Deloitte University Press
The reskilled HR team
HR professionals need an increasingly wide range of skills, not only in talent areas but also in understanding how the business works, makes money, and competes. How are HR teams staying current and viable?
Labor Cost Optimization
Stop payroll leakage
Enterprises could be overspending on labor by up to two percent or more of total annual payroll. If you’re like many leaders, you’ve exhausted traditional and painful initiatives aimed at cost reduction — perhaps with mixed results. And if your systems were implemented using the standard technology centric approach the outcomes were designed to mirror past processes rather than drive dramatically improved financial and operational results. New sources of measurable cost reduction are hidden in your business complexities and systems.
Deloitte is leading the industry in workforce management (WFM) enablement and can help your organization meet its cost saving goals by finding significant bottom line savings. Our clients are leveraging our advanced workforce analytics tool, LaborwiseTM and Labor Cost Optimization methodology to find, quantify and fix hidden sources of labor overspending and realize impactful labor savings. Deloitte offers tools and insights that can help clients achieve sustained savings, improvements in labor activity management and a workplace modeled around leading practices.
Labor Cost Optimization is taking center stage as a strategic workforce management imperative that can have a measurable impact on an employer’s ability to prevent and avoid labor overspending. WFM applications such as timekeeping, labor scheduling and absence management are where policy, people and practice converge and result in unintended cost and lost productivity. Rather than taking a financial approach to WFM, companies usually view their WFM system only as transactional back office applications — even though labor can be an organization’s single largest expense, usually accounting for 30 percent to 70 percent of total expenses.
WFM is a cross-disciplinary domain that necessitates integration with HR, Payroll, Finance and IT functions. To address this complexity, Deloitte brings the required deep knowledge in Labor Cost Optimization, Workforce Analytics, Workforce Management, Technology, Human Capital and Industry, along with the latest methods and practices. We guide you in your efforts in identifying your pain points to the establishment of a workforce management office and deployment of enabling technologies.
By combining ground breaking work in Labor Cost Optimization and hands-on knowledge of the latest software solutions, Deloitte is helping employers position their WFM technology for measurable, sustainable and transparent cost reduction and improved labor management and utilization. Our approach to achieving cost savings is a six step process that has a “design with intent” strategy at its heart.
HR organizations have been transforming themselves for years, making significant progress in reducing costs and improving operating effectiveness through HR system and process improvements, shared services, outsourcing and employee self-service.
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