by Phil Kading
Amazon’s CEO Jeff Bezos tries to get at least eight hours of sleep a night because it helps him make far better decisions, while Elon Musk’s reported 120-hour workweek is taking a toll on his health and on the soundness of his business decisions. The respective sleeping habits of these two prominent leaders is something I heard referenced several times earlier this month at the 2018 Human Resource Executive Technology Conference & Exposition (HR Tech). This got me thinking about how, early in my career, working an all-nighter meant you put in super long hours to meet a deadline. It also meant you moved up a few notches on your company’s unofficial respect ranking. But today, an all-nighter means sleeping for at least eight hours so you can be your best self. Alas, most Americans get only 6.9 hours on a typical work night.
Where is all this talk of sleep (or the lack thereof) coming from? Its growing place in conversations among HR professionals has everything to do with the industry’s focus on holistic employee wellness, with many HR Tech sessions and conversations centering on the “health-wealth connection” and how employers can use technology—and even highly lo-fi solutions such as allowing your employees to nap on the job—to build wellness in both areas.
In a Thursday morning keynote, speakers Arianna Huffington of The Huffington Post and Jennifer Morgan of SAP shared that roughly 70 percent of U.S. employees feel burned out.
With nearly 8 of 10 companies identifying stress as a top workforce health risk, there is widespread recognition that something needs to change. There’s where technology comes into play. Companies are looking for technology to help their leaders and employees make better decisions and lifestyle choices.
Here are four more top wellness-related technology solutions that companies today are considering:
Artificial intelligence (AI) is being used to enhance decision-making and self-service. Because the low unemployment rate is making it more difficult to recruit the best talent, companies are looking to AI to apply advanced logic to find and screen potential candidates based on role-specific criteria.
Companies are stretching the definition of talent management to include ongoing talent engagement. Knowing that healthy employees are more likely to be productive and innovative contributors, companies are seeking technology solutions that help keep employees engaged from recruitment through performance management and beyond.
Leading players in payroll/professional employer organizations are moving into the human capital management space by expanding their offerings beyond payroll. Companies like Paychex and Paylocity are adding functionality in the areas of talent acquisition, recruitment and engagement.
More employers see HSAs as a “health and wealth” planning and savings tool for employees. Embedded in the many sessions and conversations about the evolving landscape of employee benefits were examples of the ways tax-free HSA dollars help employees save on healthcare costs while easing anxieties surrounding planning for out-of-pocket and unexpected medical costs. Several speakers and solution providers at HR Tech made the connection between reducing worries over financial challenges and thriving talent engagement programs.
For the many employer Partners WEX Health serves, I see these trends further emphasizing the importance of having deep, data-driven insight about their employees. Then comes the part where employers have to put those insights to use to deliver flexible and innovative benefit plans that encourage wellness, deeper levels of engagement and more “all-nighters” of worry-free sleep.
Want to learn more about Americans’ financial wellness? Read our posts about how excessive healthcare costs are reducing retirement contributions and how more than half of employers now offer HSAs to help with recruitment and retention.
Senior Director, Strategic Business Development at WEX Health
Phil leads the Business Development Team in driving enterprise business development campaigns and strategic partnerships that deliver innovative and incremental growth of consumer driven health solutions. Phil has over 15 years’ experience in the healthcare and IT arenas spanning multiple sales, marketing and business development leadership roles. Prior to his tenure at WEX Health, Phil spent 10 plus years at UnitedHealth Group where he had progressively enhanced leadership roles focused in commercial health insurance, wellness and data analytics highlighted by running client engagement for Optum Health’s Innovation Lab. In addition, Phil spent 2 years in health insurance and pharmacy benefit management consulting delivering analytical consultation to large employers. Phil received his BA in Business Administration- Human Resource Management and his MBA in Finance from the University of St. Thomas in St. Paul, MN.