Skip to main content

Reward & Recognition - Multi-country Awards Client Welcome Pack

Sarwat Maruf
  • Updated

What are Multi-country Awards?

All our monetary recognition products are designed to allow fulfilment in multiple countries. Managers can recognize their teams and colleagues can nominate each other across borders, creating a seamless and consistent experience in all your locations.

How do Multi-country Awards work?

Choose: Points-based system for seamless currency conversion. The recognition budget and awards on your program are set up in points. Winners receive a points value, which our system translates into their local currency at the point of redemption.

Note: Retailer redemption in a wide range of countries. Awards can be redeemed as gift cards and instant vouchers at a selection of retailers available on the platform. We offer redemption options in over 30 countries; your project team will be able to share a full list with you.

1559304061349-1559304061349.jpeg

Things to consider when setting up multi-country Awards

  1. What will your points be called on your platform? 
    • You’ll need a full name (e.g. Reward Points) and a short name (e.g. RPT)

  2. What will your home locale and currency be?
    • We need a home locale (UK, US, Australia, Republic of Ireland) to set up your program
    • We will issue all invoices for the main recognition budget in your chosen home currency (e.g. if the UK is your home locale, this will be GBP)

  3. What additional locales do you need?
    • We need a full list of countries you want to run monetary recognition in
    • You will need to include every employee’s locale in your eligibility files, to ensure awards are converted in the right currency for each individual; your project team will be able to supply you with the locale codes

  4. What will the home currency to points ratio be?
    • The home currency to points ratio will determine how much home currency you’ll pay out of your budget for each award sent in points
    • This ratio is the same for all awards sent from your program. We recommend 1:10, meaning that for every 10 points in your recognition budget, you will pay us 1 unit of your home currency (e.g. $1)
    • Employees will receive their awards in points; the points will be converted to their local currency at the point of redemption, through our system exchange rates

  5. What is your launch budget (in home currency or points)?
    • We need this as soon as possible, to allow plenty of time for the payment to reach us before launch. If you request it in home currency, we will calculate the points equivalent based on your chosen ratio
    • You will need to request an invoice every time you need to fund your budget, agree a schedule (e.g. monthly, quarterly) for invoices to be sent to you, or set up a Direct Debit for quicker release (GBP invoices only)
    • Our Finance Team issue invoices within 2 working days of request, and can only release award funds in the system after receiving the payment, unless you have a Direct Debit set up (GBP invoices only)

  6. How much will your awards be worth for each country?
    • For each award you are setting up, you will need to provide one monetary value per country (in home currency or points)
    • If you provide your award values in home currency, we will calculate each country’s points equivalent based on your chosen ratio

A guide to points and currency conversion

When calculating points-based award values for different countries, you can choose between two options. These will apply to any number of countries included in your awards program. 

Below you’ll find a few examples based on a program where:

  • The home currency is GBP (£)
  • The home currency to points ratio is 1:10
  • Awards are available to UK and US employees
  • The system exchange rate (GBP to USD) is 1.28735

How to determine points-based award values:

  • For each award type, decide each country’s award values in home currency (e.g. a Bronze Award is worth £10 for a UK employee and £20 for a US employee).

  • Convert your home currency award values into points, based on your chosen ratio (e.g. a UK employee receives 100 points, and a US employee receives 200). These are the points values we’ll set up on the system.

  • Employees receive awards in points. The points are converted to their local currency at redemption, through our system exchange rates. Your budget is then debited for the home currency amounts set up at step 1.

If you would like more information about currency exchange rates for the countries relevant to you, please contact your Implementation Specialist, Client Success Manager, or the Client Support Team.

 

Related to

Related articles