00:00:14.519
next up we have uh Constantine he is a co-founder of uh Travis C and he's going
00:00:21.720
to talk about how he replace salary negotiations with the Sinatra app personally I like apps that that
00:00:30.119
this so we don't have to exercise our developer skills uh our social
00:00:38.719
skills hello hello can you hear
00:00:45.960
me yes this is exactly the motivation behind replacing salary negotiations with the Sinatra app it's like this I
00:00:52.920
also really hate calling people and if there's a um anyway I'm con Constantine
00:01:01.719
ha on Twitter or RK popcorn these are two of my many Twitter accounts uh just
00:01:07.320
RK on GitHub if you want to I don't know tweet at me
00:01:14.280
anyway uh let me be the first to welcome you all to Singapore um I'm happy to be
00:01:20.640
back and I'm giving a talk this is the first time I'm giving a
00:01:27.439
really a top a talk about this topic and um an important thing about this topic
00:01:34.240
is I have actually no clue like I'm probably one of the least qualified
00:01:40.439
people I have no real experience like as an employee
00:01:46.040
from the Cel discussion standpoint and so on um and this is
00:01:54.399
actually I don't want to say this is a non-technical talk because I actually think it's just this is a very technical
00:02:00.439
talk um I there will even be code I promise there will be code in these
00:02:05.560
slides um obviously when talking about saler who was here yesterday for Joe's
00:02:12.120
talk the lightning talk yes so that actually said that salary isn't that important so this talk
00:02:19.160
doesn't no it did not say that salary isn't that important it said it's not the reason that people leave
00:02:25.879
um I also think that this talk that I'm giving is not so much about salary but
00:02:31.599
more about development in leadership or rather how we do things at Travis um and
00:02:39.040
I think it's an important aspect of that is that I'm trying to break a taboo here
00:02:46.920
um a taboo that people have been breaking previously uh very famously with the
00:02:54.720
talk pay hashtag and uh some news articles and blog posts lately
00:03:00.440
uh it is a great taboo to talk about salaries I don't know how it is in in Singapore uh I know in Europe and in the
00:03:07.400
US it's not something people generally talk about with their friends with their
00:03:12.440
colleagues um but it's not just that it's also not companies companies I found um don't
00:03:21.120
really talk about salaries either I mentioned that was the the talk
00:03:26.720
pay uh hashtag where people were tweeting their salaries their job some
00:03:33.480
details and um that gave a lot of momentum to having a
00:03:40.319
conversation about salaries um there's also Bots that do that anonymously so
00:03:49.120
you don't need to reveal your salary and there are some companies a very small
00:03:55.200
number that are aggressively open about the their salary structure um most
00:04:02.599
well-known probably buffer who have published their salary formula and not
00:04:08.439
just their formula they've actually published a complete list with names and everything of all
00:04:14.760
their employees and the salaries they're paying um but buffer also is trying to
00:04:20.239
be a very very open uh company about this which is quite impressive uh so
00:04:26.840
recently they saw themselves forced to let let people go because they
00:04:35.759
couldn't afford from their budget anymore to pay that um many salaries um
00:04:42.360
which also brings us to to the to one important aspect of this presentation
00:04:48.800
which is looking at salaries from the employer side like as well as just what
00:04:56.320
people are making which actually is a site that as a co-founder Trav I've had to deal with more often than the other
00:05:03.639
side but we're actually is in a salary and I think that's that's where one of
00:05:09.759
the the major conflict between employees and employers comes from or the major
00:05:16.160
fiction points or interpretation differences is the different View and
00:05:23.840
interpretation of what the meaning of a salary is
00:05:30.840
who knows these people yes yes is that a big thing here
00:05:36.919
The Big Bang Theory so that's interesting let's talk about their
00:05:44.800
salaries does anyone know what they make and how they're
00:05:50.160
paid a lot uh yes correct no not correct
00:05:58.000
depends on who you talk about of the these five um so they all renegotiated
00:06:03.720
their salaries last year um initially the three main actors renegotiate their
00:06:11.680
salaries um to 1 million per episode uh
00:06:19.520
so uh how you pronounce it GIC GIC Parsons and cucko uh playing lonard
00:06:27.039
Hoffer Sheldon Cooper and Penny last name unknown or at least I don't
00:06:32.880
know um got a deal of 1 million per episode
00:06:39.039
in August 2015 at a time where um hellberg playing Howard wtz and Kunal
00:06:48.680
Nar playing rajish uh we're getting paid 100,000 per episode um which caused the
00:06:56.879
two to try to renegotiate their salaries um and they were aiming for
00:07:03.960
getting salary parity with the other three um which was denied to them they
00:07:10.720
got erased which is undisclosed at the at this point which is supposed to be in the mid six digits um but essentially
00:07:19.599
the salary uh negotiation ended with the studios
00:07:27.000
threatening to write them out of the series and this makes you wonder what does this
00:07:35.599
mean does this mean that one's a 10 times actor 10x
00:07:43.800
actor this is this is a phrase from that's very popular especially in the
00:07:49.759
Bay Area this concept of the the 10x developer and this comes from from a
00:07:57.319
strong belief in an actual misused word in that context I think the belief in
00:08:04.360
meritocracy um that uh Merit defines your standing in
00:08:10.560
an organization um this rock actually has been changed
00:08:16.000
for one that believes in collaboration so I didn't want to do like GitHub
00:08:21.479
shaming or anything but in the Bay Area there there is as I said this strong
00:08:27.159
belief in the 10x developer qu is a great resource in General on such topics
00:08:33.640
um if you want to learn the difference between a full stack 10x generalist and unicorn programmer uh there there other
00:08:40.719
like if on this topic 10x Engineers there other really great questions like
00:08:46.519
what do mediocre people do in Silicon
00:08:52.680
valy you got to wonder uh some of the questions are why are the best programmers 10 times more productive
00:08:58.760
than mediocre programmers but paid only three times as much another interesting
00:09:04.640
question um very interesting to me as well is how do bootstrap companies hire
00:09:11.680
Talent I've actually once was asked by someone in a in a bar like you didn't
00:09:16.760
take VC how do you pay salaries um anyway nothing against VC
00:09:24.720
just saying there are bootstrap companies and they do uh pay salaries
00:09:30.160
I actually work for one of these I actually founded I'm a co-founder one of these bootstrap companies uh who here
00:09:43.279
CI we bootstrapped uh found it in 2012 we have 38 employees at the moment that
00:09:50.160
was my last count from slack uh this morning um I think we have some top talent we're based in Berlin Germany but
00:09:57.800
we're actually a or try to be a remote first company so we have employees in
00:10:05.279
eight countries of 16 different nationalities also again I tried to count it this morning there might be
00:10:16.440
a feel we we have uh 54% women uh in our
00:10:22.040
company uh in our engineering team it's 50% it's a one toone split um with uh
00:10:37.880
and we were actually planning to keep hiring in the
00:10:43.240
future and salaries is an important topic for
00:10:48.320
us from the company perspective salaries currently account for 46% of our
00:10:54.160
spendings I think in most companies it's actually higher at least most software companies but our infrastructure costs
00:11:01.200
are also very uh massive um but that on
00:11:06.839
its own makes it the biggest cost center if you just look at it from a budgeting standpoint so any conversation that we
00:11:13.240
have there even if it's just changing it by a small percentage has a big impact
00:11:19.240
on our company finances um salaries have actually for a
00:11:25.160
long time been quite a mess at Travis to be honest we started bootstrapped we
00:11:31.160
started with not essentially having any money and we started hiring in Europe
00:11:36.680
and specifically mostly in Berlin which by Western standards is a really cheap
00:11:42.600
City and salary was based on so what do you
00:11:49.519
need and that has actually led to once we started hiring overseas for instance
00:11:55.480
a very uneven un not well thought out uh distribution and
00:12:04.320
uh you essentially got erased when you said oo money is really tight I need more money uh but no one ever went like
00:12:10.880
oh you've been here so long great work um so we've been having a discussion for
00:12:16.480
quite a while in the company on how to change that and we came to the conclusion and the
00:12:22.320
result is that we got rid of salary negotiations at travisci if you want to
00:12:27.959
work at travisci if you're going through a job interview we do not negotiate salaries with
00:12:33.079
you instead we have a Sinatra app that will tell us how much we'll pay
00:12:44.480
you why do we believe before I tell you more about this
00:12:49.519
app why do we why are we trying to to get rid of why have we removed
00:12:55.760
negotiations from this process
00:13:00.800
well we think that negotiation skills don't reflect your value to the company
00:13:06.320
which is the employer approach to to how
00:13:11.639
you decide on salaries if you remember um that uh the
00:13:18.320
three main characters were one point at a salary that was 10 times the salary of
00:13:23.480
the other main characters in The Big Bang Theory that was not based on them being
00:13:29.279
uh 10 times better actors this was based on them being 10 times more valuable to
00:13:35.399
the production of the show so your negotiation skills are not the main
00:13:40.920
value you provide to the company unless of course you're hired as a negotiator then that's that's a different
00:13:49.079
discussion the EMP employees view on salary is different it's not it can be
00:13:55.120
the value argument can be used in a negotiation or in figuring out if it's
00:14:01.120
appropriate but the employees view is usually financial needs based and your negotiation skills also don't reflect
00:14:09.639
your financial needs but most
00:14:15.519
importantly as one of our core values at Travis we care about creating a diverse
00:14:21.040
and welcoming working space and we believe that salary negotiations harm
00:14:27.399
under represented groups um there is lots of evidence for this
00:14:33.600
for instance women people of color generally under represented groups uh often are impacted from things like
00:14:41.279
imposter syndrome um there has been a study for when uh women and men look at
00:14:47.880
a job ad and there are five requirements listed and um for women one of the most
00:14:55.240
common approaches is like I'm not so sure about this one requirement I'm really bad at this I probably am not a
00:15:02.000
good fit for this job and most men approach it with oh yeah I check off three of the five I can totally do this
00:15:09.560
um this is not any individual person this is just a general thing that is more dominant in
00:15:16.920
under represented groups and there is also statistical data to prove the whole thing um so
00:15:24.279
salary negotiations are very likely to cause pay gaps Within your
00:15:31.399
company so these are some of the things we wanted to
00:15:37.120
tackle and we've been working on this for over a year and we call it the
00:15:43.040
travisci salary framework we finally rolled it out released it this March
00:15:48.959
company internally and this year is is the very first time we're
00:15:56.279
actually talking about this publicly so all the things I'm telling you are
00:16:03.800
not really known outside of Travis let's first look at how again how
00:16:10.920
other companies have solved this uh buffer also has an app I don't actually
00:16:17.240
know if that's Sinatra or not um their approach is very very formula based we
00:16:22.639
also have a formula but I get to that in a second you can actually access their app publicly can go to buffer.com
00:16:30.560
salary and then you can select your role experience location and it will tell you
00:16:37.480
exactly what you would make when you were to join a
00:16:43.600
buffer but let's get back to our our framework so buffer was a big source of
00:16:49.600
inspiration and figuring these out because they also have public explanations of all the
00:16:56.240
things so we developed this framework for full year and U very importantly to
00:17:02.480
how we Trevis approach these things this is a conversation that everyone in the
00:17:07.919
company could take part in so a lot of this was actually discussing aspects of
00:17:15.679
what is a fair salary for instance or what should be in a
00:17:22.160
salary so we decided that we want to pay by value and
00:17:28.919
we want to pay by needs by needs so we want to take both these aspects into account and we also want
00:17:37.600
to come up with generalized rules that apply to everyone and that also everyone
00:17:44.039
could question so in a way you can negotiate salaries but you cannot negotiate your salary you can as an
00:17:51.720
employee at Travi say I think this pay difference is too big or
00:17:58.840
or we should in general pay higher salaries um and then you can give a
00:18:04.080
proper reasoning or we should our increase our salaries because the euro is taking a nose dive because the UK is
00:18:10.640
leaving the EU or something like that but you can't say uh I'd like to make
00:18:16.320
like 500 bucks more a month that's not an an argument you can
00:18:23.039
use that's a screenshot of our app this is confidential
00:18:38.360
um let's talk about what goes into this are people taking f is this being
00:18:49.640
recorded so let's talk about value how do you
00:18:56.600
measure value or how do you quantify what someone provides to the
00:19:04.200
company um buffer does that with the factor so they say you have an
00:19:09.559
experience factor of 1.6 or something um that is something we we started off with
00:19:17.559
with playing with that but we found really hard to what does that actually mean and then everyone talks about uh
00:19:25.960
senior developers but senior is such an over overloaded term in the industry
00:19:31.000
where there again is a massive mismatch between
00:19:36.559
um employer employers and employees uh similar to what does a 10x
00:19:44.880
developer actually mean so we instead decided to take an
00:19:50.840
approach where we have levels and then on these levels we have certain
00:19:56.000
expectations that are quite uh mattera that when we have an employee at
00:20:03.840
a certain level we expect them to fulfill these expectations one way or
00:20:09.880
another so if you had the discussion how do you define a 10x developer if they
00:20:16.760
even exist um I don't really know how You' place them on our levels but let's
00:20:22.840
just pick a level let's pick uh the the level 10 of our software engineering
00:20:30.159
career path and that has expectation like shows an intuitive grasp of
00:20:36.440
situations analytic uh approach only used in novel situations which is basically you see a problem you already
00:20:44.640
know how to fix it without having to analyze all these things
00:20:50.840
um is self motivated to the point that they create new work for themselves and sometimes others and understands
00:20:58.000
business require requirements does not just understand but also shape the big picture uh so these are very vague and
00:21:06.120
then you supposed to work with your team lead at travisci on a regular basis
00:21:13.360
mostly through 101s setting specific goals for yourself um to fulfill and
00:21:20.039
reach the point where these are expectations the company can have towards you we currently have our engineering
00:21:27.320
career path defined up to level 17 we do not have anyone at level
00:21:34.679
17 the main intention is to show people that there is room to
00:21:40.480
grow while at the same time staying a software engineer and staying at travisci because this is actually one
00:21:47.080
thing we see happening in the industry so much it's like people reach this point where they're senior developer and
00:21:53.960
then what like it's not just about salary this is actually about uh your
00:21:59.600
professional growth Career Development and so on and not just about your bank account statement and then you often see
00:22:06.919
one of two things happen either people go to a different company to do something new and
00:22:14.240
fun or people become managers and in both cases you lose your
00:22:22.279
best developers in one case you might swap them out for potentially a bad manager
00:22:30.799
um if if someone wants to be a manager like I'm not I don't want a badmouth
00:22:36.039
developers becoming managers like if someone is really passionate about that sure but becoming a manager because it's
00:22:42.799
the next logical step in your career path is a really really bad
00:22:49.240
reason and these levels we've constructed or try to phrase them in a
00:22:54.480
way that employees should level up about once a year so that it's also clear how
00:23:02.320
often people can expect salary raises and most importantly we don't
00:23:08.240
view this as a performance review that you get once a year that we can use to
00:23:15.279
justify to not give people a raise but instead as a program for us to grow
00:23:22.880
people internally if someone does not meet the expectations for the next
00:23:29.039
level that needs an investigation of what's going on is this some
00:23:36.200
productivity issue do we have other problems here that we need to address or
00:23:42.159
are our expectations wrong you do not fix productivity issues
00:23:51.039
by paying people less the other aspect we take into
00:23:56.640
account is needs we use a generalized needs model based
00:24:02.039
on location this was actually a discussion initially where we assumed
00:24:07.480
the bigger discussion would be should you pay by location or should you not pay by
00:24:14.080
location actually the opinion at Travis was pretty unanimously that you should pay
00:24:21.080
by location uh the bigger question was how do you determine that those
00:24:28.960
differences um but essentially even if we wanted to
00:24:37.039
not pay by location just pay everyone on level 10 no matter where they are the same
00:24:42.440
salary we could either not afford that or we couldn't hire in California
00:24:50.159
essentially but then we have the goal had the goal that if we pay by location
00:24:56.279
differences we want to be scientific about this we want to be reasonable about this and we don't want to have
00:25:03.559
someone basically get a worse deal because they're in a cheap or an expensive location we don't just want to
00:25:09.159
pay people in San Francisco more than everyone else essentially so how do you do that there's one interesting
00:25:14.840
statistic that's a Big Mac index has anyone heard about the Big Mac index so Big Mac is a great thing because it's in
00:25:21.480
so many countries and it's essentially the same supply chain but it's different
00:25:27.600
cost so you can compare countries based on
00:25:32.919
what the big me costs we do not use this for salary determination by the way um
00:25:39.159
it's also it's a bit unfair to have India in there actually because it's chicken meat in
00:25:45.960
India which has different costs associated um there is different conclusions you
00:25:53.640
can draw from this like uh Big Macs are the most expensive
00:25:58.720
in Switzerland but that doesn't tell you actually much about Switzerland because if you then compare that to or Norway
00:26:06.279
for instance is the second most expensive um it's the cheapest in South Africa but if you compare it to how long
00:26:13.799
it actually takes an average worker to work to get the money for a Big Mac you
00:26:18.880
see that Switzerland is still pretty good and actually Hong Kong is the best where it takes on average 8.7 minutes of
00:26:25.960
work to get a Big Mac whereas in Ukraine in KF Ukraine you have to work for
00:26:31.480
almost an hour there are actually way better statistics to reason about cost of
00:26:38.360
living one of my favorite is uh numo which is actually something that we used
00:26:43.480
uh so we used n numo we use the international labor organization we use the Bureau of Labor Statistics and we
00:26:49.919
use Shadow stats which is basically going like oh those Bureau of Labor
00:26:55.720
Statistics statistics aren't actually that great to look at um this uh n is
00:27:01.360
actually a crowdsourced um database that gives you
00:27:06.600
very detailed insight into into living costs for instance for Singapore it uses
00:27:12.559
6,300 something entries uh you can see what a McDonald's meal costs as well but
00:27:18.679
also um disposable income rent and so
00:27:25.600
on when when I when we started investigating I built a little web app
00:27:30.640
um where you can basically enter which city you live in where you want to move how much you make um and then you can
00:27:37.200
calculate which salary you should aim for when you move there it doesn't work well for Singapore
00:27:43.799
because that data on there is outdated and some models in there are outdated but works quite well if you want to move
00:27:48.880
from San Francisco to Berlin or the other way um so say you make 130k in San
00:27:55.559
Francisco means you should aim for uh somewhere below 60k EUR in Berlin if
00:28:02.360
you want to keep the same standard of living that's living cost but also
00:28:08.880
market rate are a big factor as well um there there are some websites like a
00:28:14.760
glass door uh where people can can enter their salaries and then it can give you
00:28:21.880
an overview of a location uh pay scale is similar uh also really nice to know
00:28:28.159
not they have like Fifth and 95th per or I actually think think this is 10th and
00:28:33.200
90th percentile and um K scale has that as well for the US thanks to the open
00:28:41.080
government campaign under the Obama Administration you can actually just access the data from all the Visa
00:28:48.200
applications so you know what people are getting paid when they get a visa for the US or a green
00:28:54.840
card important here is that you only compare data points from the same Source because the Visa data points for
00:29:00.919
instance tend to be on the high end of the salary Spectrum so you shouldn't use that data P point on its own but you can
00:29:07.559
use it quite well to compare to cities and the same is true for glass door and pay scale where salaries at least in the
00:29:14.799
US where I can compare it to other sources um are more on the lower end so
00:29:21.399
I used that I did a factor that's a comparison between Berlin and that City and um created a Splat graph of the
00:29:31.080
biggest cities in the world to see your correlation between Market rates this is Market rates compared to Berlin and this
00:29:38.559
is living cost compared to Berlin and you actually see that almost all the cities are on a very nice line you also
00:29:44.600
see that Singapore is quite the outlier so um living costs are significantly higher
00:29:50.880
here than in Berlin but salaries are not proportionally higher as well um
00:29:58.279
and then besides that what we took into account is I think I'm running bad on time you're fine it's okay okay um
00:30:06.679
so what we also said or what what was more like the
00:30:11.880
conversation went like this um so if we take living costs into account and rent and all these things shouldn't we take
00:30:18.399
income tax into account and the conclusion was yes we should but you
00:30:23.600
can't really calculate the income tax for everywhere in the world um
00:30:29.039
and then yeah okay that's right and then I spend a weekend playing with some Ruby code and turns out you can calculate the
00:30:36.960
living C the income tax for everywhere in the world I created a ruby Library you can gem install income
00:30:49.960
tax you can tell it which country you're in it doesn't do text deductions or anything even though someone emailed me
00:30:56.159
and they want to do like a text filing program for you I don't know I think they I
00:31:01.720
actually never got back to them anyway um so you can tell it how much you make or a salary a country and will'll tell
00:31:09.000
you gross income net income taxes and important for us you can also tell it a
00:31:14.159
net income uh like the income after taxes and it will give you a gross income uh interesting things I learned
00:31:21.600
there in Mali you can choose your tax rate basically you go to negotiate your taxes and they go like so we want to pay
00:31:27.600
3 % you want to pay 30% you can also bring a goat and use that as your tax
00:31:34.600
payment um and from that we calculate the the the salary levels we
00:31:40.880
have a baseline per country that's based on Market rates and then a city adjustment for expensive cities that's
00:31:47.720
based on living cost so we do take Market rates into account for the us but
00:31:52.799
we don't take Market Market rates into account for uh San Francisco but we do take take into account that the rent is
00:31:59.320
really high in San Francisco here's actually the code I promise code there is the oh there's
00:32:05.399
it's bit cut off the result is basically the rounded we have our own rounding
00:32:10.720
method to be more favorable to our employees so it's uh taxes applied on
00:32:18.279
top of the before taxes we apply if someone's working parttime uh before
00:32:24.120
Texas is the monthly value times 12 monthly is the the base
00:32:30.200
value um plus the increase for the level you're added times the level plus the
00:32:37.519
city adjustment exchange to the local currency yep that's essentially it if we
00:32:44.000
would pay less than zero we just pay zero we don't make people
00:32:50.799
pay and with that we've actually calculated the rates for 3536 cities in 209 countries for four of
00:32:58.600
these countries we also have 92 regions you might wonder 209 countries there aren't that
00:33:04.639
many countries I recommend to you this YouTube channel I also found myself in that
00:33:10.799
income tax gem to for the first time specify what this gem sees as a country
00:33:17.559
and stating that this is not a political opinion but just trying to model income Tex best uh currencies are very tricky
00:33:26.240
uh employees that are uh not in the US or Germany can pick their own currency
00:33:33.200
we have uh conference allowance converted to the currencies I imported a
00:33:39.120
set a list of currencies with exchange values uh which I didn't know when importing this currency list included
00:33:45.760
gold so if you work at travisci and we pay you in Gold you get 4.45 ounces of
00:33:53.399
conference allowance per year I assume this is how you go
00:34:02.080
home and we've wrote this out we've used that for all our new hires for to replace salary negotiations we're very
00:34:09.200
happy with it it reflects what we set out to solve we think the rates that come out are competitive based uh so
00:34:18.119
there are some relation to Market rates they're comfortable we think people can live of them they're fair this is has to
00:34:24.639
do with the uh uh rules applying to everyone for for instance they're feasible they're within the capabilities
00:34:30.440
of our company and they're prospective so people know there is a path to take
00:34:36.919
and most importantly I think it's a model that everyone participated in and
00:34:42.480
can participate in shaping how that develops in the future thanks
00:34:52.320
if if you have questions I don't know if there's time now otherwise hit me up later or
00:34:58.320
tweeted me email me uh I also brought
00:35:03.400
stickers yeah um thank you Constantine I have no CLS about my salary but I
00:35:09.240
absolutely love what you guys are doing at Travis so uh round of uh Round of Applause and maybe you can accept one
00:35:22.960
yep how what's your plan for bringing existing employees across to this have you done it or is it going to be a
00:35:29.240
gradual thing um so we actually started doing that um so we've brought on EX so
00:35:36.800
all of our engineering team I think is now on the framework so we have this concept of people being on the framework
00:35:42.960
and people being off the framework um we started rolling that out we don't have all the career paths done
00:35:49.760
so we have the career paths done for uh software Engineers designers uh
00:35:56.200
support we're working on our Administration career paths right now um
00:36:01.680
so that's why not everyone is on this now but the majority of Travis is paid
00:36:06.800
in accordance to the celebr framework um just two questions one is
00:36:16.119
you guys have this yes so we've actually discussed
00:36:21.599
this uh releasing this public uh first of all we want to actually uh talk more
00:36:27.079
about this blog about this not just to like show off what we did but also to get a conversation started that goes
00:36:33.680
further than just Travis um we still need to figure out what work
00:36:40.440
needs to be done so that we can actually release our app um which would probably also be quite interesting for people out
00:36:47.560
there and second question
00:36:53.880
is to an exch to a specific exchange rate right
00:37:00.079
wouldn't that bring a bit of end balance on
00:37:06.960
the yes so this is uh where do I have to slide a
00:37:13.560
currencies are tricky uh so what we actually have is we have a travisci exchange rate which means we picked
00:37:22.079
exchange rate at certain points in time and decided that that's the exchange R
00:37:27.880
we use for the calculation these exchange rates are usually picked at times that are favorable to the person
00:37:34.119
paid in this uh currency uh we also
00:37:42.000
um update this but this is a semi manual process so we need to decide um do we up
00:37:49.760
the change rate um and the reasons there might be extreme changes or we actually
00:37:56.160
plan to review this on approximately a yearly basis
00:38:01.599
um if someone thinks the exchange rate is not in their Pap they can go to the
00:38:08.240
currency page in our salary app C the this C link which will automatically even go to the existing issue about the
00:38:15.800
currency or create a new one and then mention that it's not in laor what we've also did is that why I briefly mentioned
00:38:23.839
people might be able to choose their currency um so so we have employees that
00:38:30.200
are not getting paid in what their local currency is and the main reason for choosing that is we have an employee in
00:38:37.000
Mexico the Mexican p is really unstable so she chose to um get PID in durs
00:38:44.119
instead um so that's one approach we also take
00:38:49.760
there uh one last shot question um hello okay uh I have question is it actually
00:38:57.960
buiness model because I also some sense for we have project mostly
00:39:07.359
similar that the tax R of different country different something like that
00:39:12.400
and each CH conly during the road the governments and I got I got the
00:39:18.400
application that it change from every treatment for Europe country just Europe
00:39:24.079
you know that also be a CH so
00:39:33.240
uh um perhaps I can uh you can talk to him after during match so
00:39:40.200
sorry uh so a round of applause
