AI can potentially revolutionize how we do many things, including workplace wellness.
In nearly every industry, artificial intelligence (AI) has already started to make its mark. As AI's influence grows, CEOs and decision-makers must begin preparing for its various implications for their organizations. In his recent annual shareholder report, JPMorgan Chase Chairman and CEO Jamie Dimon emphasized AI's transformative potential, likening its impact to major technological inventions of the past.
Dimon states, "While we do not know the full effect or the precise rate at which AI will change our business — or how it will affect society at large — we are completely convinced the consequences will be extraordinary and possibly as transformational as some of the major technological inventions of the past several hundred years: Think the printing press, the steam engine, electricity, computing, and the Internet, among others."
Dimon first mentioned AI's potential impact in his 2017 letter and reiterated in an interview with Bloomberg TV that "Your children are going to live to 100 and not have cancer because of technology. And literally, they'll probably be working 3½ days a week."
While in its infancy, AI is already deeply intertwined within JP Morgan, with more than 2,000 AI machine learning (ML) experts and data scientists in the organization. Over 400 use cases are in production, spanning marketing, fraud, and risk, with generative AI impacting software engineering, customer service and operations, and employee productivity. While the AI conversation is happening across all domains within organizations, one area that has yet to be discussed is AI and workplace well-being.
The State of Workplace Wellness
Workplace well-being sounds great in theory, but it often falls short in execution and even more so in actual impact. Despite the global wellness market projecting to reach $94.6 million by 2031, research suggests that traditional workplace wellness programs often offer minimal benefits. According to a study published in the Industrial Relations Journal, wellness programs frequently fail to improve employee mental health outcomes. However, as evidenced by initiatives within JP Morgan and other forward-thinking organizations, AI can potentially serve as a solution to improving workplace wellness in two key ways:
Early Detection and Personalized Support
The most compelling aspect of AI in the workplace is its ability to synthesize large amounts of data precisely. Much like how AI can help improve patient outcomes in a hospital setting, as the White House report shared, the same principles can apply on a smaller scale to organizations. Organizations can leverage AI algorithms to implement biometric monitoring through wearable devices to provide employees with impactful health insights. These insights, ranging from heart rate and activity levels to sleep patterns, enable early identification of health risks and personalized support interventions to help stave off potential issues such as employee burnout.
For instance, AI-driven wellness initiatives could potentially help address issues such as obesity, which is projected to affect 42% of the population by 2030, according to CDC data. Obesity isn't just a societal issue but an organizational issue, as obesity and excess weight cost U.S. businesses and employees more than $400 billion. By proactively identifying employee health risks, organizations can tailor interventions to individual needs, improving employee well-being and productivity while mitigating healthcare expenses, absenteeism, and presenteeism.
Real-Time Feedback Loops and Improved Financial Well-Being
Traditionally, assessing the effectiveness of workplace wellness initiatives relied on producing surveys and assessments. However, AI enables organizations to collect and precisely analyze real-time data on critical indicators such as employee participation, engagement, and company-specific program outcomes. By leveraging AI-driven insights and human input, companies are better equipped to adapt their wellness programs in real-time, improving employee engagement and talent retention by offering better care for each team member. Lastly, with detailed data available, companies can better track their spending and effectiveness, improving the organization's financial health.
The Future of AI-Driven Employee Wellness
As Jamie Dimon iterates in his letter, the full extent of AI's impact on businesses remains uncertain. However, one thing is clear: in today's dynamic and competitive business landscape, being forward-thinking and leveraging AI and other innovative technologies can provide a crucial edge for companies. AI-driven employee wellness initiatives can differentiate employers and create healthier, more profitable workforces.
