Reward Strategies LLC

Human Resources Compensation Consulting

Balancing Fair Compensation with Employee Recruitment and Retention

Competitive Pay


Competitive PayCompetitive Pay
Our consultants will determine competitive pay levels for each of your jobs through:
  • A review of market rates of pay for each benchmark role.
  • The use of salary surveys which obtain unbiased market rates of pay and bonus in order to maximize your competitive advantage.
  • Through internal comparisons and market data , the consultant will determine appropriate market pay levels for your unique/non-benchmark jobs.

    Other considerations in the market review process:
  • Reward Strategies has access to large participant, cross-industry market database. 
  • Company provided salary survey information is also helpful in order to have access to results.
  • A variety of sources for each job will give you the best “fair market value”.
See interview with Ben Murphy and Nicole Schmidt about hiring passive candidates in a competitive environment:
https://bit.ly/2MEut93

Pay Strategies


There's no better time than now to create motivating pay strategies.

Key areas of focus include: 1) Equal Pay Review 2) “Pay for Performance” philosophy.

Learn More

Pay for Performance Philosophy

Individual performance ratings should have a direct correlation to compensation received. We will help you to use your payroll dollars wisely by outlying achieved objectives which support pay and bonus payouts

Equity in Pay Review

A person's pay is very sensitive and brings emotional value to the employee. We will provide a job by job review to ensure that each person is paid fairly for the work being performed and in comparison to their peers. Most organizations either do not have the time or objectivity to conduct an impartial review of internal pay comparisons . HR Reward Strategies can do this for you!

Diversity Pay Audit


Job by Job Review:
  • It is essential that an annual pay equity audit be conducted to ensure your organization is paying fairly by gender, race and age.  Further consideration for pay equity will be made relating to religion, sexual orientation and disability among other factors.
  • Reward Strategies will provide an objective review of pay, job-by-job, and provide recommendations for changes where necessary.
  • Consideration for budget constraints are essential. We will develop an action plan and determine a strategic approach to bring equity in pay practices.
Gender Pay Ratio:
  • An overall gender equity analysis will be performed to determine how your company aligns to reported statistics.
  • Determination of promotional opportunities is essential to bring overall equity to reasonable levels. See video link of a recent presentation on this topic.
        TEMPO Talks - The Gender Pay Gap July, 2020





 Diversity Pay Audit

Incentive Plans


We will establish effective Incentive Plan Designs which provide:
  • A motivational component of total cash.
  • Variable pay which allows companies to spend compensation dollars only when profitability is attained.

Why create incentive plans?
  • An incentive plan document ensures clear communication between managers, employees and the controller on what factors determine payout.
  • Target levels represent measures which are reasonably attained and understandable in order to be effective. 
  • “Line of sight” by the employee is critical for success.
  • Target pay levels are aligned with market sources.


Incentive Plans

Succession Planning


We assist in the determination of strategic succession plans through the following steps:

  • Through a collaborative effort, we identify your high performers and high potentials in order to ensure continuity of company objectives.
  • We will analyze team performance ratings as an initial step in succession planning process.
  • The next step is to determine, with you, each employee’s potential within the organization.

Our consultants will work with you to create:

  • Development plans and/or growth opportunities which are vetted, reviewed and implemented for your high potential employees.
  • Create performance improvement plans for those low performing individuals, when necessary. This process holds each employee and manager accountable for the successful completion of established goals.
  • Prepare outlines of 2 – 3 year schedules which display career track opportunities for those “highly mobile” and diverse individuals.
     

Succession Planning

Published Articles


What People Say


 “Nicole's attention to detail and support of the business line managers defines "excellence". Her expertise in employment offers and in assisting managers in recruitment and hiring of talent is exceptional, contributing to the addition of many qualified candidates to M&I across the country. In addition, Nicole's internal consulting with senior management concerning employee compensation helped greatly in the retention and promotion of talented employees. Nicole has great insights and is always a pleasure to work with."

Peter X. EngelEasterseals Southeast Wisconsin

 I have worked with Nicole as a member of the Human Resources Committee at St. Dominic Catholic Parish. As the one who oversees the Human Resources issues of our large parish, I bring many complex issues for the committee's consideration. In this work, I have found Nicole to be thoughtful, insightful, intelligent, and professional. She is a kind and good person guided by a strong moral compass."

Rich HarterArchdiocese of Southeast Wisconsin

 I worked with Nicole in the Human Resource Department of Marshall & Illsley Corporation. Nicole managed the compensation department while I was interning with the bank. Nicole provided me the opportunity to learn to work in a professional atmosphere and create networks that would allow for me to be successful in the business community. As a manager Nicole was clear and concise with the projects given to me. Nicole is very personable and is a great communicator. Nicole played an instrumental role in my ability to learn and grow as an employee and a person during our time working together."

Evan ReedSr Program Officer of Equitable Economic Opportunities

Who will I see?


Who will I see?
Nicole Schmidt - Profile
  • Results oriented, strategic human resources professional with over 20 years of progressive experience in various industries which include financial services, insurance, global manufacturing and non-profit sectors.
  • Provides sound advice to senior management regarding employee total rewards. Our focus is to work with you to develop strategies regarding organizational design, recruitment, performance management,  succession planning,  retention,  and pay equity review.
  • Maintains an exceptional level of confidentiality and integrity.
  • Passion to work with business managers in developing competitive total rewards strategies which include base, incentive/bonus, and benefit valuation throughout the employee’s life-cycle.  
  • Exceptional collaborative and partnership skills used in determining HR needs, facilitating change and increasing employee effectiveness to support the business strategy.
  • Proven success in organizational realignment to ensure internal fairness and market pay levels.
  • Strong knowledge of the job evaluation process to include know-how, problem-solving and accountability requirements when determining appropriate pay levels.
  • Coordinated overall total reward strategies with managers to attract, engage and retain their key employees through performance management and succession planning..


Contact


  • Brookfield Wisconsin, United States