Deloitte continues to develop its Total Rewards approach to the benefits market, driven through extensive research into the impacts of this holistic approach. Jason Flynn, a Principal at Deloitte, provides further insights into the firm's thinking on this topic and what the future holds for rewards management:
With the nature of work, the workplace, and the workforce rapidly changing, many high-performing organizations are pivoting to a more strategic view of rewards—looking beyond a paycheck and basic benefits to offer a compelling rewards program that considers the totality of the relationships organizations need to create with their workforce.
In the past, rewards offerings were generally limited to compensation and basic benefits, and rewards functions operated with a primary focus on cost management and operational efficiency. But the evolving demands of today's workforce requires new approaches from business, functional, and HR leaders. Workers' expectations now extend beyond a solid foundation of compensation and benefits to include recognition, development, and a holistic approach to well-being. Creating Total Relationships means building on the rewards foundation to offer personalized, flexible, and customizable experiences differentiated by workers' preferences—and driven by their expectations of the organizations for which they work.
