Compensation - Currencies Redesign

With the requirement to pay employees in multiple currency types, and organizations moving into different international marketplaces, the demand to pay employees in different currencies is now a business requirement.

With this enhancement, the new Currency Types page provides administrators with a single point-of-access to manage currency types for your organization.

To access the Currency Types page, go to ADMIN > TOOLS > COMPENSATION MANAGEMENT > currencies.

Old UI:

New UI:

Starter Guide

Click here to download the Currencies Redesign Starter Guide.Note: You must be logged in to the Success Center to access this guide.

Administrator Tasks

Based on permissions, administrators can perform the following tasks:

  • Enable/disable currency types
  • View Currency Type details and Conversion Rate History
  • Update conversion rates
  • Set a Corporate Currency
  • Change the Decimal Precision for Currencies on each Wage Type

See Compensation - Currency Types Administration.

Implementation

  • This functionality is enabled by default for all Compensation/Cornerstone HR clients.
  • A one-time migration migrates all previously existing, active Currency Types as Custom Currency Types. Inactive Currency Types are not migrated.
  • A set of new standard currency types are added to all portals in an inactive status. This prevents duplicate active currency types in portals where a previously existing currency type may have the same name as a newly added currency type. Organizations can enable these currency types as needed.
  • Organizations that do not wish to utilize the newly added currency types do not have to activate the new wage types and should not be impacted by this enhancement.
  • Once migration is complete, users with the current Compensation Wage Types permissions are automatically assigned the Compensation Wage Types 2.0 permissions. The old Compensation Wage Types permissions will be disabled.

Permissions

The following new permissions apply to this functionality:

PERMISSION NAME PERMISSION DESCRIPTION CATEGORY
Compensation Currencies 2.0 - View Grants the ability to view all currency pages, fly outs, and Rate History. Compensation - Administration
Compensation Currencies 2.0 - Edit Grants the ability to customize the Decimal Precisions for each Wage Type on each currency, update conversion rates between the currencies and the Corporate Currency, view all currency pages, fly outs , and Rate History. Compensation - Administration
Compensation Currencies 2.0 - Manage Grants the ability to activate/deactivate currencies, change the Corporate Currency, customize Decimal Precisions for each Wage Type on each currency, update conversion rates between the currencies and the Corporate Currency, view all Currency pages, fly outs , and Rate History. Compensation - Administration