If you're located outside the US, your compensation is directly impacted by the currency exchange rate at the point of processing. This make-good bonus is distributed every six months, to team members that experience a sustained on-average drop in compensation during that period.

Consistency and predictability in take-home pay are important, we all have fixed ongoing costs, bills to pay, and small differences can add up to big differences over time. Our Make-good benefit aims to reduce your downside risk over time, while ensuring you continue to benefit if your local currency strengthens.

Here's how it works:

When you start at Float, we track the actual exchange rate processed per pay period via Wise (previously TransferWise). If the following pay period, that rate drops, we record the difference. This continues each month - the following month, we compare the rate you received, to the average of the previous periods, continuously, over a 12-month rolling average. Each July, and January, we review the total balance of the prior (up to) 6 pay cycles. If a negative balance has accrued, you receive this as a bonus along with any fees charged by Wise (usually around .5% of your pay).

Georgie will share the balance with you each July and January, to include as part of your following month’s invoice.

Here’s an example of Sarah, who lives in Canada, and for simplicity, earns USD $10K per month:

Example

At the end of June, Sarah has accrued a negative balance of $892, and Wise fees of $300. Sarah includes this total amount of $1,192 as a Bonus on her August invoice.

The Fine Print

• You must be a contractor and paid via Wise to participate.
• Your balance starts accumulating from when you commence, however you must have completed your probation period to qualify. ie. If you joined in March, you will accrue a balance for the period March through June.
• If you resign or are terminated, you forfeit any future Benefits payments.

Have questions or a suggestion on how we can make this benefit better? Hit up the Operations team.