensation share-out statements in their local currency. Read more about configuring share-out statements as an Admin.