NEW YORK, Nov. 1, 2017 /PRNewswire/ -- Deloitte announced today that it has acquired Bug Insights' human resources analytics rewards optimization offering. Through this offering, Deloitte clients will be able to determine what their employees value most from their rewards programs, a critical step on the journey to creating a total relationship with employees that can generate advantage in a market environment where talent is a company's most important asset.
The rewards optimization offering leverages trade-off analysis and employee preference measurements to give companies the specific information they need about their employees' attitudes, helping to empower organizations to design effective and customized compensation, benefits and rewards programs. As organizations compete to retain and attract top talent, the rewards optimization tool delivers data-driven insights that result in total rewards packages. These packages help allocate costs more effectively and better satisfy the needs of employees, potentially leading to increased retention rates.
"Organizations around the world are hyper-focused on creating an irresistible employee experience to keep top talent," said Erica Volini, principal, Deloitte Consulting LLP, and U.S. human capital leader. "As employees' demands shift, organizations are recognizing the need for strategic management of their total rewards programs. Traditional compensation and benefits packages aren't cutting it. By harnessing the power of data and engaging employees directly, companies can use these tools and rewards programs as a strategic enabler to strike at the heart of what employees really value."
The new product offering speaks to the growing importance of employee engagement. As demographic shifts and technological disruption transform the workforce, many companies are placing a higher premium on holistic program offerings and more customizable experiences for employees to attract and retain top talent while continuing to manage costs. In fact, Deloitte's 2017 Global Human Capital Trends Report found that 81 percent of organizations identify talent acquisition as a crucial issue, and 83 percent consider the employee experience to be of paramount importance.
Despite these trends, Deloitte's recent Total Rewards Survey revealed that only 1 in 5 organizations currently has a fully integrated rewards program. Forty-one percent of respondents' companies offered partially integrated rewards strategies (where compensation and some rewards programs are benchmarked and designed together), and 39 percent of respondents' strategies were not integrated at all (with compensation and benefits being benchmarked and designed separately). Further, costs were identified as the biggest influencer of an organization's total rewards strategy.
Tailoring rewards programs can provide solutions to these obstacles. The total rewards optimization tool offers tech-enabled rewards optimization. Its powerful data analysis can yield reward packages that 70-80 percent of employees prefer to their current package. Simultaneously, companies can achieve cost savings by eliminating waste and reinvesting savings.
"Effective human capital balance sheet management is a differentiator in today's competitive market," said Mike Niciforo, principal, Deloitte Consulting LLP. "Adopting an agile approach to rewards management is key to ensuring organizations are investing in the right rewards programs to not only motivate their current workforce, but also help plan for the needs of the workforce of the future."
"I am excited that the Bug Insights team and technology will be joining Deloitte Consulting, a quality organization, with an impeccable brand and world class consultants," said Garry Spinks, managing director, Deloitte Consulting LLP, and co-Founder of Bug Insights.
For more information, please visit the Deloitte Human Capital Consulting site.
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