April 18, 2017

How can companies and individuals benefit from Wearable Technology?

The office space of the future will eventually include wearable technology as standard, according to many industry experts. With new technology in use, employees would not only be able to screen their health, boost productivity, and increase motivation but also raise the company’s profit by using technology in a new and interactive way.
Many companies consider new solutions to manage the rising cost of healthcare and promote a less stressful, more engaged, and collaborative workplace by advising their employees to use wearable tech, such as smart-watches and fitness bands, as a tool to monitor their health attributes during a work day.
The following collection highlights a few workplace wellness statistics of the challenges faced by organizations in today’s workplace environment:
1. 62% of workers cite work as a significant source of stress, and one-third lose an hour a day in productivity due to stress(1)
2. 40% of Millennials (ages 18–33) report that workplace-related stress has increased over the past year; nearly half do not believe they are doing enough to manage their stress(2)
However, companies that promote a healthy lifestyle at work as their core value can see significant improvements in employees’ attitudes and work ethics. The Human Cloud at Work (HCAW) study by Goldsmiths, University of London, found that wearable tech could boost both employee productivity by 8.5% and job satisfaction by 3.5%. 53% of companies believe wellness initiatives improve productivity and cut healthcare costs.
Over the past five years, we saw a quick rise of many start-up companies, such as Lyft, Wish, Snapchat, DraftKings, and more(3), that weren’t shy to adopt new technology and use it to their advantage. With wearable tech in the workplace, companies could expand quickly and efficiently and remove workplace boundaries that previously limited workforce imagination.
According to an industry expert, companies will benefit from creating future collaborative workplaces and adopting new technology such as VR headsets, personal theatre headphones, smart glasses, Apple Watch, wearable cameras, smart clothing, body sensors, and more wearables that can shake the traditional showcasing of innovative business ideas and improve employees’ health and wellness.
Industry experts predict that more than 75 million devices will be deployed in workplaces by 2020(4), and both companies and their employees could benefit from the wearable tech opportunities that would create work environments where workers can maximize productivity and health.
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