Bug Insights ’ human resources analytics and rewards optimization offering in November 2017 was acquired by Deloitte Consulting.
Viewed as a critical step on the journey to creating a total relationship with employees, the offering allows employers the ability to determine what their employees value most from their rewards programs. It leverages trade-off analysis and employee preference measurements to give companies specific information about their employees’ attitudes, helping to design customized compensation, benefit, and rewards programs that satisfy the needs of employees while leading to increased retention rates.
As demographic shifts and technological disruption transform the workforce, many companies place a higher premium on holistic program offerings and more customizable experiences for employees. This supports the findings of Deloitte’s 2017 Global Human Capital Trends Report, which 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 Total Rewards Survey reveals that only 1 in 5 organizations currently has a fully integrated rewards program. 41 percent of respondents’ companies offered partially integrated rewards strategies (where compensation and some rewards programs were benchmarked and designed together), while 39 percent of respondents’ strategies were not integrated at all (with compensation and benefits being benchmarked and designed separately).
Tailoring rewards programs can provide solutions to obstacles in the path of total rewards optimization. Tech-enabled rewards optimization’s 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.