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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-Outdated job architecture: The workforce of the future is changing and the infrastructure or hierarchy of jobs within your organization needs to change as well.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.

Rewards strategy and design
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.

Total rewards organization
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).

Data and technology
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.

Operations and service delivery
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.