Compensation Currencies

Compensation Management supports multiple currencies and localization. The available currency rates and decimal precision is defined by the client and is applied for the purposes of Compensation Planning only. Localization functionality is available so that the compensation module can be translated into multiple languages for the end users.

Currency codes must be loaded into the system along with employee compensation data. If a currency code changes for an employee, then data migration may be required based on currency conversion rates.

The default precision for each currency is defined by the standards of the currency. Precision for hourly rates can be adjusted, as some organizations allocate hourly compensation using more decimal places than are defined for the particular currency.

To enable this functionality, contact Global Customer Support.

When implementing multiple currencies, organizations must designate the default corporate currency of their portal. All conversion rates for other currencies within compensation module are based off of the default corporate currency. The compensation for each employee is stored in the employee's local currency within the system.

To access Compensation Currencies, go to Admin > Tools > Compensation Management > Currencies.

The following information is displayed for each available currency:

  • Currency - The currency name. This cannot be modified.
  • Code - The currency code. This cannot be modified.
  • Symbol - The currency symbol. This cannot be modified.
  • Rate - The currency's conversion rate with respect to the organization's default currency. This can be modified. For the organization's default currency, this displays as N/A because this value cannot be modified.
  • Default Precision - Displays the default precision for the currency, which is applied to non-hourly compensation rates. For example, if the default precision for Australia Dollar is 2, then non-hourly compensation rates for the Australia Dollar are calculated using up to two decimal places. This cannot be modified. Note: The Default Precision for a currency is set by the system based on standards for the currency.
  • Hourly Rate Precision - Displays the hourly rate precision for the currency, which is applied to compensation amounts that are stored in an hourly rate. For example, if the hourly rate precision for Australia Dollar is 2, then hourly compensation rates for the Australia Dollar are calculated using up to two decimal places. This can be modified. Note: Initially, the Hourly Rate Precision is set to match the Default Precision, but can be adjusted by clicking the Edit icon in the Options column.
  • Last Updated - The date and time at which the currency was last updated. This is updated automatically.

The following options are available for each currency:

  • Edit - Click to edit the conversion rate and hourly precision rate. See Edit Currency for additional information.
  • Rate History - Click to view the rate history for the currency.