Currency conversion rates are required for Total Compensation in cases where the company offers equity and employees are paid in currencies different from the equity currency.
Add a company currency
A company currency is the main currency your company operates in. Generally, this is based on where the company is headquartered or what currency the company's equity is based in. For example, Lattice is a company based in the USA that values its equity in dollars, so the company currency would be USD.
To add a company currency:
- Navigate to Admin > Compensation > Settings.
- Under the Currencies section, click Add currency.
- A popup modal will appear —— Select the company currency from a dropdown list. You can search this list by typing in the text box to quickly find your company currency.
- If there are any existing other currencies already on your site, you can update conversion rates.
- Click Add new company currency.
Once done, your company currency will show up in the table of currencies.
Change company currency
You can change your company currency through 2 methods:
Delete company currency
To delete the current company currency, click the ellipses on the company currency and then click Delete currency. You will be prompted immediately to select a new company currency.
Change company currency
If you have other currencies added already, you can select to mark another currency as the new company currency. Click the ellipses next to the currency and select Mark as company currency.
In both cases, if conversion rates have been added, you will be prompted to enter new conversion rates to the new company currency. These fields will be automatically calculated based on the current conversion rates, but you can edit the values.
Missing conversion rates for Total Compensation
If your company offers equity and you have employees paid in a different currency than the company currency, you must provide the conversion rate for the employee to see their Total Compensation view. If a conversion rate is missing, you will see a flag on the Total Compensation home page and a warning when launching Total Compensation.
Selecting the error will open a modal highlighting which employees are missing conversion rates and which currencies need conversion rates. To resolve, add the appropriate currency conversion rate.