Health care and other benefits costs are rising faster than ever. At the same time, there is a fierce battle to recruit and retain the top-performing employees, and the perceived value of a compensation and benefits package is very significant to most. Is there a way to reconcile these two trends, keeping employees happy while also holding the line on cost increases? Actually, yes. Total Reward Analytics, or TRA, is a new way to think about compensation and benefits packages, using technology to match both parties' needs.
Over the years, we’ve seen an explosion in the variety of benefits packages that employers offer. Features that motivate one set of employees may be completely irrelevant to a different set. Interests vary by life stage but also by location, job category, and other groupings that are less obvious. So why do so many companies persist in offering one-size-fits-all plans? Through our analytical techniques we can now see exactly which features offer the optimal combination of value to employees and cost-savings for employers.
TRA helps you identify the mismatch between what you’re spending and what employees value.
TRA allows organizations to identify the unique combination of rewards (health benefits, compensation, leave, etc.) that will allow them to engage and retain employees and save costs. It can also enhance recruiting efforts and lead to better employee engagement — even while saving a company money and providing a quantifiable return on investment.
Our process begins by tracking and analyzing the compensation and benefits decisions made by employees in real-time. This gives you deep insight into which aspects of a total reward package are valued by each employee group. So, we provide your employees with an easy-to-use interface that guides them through the task of comparing different elements of rewards and plan designs, customized with your branding and chosen areas of focus. The system adapts to an employee's responses with customized questions. We help you interpret your results, showing you how to translate your employees' responses into potential savings opportunities and a rewards program design that provides value to you and the employee.
Our Total Reward Analytics services complement other PwC talent analytics and predictive services programs by extracting insights from your HR Big Data. We use advanced statistical techniques to find the hidden patterns, so you can anticipate rather than react. From surveys and benchmarking to predictive services and people analytics strategy, we help our clients make fact-based decisions about human capital, creating meaningful change for employees, teams, and entire organizations.
We would love to learn more about you—and learn how we might be able to help. Take the next step: click here to start a conversation.