Deloitte Announces LaborWise(TM) New Features to Improve Productivity, Engagement and Operational Efficiencies
NEW YORK, Oct. 10, 2017 /PRNewswire/ -- Deloitte today announced updated functionality for LaborWise(TM), its workforce analytics product that unveils hidden sources of labor overspend. The revamped version of LaborWise not only identifies labor overspend, but finds relationships between overspend and workforce productivity, helping executives enhance employee productivity, performance and engagement.
"After using LaborWise with dozens of organizations, we discovered that labor overspend is not just a cost issue, but a barometer of human capital practices that affects sales performance and customer service," said Pat Russo, principal, Deloitte Consulting LLP. "An organization's workforce is its most important asset. It's critical for organizations to optimally use the power of their workforce to maintain competitive advantage. LaborWise's new functionality takes our people analytics capabilities to a new level, and organizations can now focus on labor costs and performance in one holistic process."
Deloitte analysis finds that a typical Fortune 500 company spends $1 billion to $2 billion per year on labor, which accounts for approximately 50 to 60 percent of companies' operating expenses. At that volume, labor overspend amounts to an average of $30 million per year, or 0.5 to 2 percent of hourly payroll.
LaborWise is designed to help reduce labor costs by analyzing workforce data for nine causes of overspend including overtime, missed punches and canceled meals. The latest version builds upon this capability by drawing connections between overspend and sales performance and other operational metrics. Empowered with this new data, companies have identified, quantified and sustained long-term savings.
"Many of our clients didn't realize how actionable their workforce data was until we ran it through LaborWise," added Russo. "Not only can organizations realize significant savings after using LaborWise, they are then able to reinvest that savings into the organization for other strategic priorities. We consider LaborWise to be an essential tool for any human capital transformation that seeks lasting changes in their workforce."
To learn more about LaborWise, visit its web site.
About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including 80 percent of the Fortune 500 and more than 6,000 private and middle market companies. Our people work across more than 20 industry sectors to deliver measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to make their most challenging business decisions with confidence, and help lead the way toward a stronger economy and a healthy society.
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SOURCE Deloitte
