19 minute read
Strategies
The challenges of remote worker pay
Time to review your pay rates, job descriptions
AS SOME EMPLOYERS transition their employees back to the office environment, management needs to determine which jobs are essential to be on-site versus which jobs can operate effectively in a remote environment.
When interviewing for new roles, offering a remote-work option may be helpful in attracting more candidates.
However, there are downsides to having all employees work remotely. Lack of employee engagement, poor or ineffective communication, understanding of culture and promotional opportunities – these are all impacted if the employee is not physically in the workplace. In addition, the geographical location of where an employee works could directly impact the rate a new candidate is paid.
For those roles where you have determined remote work is an option, does it really matter if the new employee lives in the same city where your company resides? What about existing staff? Now that your employees can live anywhere, log in and continue to work for you, do you need to pay them the same “big-city” rate? You want to pay your employees fairly for the job they are performing. But it may come down to why would a company pay a much higher salary than is competitive for a certain job? For example, if your company is in New York City and one employee is working out of their home in Des Moines, do you need to pay them at the premium New York rate?
Take some time now to review your employee pay rates. Time is of the essence since the market is moving quickly. You would hate to lose key employees just because you have not assessed their pay compared to market rates. All components of compensation should be considered when doing a market analysis. Base pay is just the starting point. Base, incentive pay, commissions, benefits and perks all need to be considered when comparing an employee’s compensation to market rates of pay.
Employees who work a hybrid of at-home and on-site should continue to be paid consistently with the location they report, even if only a few days each week. Those employees who rarely, if ever, are expected to come into the office are in a different situation. Remote workers may not be affected by cost of living in a major metropolitan area. Items such as high apartment rent, food/restaurants, transportation and parking are all additional costs for those living in a large metro area.
If the employee chooses to work in a rural or suburban area, these additional costs are not as dramatic. Alternatively, if the employee lives and works in a community with a high cost of living, higher than where the main office is located, they should be paid according to the local market where they reside. Most organizations have not made the decision to reduce pay for existing employees if they work remotely. However, many organizations are giving consideration to paying new employees at the market rate of pay of where they live. It just makes sense. Unless you require the employee to come into the office on a regular basis, why would you pay them at bigcity rates if they are working at home in small town USA?
A thorough review of current job descriptions is in order. Your employees have gone through a significant shift over the past 18 months. If your company experienced layoffs, those job duties normally would have been reassigned to others. Additionally, if some of the staff is working in the office and some staff is working from home, can you assume that the person working from home is doing the same level of work remotely?
I’m just saying, an assessment of responsibilities needs to be performed. Both the remote worker and the office worker may, in fact, be doing exactly the same job and the market analysis should reflect that. However, there may be dramatic difference in cost of living if the remote employee does not need to pay high rent, transportation, parking, etc.
This is also a good time to review your employees’ pay compared to each other. A diversity review of employee pay, both compared to market and their peers, will allow your management team to ensure fairness across the board. Bottom line: It is imperative for you and your company to be proactive in the salary review process in this highly competitive job market. n
NICOLE SCHMIDT
Nicole Schmidt is a human resources consultant and the owner of Reward Strategies LLC (hrrewardstrategies.net). Previously, she was a global compensation manager for A.O. Smith. She can be reached at rewardstrategies@yahoo.net.
The power of focus and resilience
Attributes leaders need to confront a challenge
BUSINESS LEADERS have long debated the benefits of focus and opportunism when it comes to finding new markets and boosting efficiency and profitability. Ideally, we have learned to be nimble enough to catch a new business wave and simultaneously clear-eyed enough to employ business practices that generate profit.
Ideally.
What often happens is that waves of general optimism or pessimism skew our sense of possibility and cloud our vision one way or another. Unbridled enthusiasm can lead to overplayed hands, heated forecasts, and squandered resources chasing fading rainbows.
Conversely, gloomy news of one sort or another – disease, freak accidents like giant moored cargo ships, or shortages of coveted supplies like plastics or microchips – can cause a pullback in investments of all kinds. A wait-and-see attitude too often throws a cloak over opportunity.
We are living through a period that no one saw coming and few were prepared to handle. As in all crises, some have done exceptionally well while others barely held on or collapsed. I have been privileged to work with a group of CEOs from a variety of industries, from consumer goods to manufacturing to technology to banking. The pressures on each of their companies bore similarities at times and departed sharply at others.
Two assets were of prime importance: focus and resilience.
Focus, in terms of paying close heed to the things that impacted employees, company values, supply chain challenges and company earnings. These words are easy to capture; the day-to-day decision making around what to pay attention to and what to be aware of but not direct energy toward is one of management’s greatest demands. Trust hinges on these judgments and every individual within an organization views them through a very personal, and at times painful, lens.
The same is true for any leadership team. COVID-19 has been a helter-skelter scourge, impacting individuals and families in profoundly different ways at unpredictable moments. Where company leaders were expected to set policy for this heretofore unprecedented invasion, they, too, were suffering its effects – some early on; some not until quite recently. Personal experience tended to shape attitudes as we awaited direction from health officials. Trust was rare. Judgment, though we tried hard to avoid it, was inevitable.
And so, resilience became the second asset of critical value. Leaders who could take in a multitude of sometimes-conflicting information, decide how to share it with people who rely on them for guidance, and issue policy decisions (subject to change) became the go-to people in their companies.
It is worth pausing here to note that these leaders felt the same pressures as everyone else. They had every reason to punt decisions, stay flexible (i.e., not make decisions), or change their minds on a dime – or a new health directive. As they and their families felt the effects of the disease, they were challenged to choose a path despite enormous personal uncertainty.
The most effective leaders over the past year in my experience were those who allowed for debate, expression of concern and fear, who shared their own uncertainties in measured quantities, and who decided to step forward with guidance. They were humble, yet firm. Strong in a way that allowed discomfort, yet charted a course forward.
Their personalities differed tremendously. Some may have been considered authoritarian, save for the way they listened. Some may have been considered untrustworthy, save for the way their actions matched their words. Some may have been considered compromised, save for the way they looked their people in the eye, accepted uncomfortable emotion, and stayed true to their word.
It can be fashionable these days to judge people according to political ideology, economic circumstances, or other superficial notions of our time. Strong leaders understand these land mines and are prepared to stay true to the mission of their companies, find employees who are willing to work, learn, and excel in their fields, and have the courage to support human excellence in all its manifestations.
Your focus on growth, mastery and celebration of excellence has enormous influence on those around you. Your resilience in the face of challenge, showing grace to those who may be confused and agitated, while staying true to the development of your strengths, is an act of courage. Both are essential if we are to find our way out of a particularly dark and difficult time.
Leaders focus on what’s possible. They are willing to pay a short-term price to have a shot at a longer-term benefit that lasts far beyond their engagement. They look for individuals who are willing to develop the talent to focus on what matters and the resilience to endure flak along the way. They are looking for you. n
SUSAN MARSHALL
Susan Marshall is an author, speaker and the founder of Backbone Institute LLC. For more information, visit backboneinstitute.com.
Pandemic spurs innovation
Technological changes have been accelerated
THE COVID-19 PANDEMIC has been miserable by any stretch of the imagination. But there have been some silver linings.
The pandemic accelerated technological changes at a rate never seen before, and there’s no putting that genie back in the bottle.
For example, McKinsey & Company opined, “We have vaulted five years forward in consumer and business digital adoption in a matter of around eight weeks.”
And Microsoft’s CEO Satya Nadella said, “We’ve seen two years’ worth of digital transformation in two months.”
What will be the long-term impact?
Todd McLees, a well-respected innovation strategist who focuses on the future of work, has identified major transformations that were compressed into 10 months, which might’ve taken 10 years to become a full reality. Some of those include: 1. Remote work. In one survey, employees were asked if they would prefer a $30,000 raise or the opportunity to work remotely and opted for remote work. 2. E-commerce. Consumers purchased almost 14% of all products online last year, which is a historical record, and that trend shows no sign of returning to lower numbers. 3. Artificial Intelligence. The pandemic forced businesses to accelerate augmenting human intelligence with artificial intelligence that included better speech
recognition, improved medical diagnoses, autonomous vehicles, and the ability to see patterns in research. 4. Videoconferencing/virtual collaboration.
What was a small fraction of all meetings in the United States has become a predominant form of interaction. Clearly, it will subside somewhat as people return to offices, but it will never return to pre-2020 levels. 5. Robotic process and automation. By 2025, the time spent on tasks at work by humans and machines will be equal. By 2030, as many as 800 million people globally could be displaced by the adoption of automation, and 375 million will likely need to change their occupation. Seventy-five million U.S. workers will require retraining. 6. Telemedicine. Several studies show that telemedicine, especially psychiatry, is up over 300% during the pandemic with no signs of abating. Regular health care has been impacted dramatically by virtual visits and engagements for website communication with primary care physicians and specialists. 7. Entertainment industry. Ask yourself how dramatically your habits have changed in watching movies and other entertainment offerings during the pandemic. There’s a reason Netflix stock has exploded in value. 8. Employment tenure. Gen Z employees entering the workforce today will average 17 jobs in five industries. Sixty-five percent of today’s young learners will have a job that has not been invented yet.
So, what does it take for an employer or leader to survive this dramatic transformation and acceleration of technology?
First and foremost, employers need to recognize that their workforce and the average employee will require skills historically reserved for management. That includes the ability to be continually flexible, have an adaptive learning mindset, demonstrate personal creativity, interact well with fellow employees, virtually or otherwise, and most importantly, exhibit “disciplined curiosity” about everything on the radar of their companies.
I highly recommend a “boot camp” approach to onboarding new employees that would include intense training on creativity and corporate innovation tools. Unless employees are using the same playbook to drive improvements in their organization, chaos will result.
There needs to be dedicated points in which employees are encouraged to refresh their skills and learn new skills because of the degree of transformation going on in the workplace.
Lastly, a lot of money is wasted on new product initiatives or services that cost the company money. Curtis Carlson, the CEO of Practice of Innovation, a Silicon Valley consulting company, wrote in the Harvard Business Review this year that companies need to have a more disciplined approach to innovation by training employees to present solutions to customer challenges through almost jury-type formats, in which experts and fellow employees react to their ideas before a significant amount of money is spent on any given project.
That final thought should help guide dramatic experimentation with new technology for your organization as it experiments with new innovation and pivots continually to see what works. n
DAN STEININGER
Dan Steininger is an author, national and international speaker, and business advisor. He is president of Steininger & Associates LLC, which helps companies drive innovation. He can be reached at DSteinin@execpc.com.
Tip Sheet
Building leads through email marketing
Arecent article by SCORE argues that marketing through email remains one of the most effective methods, even as social media marketing grows in popularity. The article cites an industry finding that for every $1 invested in email marketing, businesses see an approximate $49 return on investment. This method is affordable for small businesses with limited digital marketing budgets, and it doesn’t require special equipment, but email marketing is most impactful when executed correctly. SCORE shared some tips: 1. Test run
This might seem obvious, but it’s important to test emails before hitting the send button. Running a test not only allows for any edits to the format or copy of the email, but it also ensures the email isn’t sent to spam. SCORE suggests asking a few colleagues to sign up for a test email list, so you can send the email and ask for feedback. Things to look for include professional format, easy-to-read content and readability on a mobile device. 2. Email list maintenance
SCORE says regularly “growing and cleaning” your email list is crucial to boosting leads. Businesses should incentivize potential new subscribers with “lead magnets,” such as access to a free eBook, case studies, coupons or discount codes, and webinars.
Clean your list by removing inactive subscribers and flagging spam accounts. 3. Optimize and streamline
“Optimizing your emails through client segmentation is a great way to increase your lead conversion rate,” says SCORE, which recommends segmenting your audience by location, new subscribers and loyal customers. This will allow you to build targeted campaigns specific to the preferences of each group. 4. Call to action
Capitalizing on email marketing leads requires calls to action (CTAs), which are
“written or visual directives” that lead subscribers to make a purchase and become customers. n
WWBIC
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2:30 PM Small Biz Market 4:00 PM Program
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Celebrating a 150 year anniversary last year, the Familia Torres fifth generation today continues to carrying the winery’s legacy into the future while upholding its values. Their legacy includes an international presence in more than 150 countries, a staff of more than 1,300 and investments in R+D totaling three million euros.
WWBIC supports entrepreneurs with financial & business education, one on one coaching and lending.
BIZ PEOPLE Advertising Section: New Hires, Promotions, Accolades and Board Appointments
BANKING
Adyniec Joins Cornerstone Community Bank Commercial Lending Team
Andrew Adyniec
has joined Cornerstone Community Bank as a commercial lender. He has an accounting background, and comes to Cornerstone with over 10 years of banking experience, most recently as a small business development officer.
EDUCATION
New YWCA Southeast Wisconsin Board of Directors Member
Jomarie Coloriano
leads student support in the Multicultural Program at Gateway Technical College and also serves as an adjunct instructor at the College.
BANKING
Michael Murphy
named AVP, regional mortgage sales manager for North Shore Bank
North Shore Bank today announced Michael Murphy as assistant vice president, regional mortgage sales manager. He has more than 25 years of experience and will be responsible for assisting customers with financing their homes.
FINANCIAL SERVICES
Wipfli promotes Steven Barnes to principal Wipfli, a top 20 CPA & consulting firm, promoted Steven Barnes to principal. He provides construction & real estate clients cost segregation studies, allocation of purchase price and depreciation catch-up studies, Section 179D and 45L certifications.
BANKING
Cornerstone Community Bank Promotes Todd
Novotny
Cornerstone. Community Bank is pleased to announce the promotion of Todd Novotny to VP-Commercial Lender. He has served as a commercial lender for Cornerstone the past two years, and brought with him 18 years working in banking as a mortgage lender.
FINANCIAL SERVICES
FACC Welcomes New Business Technical Assistance Associate
First American Capital Corporation is pleased to announce that Corrie Beula Kovacs has joined the team. Corrie’s role as a Business Technical Assistance Associate will focus primarily on providing management and technical assistance to borrowers.
FINANCIAL SERVICES
Wipfli promotes
Andrew Potasek
to principal Wipfli, a top 20 consulting firm headquartered in Milwaukee, promoted Andrew Potasek to principal. Andrew helps clients streamline processes and align technology to business objectives with digital road mapping, analysis and design.
INTERIOR DESIGN
Kelsey Lauritzen
promoted to Account Executive
Creative Business Interiors’ Kelsey Lauritzen has been promoted to Account Executive. Prior to the promotion, Lauritzen served as an Interior Designer at Creative for five years. In this new role, Lauritzen will manage all aspects of client projects.
INTERIOR DESIGN
Creative Business Interiors Brings On New Designer Creative welcomes Kylie Arett as Interior Designer. Kylie is a graduate from Kansas State and holds a B.S. in Interior Design. Kylie will be working with the design team to create space planning solutions that achieve client goals.
INTERIOR DESIGN
Creative Business Interiors Welcomes
Anna Roenitz
Anna Roenitz has joined Creative’s design team as Interior Designer. Anna hold a BS in Architectural Studies & Interior Design from the University of Missouri-Columbia. In this position, Anna will create strategic space plans for client facilities.
INTERIOR DESIGN
Creative Business Interiors Names
Rebecca Brown
Vice President
Creative Business Interiors has promoted Rebecca Brown to Vice President. Brown previously served as the Director of Business Development. Brown’s proven leadership makes her the foundation for the next generation of senior management at Creative.
INTERIOR DESIGN
Creative Business Interiors Expands Marketing Team Creative welcomes
Becca Young
as Writer and Marketing Coordinator. Becca will be responsible for developing digital marketing strategy and enriching brand identity through storytelling. Becca holds a MS in Marketing and BA in Art from UW-Milwaukee.
BANKING
Zimborski Joins Cornerstone Community Bank Commercial Lending Team
Chad Zimborski
has a finance background, and comes to Cornerstone with over 11 years of business banking experience. He will provide full-service relationship banking services to small business and commercial real estate customers.
FINANCIAL SERVICES
Christopher
Hamilton joins the Associated Bank commercial banking team in Milwaukee. Hamilton joined Associated as SVP & team leader, Commercial Banking. He’s held the position of SVP of Commercial Banking at U.S. Bank and VP of BMO Harris / M&I Bank where he began his career in Consumer Banking and later joined commercial banking.
INTERIOR DESIGN
Creative Business Interiors Hires
Madison Carbon
Creative gladly announces Madison Carbon as Furniture Project Manager. Madison joins their team with an associate degree in Interior Design from MATC. As an FPM, she will be responsible for developing strategic commercial furnishing solutions.
NONPROFIT ORGANIZATION
New YWCA Southeast Wisconsin Board of Directors Member
Bobby Griffin III
serves as Chief Diversity, Equity & Inclusion Officer for Rockwell Automation.
NONPROFIT ORGANIZATION
New YWCA Southeast Wisconsin Board of Directors Member
Brigitte Hyler
Richerson is an Organizational Development Program Manager with Advocate Aurora Health Care and has over ten years of experience in talent development.
ANNOUNCEMENTS
To place your listing, or for more information, please visit biztimes.com/bizconnect
COMMERCIAL REAL ESTATE
HGA Welcomes
Angie Choy
Edwards as Chief Financial Officer
HGA is pleased to welcome Angie Choy Edwards as Vice President and Chief Financial Officer. Edwards succeeds Kent Mainquist who retired after 22 years. With over 25 years of experience in corporate and operational finance, Edwards will drive strategies for the firm and its 11 regional offices, contribute to strategic planning by defining and analyzing financial goals, manage budgeting, new market opportunities, and M&A. She has held finance leadership positions with best-in-class companies in the Milwaukee area, including Johnson Controls and ManpowerGroup. Edwards has an MBA in Finance from Marquette University.
FINANCIAL SERVICES
Wisconsin Bank & Trust Promotes Kohlbeck to President
Doug Kohlbeck
has been promoted to President of Wisconsin Bank & Trust and will serve on the bank’s Board of Directors. Kohlbeck joined the bank in July of 2020 as Executive Vice President of Commercial Banking; he has served as a leader in the commercial and business banking space for over 25 years at various financial institutions. In his role, he will continue to strategically align the commercial team for growth and this promotion reflects his hands-on leadership to help Wisconsin Bank & Trust grow across the state.
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HEALTHCARE
MyPath Names
Tenecia Waddell-
Pyle Director of Diversity, Equity & Inclusion
MyPath, an employee-owned disability services & support organization with locations in Wisconsin and Indiana, named Tenecia Waddell-Pyle the organization’s first Director of Diversity, Equity & Inclusion (DEI). As MyPath’s Director of DEI, Waddell-Pyle will oversee the cultivation of an inclusive environment that reflects diverse ideas, experiences and backgrounds. Some of her role will include design and facilitation of DEI education programs and policies, expanding employee resource groups, overseeing supplier and workforce diversity, community engagement opportunities and serving as a mentor for employee owners.
