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Total rewards strategy and optimization

Think holistically about employee well-being

Rewards have moved beyond a paycheck, retirement and insurance. Today’s workers also expect rewards that prioritize their overall well-being, enable professional growth and recognize performance. Deloitte’s Rewards and Well-being practice can help you define, deliver, continuously refine and optimize the ideal workforce experience.

Workers’ needs and expectations have shifted

Have your total rewards and well-being strategies kept pace?

Total rewards is the sum of an employee’s compensation, benefits and rewards received from an employer. These offerings have taken on new importance as employees embrace more flexible ways of working and expect an employment experience that matches their personal and professional priorities and promotes well-being. How well have your total rewards strategy and well-being strategy evolved for today’s hybrid workforce—and whatever tomorrow may bring? Here are some signs they may need updating:

  • Talent attraction/retention issues: The workforce has increasing agency. Unexpected attraction or retention issues could indicate your workforce value proposition isn’t in sync with the rewards, recognition and well-being needs of your current or desired workers or their families.
  • Mergers and acquisition (M&A) activity: As organizations grow or evolve through acquisitions or divestitures, a modern, flexible approach to rewards, recognition and well-being that is informed and influenced by workforce preferences can be the difference between success and mediocrity.
  • Cost management concerns: Responding to the “Great Resignation,” organizations committed significant financial resources to retaining talent, but that strategy is not sustainable in the future, especially during periods of financial disruption. The good news: there are other levers you can pull in order to optimize your rewards, recognition and well-being spend.
  • Inefficient or noncompliant rewards operations: Boards and C-suite leaders are under immense pressure to address increasingly apparent workforce risks and prepare to comply with a new SEC disclosure framework.
  • Outdated job architecture: The workforce of the future is changing and the infrastructure or hierarchy of jobs within your organization needs to change as well. This includes how you will embed well-being into the work itself in order to support the organization you want to become.

Evolving your total rewards strategy

Shift from rewards to workforce value

Part of navigating the complexities of work, the workforce and the workplace of the future is reevaluating your organization’s workforce value proposition for how to best support, reward and recognize your workers. Our holistic, workforce-centric approach, informed by organizational data and technology, helps you do just that. 

We work with you to design and implement a total rewards strategy based on flexible, equitable plans and programs that become naturally embedded in your workers’ everyday experience.

 

Building on this foundation, we can help you extend and accelerate your strategy beyond rewards, tying into other critical workforce experiences. Culture, well-being, recognition, and (for high-performing organizations) talent and performance management processes can all become part of a holistic workforce value proposition that distinguishes your organization as an employer of choice.

Focus areas for a modern total rewards leader​

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Meet new talent challenges by developing a consistent and tailored total rewards strategy that provides your organization with a renewed direction for program design and individual total rewards decisions.

Impact

Provide a more seamless experience by optimizing the structure of the total rewards function, adding new capabilities and enabling collaboration across and outside HR (through centers of excellence, shared services, and more).

Investment

Enhance decision-making and measure the success of your total rewards programs by using existing data alongside curated data, including employee sentiment.

Provide an effective and intuitive employee experience by leveraging technology and a best-in-class provider ecosystem.

Perspective

Deliver more efficiently and transparently as a total rewards function by prioritizing effective communications, consistent branding, and ease of access for employees while also identifying and prioritizing strategic objectives.

Services to move from strategy to reality

Our broad range of services gives you guidance and support to design, enable and activate your total rewards and well-being strategies. With total rewards optimization, you can stay agile and continue to meet your workforce’s evolving needs with the right people, tools and practices.

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Navigate complex workforce risks.

Organizations have traditionally viewed workforce risk from a limited HR governance, risk and compliance perspective. But today’s dynamic market landscape has created new challenges for organizations and increased risk exposure across their workforces, the type of work their workforces do and where the work is being done. This shift has extended exposure beyond regulatory and compliance risks to include financial, operational, brand, and cultural risks.

Deloitte’s Workforce Risk offering supports organizations in (1) understanding their degree of exposure to workforce risk, (2) framing this risk alongside and within other risk categories and (3) adopting leading risk mitigation and management practices.

Let us help:

● Apply a holistic lens to assess the multiple dimensions of workforce risk.

● Navigate the dynamic market, new/present challenges, industry disruptors and mounting internal and external pressures.

● Understand, measure and manage external and internal sources of workforce-related threats.

● Develop, implement and monitor strategies and solutions to align with workforce risk exposure.

Why Deloitte?

Holistic approach: Understanding and measuring the degree to which exposure to workforce risk is inherent while also developing and implementing strategies to mitigate and manage the spectrum of risks—regulatory, compliance, financial, operational, brand and cultural.

Comprehensive subject matter knowledge: Deep understanding of end-to-end processes related to the workforce, bringing a fresh perspective and holistic solutions to address a broad range of potential workforce-related threats and challenges that arise in today’s risk landscape.

Tailored solutions: Specific and agile solutions aligned to evolving risks that occur while navigating complex workforce issues.

Market leader: Unmatched thought leader and trusted adviser in the workforce risk space, providing end-to-end risk analyses based on industry-leading experience.

Dig deeper: Managing workforce risk

Get in touch: Reem Janho Principal | Workforce Risk

Create an environment where people can flourish.

Workforce well-being encompasses all the factors related to work that impact an individual’s mental, physical and financial health as well as social connection, growth and purpose. Considering these components together enhances the overall workforce experience by building and sustaining an environment where all workers can feel and perform their best.

At Deloitte, we support a holistic approach as the catalyst that drives employee health, safety and engagement. By improving well-being, organizations can better understand workforce needs during and after periods of disruption and become safe havens in an unpredictable world.

Let us help:

● Consider interventions across the work, workforce and workplace to create a sustainable strategy that goes beyond benefits and rewards and designs well-being into work.

● Meet leaders’ responsibility to understand workforce mental health and address employee resilience given the implications for both individuals and the organization.

● Use a multifaceted, human-centered approach to consider worker needs and preferences related to their physical, mental, financial and social well-being while helping connect organizational purpose to individual goals.

● Provide scalable well-being and mental health solutions, from current-state assessments and strategy development to end-to-end program support and analytics.

Why Deloitte?

Well-being pioneer: Track record of supporting our employees’ well-being and mental health and one of the first to appoint a chief well-being officer.

Focus on you: Objectively and independently serve you without distraction or solution-revenue incentive.

Innovation: Fresh perspective and approach to break boundaries and create forward-thinking strategies.

Collaboration: Curated accelerators and workshops, supported by Insights2ActionTM and Global Human Capital Trends research, to explore the art of the possible.

End-to-end service: Breadth and depth of capabilities to support you from strategy through execution.

Get in touch:
Naomi Bradley | Managing Director
Lynda Boggs | Principal, Government & Public Services

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Deloitte's Reward, Employment Tax, Equity and Executive Compensation Services

Navigate complex compensation and tax reporting while enhancing employee experience and transparency and strengthen executive compensation packages to adapt to the latest competitive market trends and expectations from regulators and investors.

The Deloitte difference

Broad experience. Deep insight.

Our work with organizations around the world and in virtually every industry, as well as our more than decade-long ongoing research into global human capital trends, means we can provide you with deep insight into creating and optimizing a total rewards strategy and offerings that workers value and that add value to your business.

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Deloitte’s 2023 Global Human Capital Trends: New fundamentals for a boundaryless world

The boundaries that were once assumed to be the natural order of things are falling away as disruption and discontinuity challenge traditional models and assumptions about work. Organizations and workers must traverse this new landscape together, calling on a new set of fundamentals to navigate the boundaryless world.

Explore more than 10 years of research and trends

Breaking from tradition with skills-based rewards: Reshaping your organization using a skills-based rewards structure

Once introduced, skills-based organizations will provide workers with increased mobility, greater incentives for developing the right skills at the right time, and greater ability to influence their own career paths as they take on new roles within their preferred areas of interest.


The future of total rewards

To balance the ever-evolving needs of the business with needs of the workforce, leaders must begin thinking beyond just their total rewards programs, and instead, consider how the total rewards experience fits into the overall workforce value proposition.


Insights2ActionTM

With the nature of work, the workplace, and the workforce rapidly changing, high-performing organizations are pivoting to a more strategic view of rewards—looking beyond a paycheck and basic benefits to offer a compelling rewards and wellbeing program that considers the totality of the relationships organizations need to create with their workforce.

More to explore

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Let's talk

Learn more about how Deloitte Total Rewards Strategy can help your organization deliver a compelling and sought-after workforce experience and enhance employee well-being through total rewards optimization.

 
 
 
 
 
 
 
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Get in touch

Naomi Bradley

Naomi Bradley

Managing Director | Deloitte Consulting LLP

Naomi has more than 20 years of experience helping companies across a variety of industries design, deliver, communicate and manage the financial, and human resources aspects of total rewards programs... More