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Unlocking hidden sources of labor overspend
Bring your labor into sharper focus
Labor is one of the largest costs for most companies. For a typical Fortune 500 company, payroll is $1 to $2 billion per year, which averages between 50 to 60 percent of company spending. Where are your workforce costs hiding? LaborWise can help.
- About LaborWise
- How does LaborWise work?
- Identify, quantify, sustain
- Get in touch
- Join the conversation
LaborWise is a workforce-focused analytics solution that identifies, quantifies, and unlocks hidden sources of labor overspend, empowering organizations to optimize their workforce, drive sustainable savings, and improve productivity.
Cost savings per hourly employee: $200–$800
Based on Deloitte analysis, the average employer experiences payroll overspend resulting in excess labor cost equivalent to 0.5 to 2.0 percent of hourly payroll every year. If resolved, the average savings could be $200 to $800 per hourly employee annually.
How does LaborWise work?
- Enables workforce optimization by providing data analysis in three core areas: time & attendance, productivity, and scheduling.
- Builds a profile of key initiatives driving your labor costs and generates a system of reporting to remediate identified issues for sustainable savings.
- Provides performance, comparison, and context insights based on how pay and practice inter-relate.
- Allows for ongoing management and monitoring of labor costs without headcount reduction within the organization.
- Identifies savings that can help fund strategic initiatives within your organization.
Identify, quantify, sustain
The LaborWise solution unlocks hidden sources of labor overspend by:
- Identifying savings. Take action. LaborWise allows you to visualize the root causes of labor-related challenges and provides a roadmap for change to remedy those challenges.
- Quantifying savings. See exactly how you’re doing. LaborWise is designed to identify, quantify, fix and monitor labor cost and utilization through root-cause analysis.
- Sustain savings. Manage and sustain ongoing savings. With subscription and managed services, recurring uploads of data are analyzed to manage and sustain ongoing savings.
How Deloitte can help
Labor must be analyzed and understood within the context of the whole business. That’s where Deloitte excels—our Workforce Strategy & Insights practice brings a full-spectrum understanding of business and labor issues to every engagement, filtered through an industry and sector-specific approach. We know how businesses work, how labor contributes to their success—and how to drive change on this issue from the finance organization. With LaborWise, we combine our leadership in technology with business analytics to create sustainable value.
The 2018 report is now available on an enhanced digital platform. Access the HC Trends app here.
How do you use the answers analytics uncovers and put them to work in the form of labor cost optimization?