Reward Strategies LLC

Human Resources Compensation Consulting

Balancing Fair Compensation with Employee Recruitment and Retention

Competitive Pay imageCompetitive Pay image
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:
There's no better time than now to create motivating 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!

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

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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.

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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.

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the Connect Show image

Hear tips and advice about hiring and retaining your employees during highly competitive times.
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 “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. Engel
Easterseals Southeast Wisconsin

 Nickie helped us during a critical juncture — we were in the midst of some unexpected team member transitions during our busiest time of the year. Made possible by her public company compensation experience, together with her incredibly collaborative approach and personable demeanor, Nickie was a major contributor to us not skipping a beat. We met all of our major project deadlines while we continued to make progress on the day-to-day. 

Andy Copps
Enerpac Tool Group

 Nicole assisted us in bringing our salary data up to date. We had a tight deadline to achieve this process and Nicole was committed to helping us meet our goals. Her amazing attention to detail in her reports helped us streamline our performance review process. I highly recommend her services and look forward to working with her in the future! 

Amelia Santiago
International Thermal Systems
Who will I see? image
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..

  • Brookfield Wisconsin, United States