Compensation & Benefits
As the cost and risk of compensation and benefit programs continues to increase, employers are searching for new and innovative ways to improve employee productivity and engagement. Deloitte practitioners help employers drive corporate performance by optimizing design, delivery, and management of compensation, benefits, and other rewards programs. As independent and objective advisors with deep expertise in compensation, healthcare, and retirement, we help our clients consider rewards in the context of the overall HR strategy and to focus on the optimal balance of employee value, employer cost, and risk management. Beyond deep technical expertise, our rewards advisors have broad business and industry experience to address complex rewards related business issues from strategy through execution. Further, we provide critical actuarial and investment expertise to pension plan sponsors and trustees so that they are assured their pension programs are being managed in an optimal manner.
In most strategic business plans people and talent management are seen as critical success factors. Transformation and restructuring of business models requires HR to be innovative. Cost-reduction and redundancy asks for creative and impactful measurements by HR.
Reward policy and performance management are trending topics on the HR agenda. The workforce and their needs are changing. Ongoing digitalization provides more opportunities to tailor rewards. Key-issues named by HR are:
- How to leverage change with rewards?
Desired culture is not supported by reward policies
Impact on rewards when redesigning performance management
‘Agile’ or new ways of working require new rewards design
- How to design rewards strategically?
Retaining and attracting true talent becomes priority
Increasing flexible part of workforce
- How to deal with compliance and transparency requirements?
Risk requires transparency
Mitigating financial risk
- How to fit rewards to the business?
A merger or acquisition requires harmonization
Need to reduce costs
Rewards aligned with (new) talent and business strategy
Fit for purpose HRIS
Deloitte has world-class business experience to effectively create transformational impact for our clients. Our multidisciplinary portfolio empowers Deloitte professionals to deliver deep business capability and industry insights across a broad spectrum of services and deliver cross border.
Our approach is based on collaboration: we combine your input and knowledge with our expertise and experience. Our professionals have expertise and proven experience in:
- compensation & benefits
- job architecture
- job grading and benchmarking
- executive & equity compensations
- employment law
Make rewards work!
Rewards is more than pay. Total reward is part of the Employee Value Proposition (EVP). Your total reward policy is a key-enabler for a successful business strategy. Business strategy and EVP are therefore always leading.
Changing rewards is dealing with people, stakeholders and labor relations. Stakeholder management is integrated in our approach.
Setting ambitious and realistic objectives and working in sprints ensure that (impactful) results can be realized at short-term:
- accepted change by stakeholders
- adding value to EVP
- enabling business strategy