Cost of Living Factor and Multi - wallet.
Define Rewards that work across the globe.
This feature allows organizations to set different points-currency conversion rates for redeemable points with employees based on the cost of living in the country they operate in and the native currency of that country.
Following the below steps you can define the value of 1 Point in different countries
As the first step, set the value of 1 point. It is recommended to use your local currency for setting the base value of points in your account.
1. Navigate to Admin Settings --> REWARDS & RECOGNITION SETTINGS --> Manage Org. Budgets.
- 2.Click on > Update to change the base currency and value of 1 point in your org's Empuls account.
- 3.Scroll down to > Wallet, Click on 3 Dots on right hand side and click on > Add New Wallet
All the wallets you add will be listed under this section.
- 3.Select your desired currency from our list of supported currencies from > Search Currency
- 4.Click on > Add Wallet(s) after selecting your desired Currency for the wallet.
Once the wallet is added, you need to define the value of 1 Point in that particular Currency in
Cost of Living Factor Section.
- 5.Scroll down on the same page to > Cost of Living Factor.
Here you would see the list of Countries added and the value 1 Point against each currency wallet.
- 6.To Edit the Value of 1 Point against each currency, click on Edit.
Here on right hand side is an example of universal method of calculating cost of living, considering Cost of Living in Sweden as base Country.
- 7.After clicking on Edit, on next page you need to define value of 1 Point in the respective wallet currency and click on > Update.
This is how you would be able to add Multiple wallets and define the value of 1 point in different currencies.