Updates to exchange rates and process.

Why is this change being made?

Updates the following for exchange rates:

• Updates rates to point-in-time as of 2022-12-01 in order to have less lag in our exchange rates.
• Adds process to use first of the applicable month exchange rates when processing one-time bonuses (effective in the following month).
• Clarifies that any applicable salary updates can only be made as part of an annual compensation review.
• Removes skipping mid-year review due to volatility.

Further information on updates to our compensation programs and philosophy for FY24 are set to be announced with the Annual Compensation Review cycle announcement going out ahead of the cycle opening in January

Team members who fall below range as a result of updates to the exchange rates will be adjusted back into range effective February 1st. This increase will be separate from any performance increases (if applicable).

cc @schoi4 @franzrivera

Author Checklist

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