Rewards to Relationships

New rewards focus—workforce experience

In the past, the emphasis on compensation and benefits, or total rewards as these programs have been historically called, has remained primarily on cost management and operational efficiency.

But the evolving demands of today’s workforce require new approaches from business, functional, and HR leaders. Individuals want more from their job than just a paycheck, a retirement plan, and insurance. They are looking for a sense of purpose, meaningful work, development of new skills and capabilities, and a supportive manager while being sustained through rewards and recognition programs that are designed based on workforce preferences and to address workers’ well-being.

This means that in order to motivate their workforce, employers can no longer solely focus on financial incentives. Rather, they need to consider the connection between themselves and their workforce by creating a broader relationship that prioritizes the employee’s physical condition, emotional resilience, social connections and financial health.

This shift from rewards to relationships is critical to creating and embedding a workforce experience that stands alone as a differentiator in attracting and retaining the high-talent workers of tomorrow.

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More than rewards… it’s about objectives and aspirations

For employers, the workers they want to attract and retain are those that help them achieve the business objectives of today and the business aspirations of tomorrow.

For workers, they want to find an employer that is fully committed to supporting their personal and professional objectives of today and their known and unknown personal and professional aspirations of tomorrow.

This is the essence of "relationships," where both the employer and the worker collaborate on the workforce experience that aligns to organizational brand and helps to achieve each other’s objectives and aspirations.

Creating a total relationship requires organizations to no longer design and deliver rewards as independent pieces in a one-size-fits-all approach. Rather, C-suite leadership must now make a concerted effort to drive a culture of relationships, differentiated based on what workers value and need, to meet their objectives and aspirations.

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Relationships: The worker perspective

Benchmarks only tell you what everyone else is doing. Deloitte has the experience and guidance to help you understand your workers’ needs and preferences, which is critical to establishing successful relationships with them.

Now, more than ever, is the time to act, to create and embed an workforce experience that stands alone as a differentiator in attracting, motivating, and retaining the high-talent workers of tomorrow.

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Navigate with confidence

Deloitte is the right strategic adviser to guide you along the transformation journey from rewards to relationships.

Recognized

• Deloitte Consulting is recognized as a Global and Vanguard leader by ALM in 2019 across Compensation, Retirement, and Health and Wellness Consulting

Strategic

• We made the business decision to remain a strategic adviser:
  
  • Not focused on the transactional aspects of rewards
  • Not attached to business models that focus on the ways of the past
    

Innovative

• As an employer, we have introduced innovations in our relationships with our workforce, resulting in better outcomes in talent acquisition, retention, employee engagement, and bottom-line business results

Independent

• Deloitte is the only firm that can independently advise you from strategy through implementation on every aspect of your relationships with your workforce

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