Knowing Me, Knowing You: How Wearable Technologies are Changing the Way We View Corporate Wellness

Picture a world where employees proactively share their health and lifestyle data with their employer, and reap the benefits of more effective wellness programmes. Picture a world where companies in turn benefit from happier and healthier and more productive workforces. That world is happening now.

We are now firmly in the era of wearable technologies, with billions of devices (like Apple Watches and Fitbits) in circulation and with the wellness technology market continuing at a rate of 5-10 percent each year , many employers are becoming aware of their value. Investing in corporate wellbeing has become an integral part of the modern workplace, with budget spendings on employees per individual annually reaching up to $600 in the US alone. Luckily, this is not going unnoticed! The National Financial Provider's U.S. Employer Benefits Survey for 2022 indicates that 50%+ of surveyed employers plan to expand their corporate wellbeing budgets between 5%-25%, opening up substantial new opportunities. What once seemed like a trend is becoming the industry standard faster than ever predicted.

What’s propelling this rapid acceleration in wearables technologies?

There is an unprecedented wave of personalised, accessible, predictive and proactive devices converging and transforming how humans interact with technology. From a wearable device strapped to your wrist to AI programs monitoring your mental wellbeing - we no longer have to interpret data by ourselves. Individuals can now make educated and informed decisions about their lifestyle choices for physical and mental enhancement without having to rely on a one-size-fits-all approach. This convergence combined with personalised insights has opened up a more informed and progressive lifestyle that would have been unthinkable only a few years ago.

Thus far, Apple's determination to lead the way in wearable technology has led to undeniable success and left competitors fiercely vying for second place. With a 30% market share, Apple reigns supreme in the arena of wearable technology. For years now, Apple has been able to fend off their rivals, the likes of Samsung, Fitbit, Huawei, and Xiaomi - each struggling for a space on the podium. This landscape is only becoming more crowded as technology continues to evolve at an exponential rate. The successful growth of this market isn’t just coming from the large multinational players – it is also being propelled by an influx of small and agile start-ups. These entrepreneurs are ready to challenge orthodoxies, drive innovation and embrace change.

Societies evolving perception of wearable technology:

Over the past decade, wearables have undergone a radical transformation; from clunky and unattractive pieces that simply track steps, to stylish, sleeker options like Oura and WHOOP which focus on fashion as much as their function. Manufacturers are demonstrating their technological prowess by merging fashion with cutting-edge features. This has led to user adoption increases, leading us towards a promising future of personalized healthcare and an abundance of data-driven consumer experiences. Brands have embraced this shift in public perception, becoming bolder in advocating for better living though health tech. It's a catalyst that will surely lead to further advancement and innovation in the way we interact with wearable products. For example: Oura's partnership with luxury company Gucci and WHOOP's foray into the apparel market with their new range of clothing - WHOOP Body.

Wellness starts with data protection:

For all the perceived health benefits, wearables face barriers in their adoption, many due to trust concerns. As Paul Daugherty, Chief Technology Officer of Accenture says; ‘trust is the ultimate currency’ and that’s particularly important when it comes to devices which have the capacity for obtaining personally identifiable health data – arguably one of the most valuable data classifications there is. When PwC polled more than 32,500 members of the public for its 2021 "Hopes and fears" survey, 44% expressed willingness to use sensors and wearables to track productivity in ways their employers could access. This suggests that workers understand the rise of remote work requires other ways of staying connected to their workplaces. Market players shouldn’t become complacent by this and should ensure privacy, security and ethics are placed at the top of their agendas.

Unfortunately, if implemented wrong, the results can be very damaging to both employee privacy and organisation trust. No one wants to feel like they are living under big brothers’ watchful eye or constantly being monitored by their employers. Such an outcome can be avoided only if personal data is respected and secured with thoughtful approaches. Fortunately, companies like TripleBlind stand out as an exemplar in managing date responsibly and ethically by anonymising data while driving secure collaboration. This forward-thinking approach sets a standard for companies looking to make use of their employees’ data in the safest way possible; allowing for further advancements in the space without sacrificing privacy.

How are organisations recognising value from these technologies?

Many organisations are already reaping the rewards from embracing wearable devices. Already what we are seeing is data-led corporate wellness schemes becoming the golden standard for the workspace. Employees who in previous decades were expected to 'burn out' for the benefit of the company's progress will no longer be treated with such disregard and instead a focus on well-being and balance will be seen as essential. As businesses transition to more remote working, burnout can still occur but with effective corporate wellness strategies which leverage wearables, this will be actively addressed and prevented, making life easier for those already struggling with mental health issues. Corporate wellness has vast potential to positively impact millions of people.

It’s important to recognise that wearable technologies are used in varied ways within companies. With over one billion wearables on the market, their application is limitless

Who’s already realising value from wearable and connected devices?

Apple Watch - Back in 2016, health insurance company Aetna announced a new “Attain ” wellness initiative relying on the power of the Apple Watch. That program has officially launched allowing their workforce of more than 50,000 individuals (and their customers) to earn real world rewards - up to a value of $300– including a free Apple Watch – in exchange for healthy behaviour.

Fitbit – Appirio , a San Francisco-based company, found a great way to save money without affecting its employees. By implementing a wellness program and giving each employee in the office 400 Fitbits, they were able to save up to $280,000 per year in insurance payments. The employees had the option of using either Chatter – an enterprise social network connected to Salesforce - or the special group set up within the Fitbit app in order to share some or all of their data with Appirio.

Oura Ring – ōURA's ambitious partnership with the Naval Health Research Center (NHRC) Warfighter Performance Department exemplifies the company’s focus on helping people better understand their health and wellbeing - an effort that further advances in 2023, when ōURA will provide its Oura Ring device to monitor sleep, fatigue, and health among Sailors of the Wasp-class amphibious assault ship USS Essex (LHD 2) for the CREW study.

WHOOP – At Hitachi Vantara, a select group of forward-thinking employees have taken their commitment to health and wellbeing to the next level. This opt-in pioneering initiative coupled with coaching from the company and reinforcement from WHOOP Unite customer success team is equipping employees with the knowledge, skills, and confidence needed to make lasting lifestyle changes for better overall health.

Ekso Bionics has been partnering with big name companies such as Boeing and Ford to revolutionize the way industrial workers perform their day-to-day tasks with industrial exoskeletons. The cutting-edge technology gives these laborers increased endurance throughout the work day, leading to improved efficiency, while also helping to reduce their risk of injury by giving them the physical support they need.

And these are just a few…

What does the new world of devices look like?

The world of wearable technology has evolved massively in recent years. What were once considered bulky, inaccurate and devices with limited functionality have now been replaced with a bursting portfolio of smart devices. These range from smart watches, connected rings, smart clothing, fitness bands and beyond. These devices offer continuous real-time monitoring across many areas such as heart rate, heart-rate variability, fertility tracking, skin temperature, glucose levels and hydration, to name just a few. The most revolutionary development in the industry lies on the horizon; soon, we can expect self-charging technology which will free us from day-to-day worries about charging times and battery life.

It's clear that the days of a one-sized-fits-all approach to corporate wellness has passed. The challenge then becomes scalability, cost and access, but with creative solutions like those offered by VastMindz , these issues can be addressed. Their AI based tools use the camera on everyday devices like smartphones and laptops to quickly analyse physiological parameters – creating quick and easy access while still providing scalability. As technology progresses even further, this model is likely only the beginning as we move towards symbiotic relationships between wearables, connected home appliances and connected cities. With a bold new horizon ahead, how far can we really go?

In conclusion:

A new wave of wearable technology lies before us, proliferating across every industrial sector imaginable. With wearables becoming ever more sophisticated and consumer-friendly, adoption will only grow and companies leading the way in corporate wellness programs will increasingly make use of thus trends – offering differentiated and imaginative corporate wellness programmes that come with improved employee health, productivity, and safety. How successful will they be depends on three key areas: employee trust, acting with integrity and protecting data privacy.

So how will you engage with these new wellness programmes? Will you join me as a trusting adopter and share your data for wellness benefits?

And if they know me, will they know you too???