The Growth of Wellbeing Tech in 2024

It’s vital to stay on top of mental health. This is true not only on a personal level, but on a professional one too, and not just for individuals. Supporting the wellbeing of staff can truly bolster businesses, with research suggesting that an initial investment of £80 per employee in promoting wellbeing initiatives can result in a saving of £600, thanks to higher productivity and lower absenteeism.

This makes it unsurprising that in a survey we at HR Technologies UK conducted with over 1000 HR professionals, participants reported that investments in wellbeing technologies would grow this year. 68% of those surveyed identified that HR technology plays a pivotal role in enhancing employee wellbeing. An even stronger majority of 94% acknowledged the direct link between a business’s adoption of technology and their team’s improved engagement and retention.

But what can technology do to improve a person’s mental health? Solutions such as mood trackers, recognition & reward services and learning resources have been steadily improving for years. With the emergence of AI, these solutions and more – including AI chatbots and virtual assistants – have skyrocketed. This hasn’t been lost on the HR community, with 22% believing AI will be integral to wellbeing technology in 2024.

We asked Paige Bennett, Director of Experiential Marketing at AwardCo, one of our Platinum exhibitors, to weigh in on this topic:

“At Awardco, we are thrilled to witness the growing trend of businesses recognising the paramount importance of investing in HR technology to enhance employee wellbeing. Our commitment to fostering a positive workplace culture aligns seamlessly with the surge in organisations prioritizing the holistic health and happiness of their workforce. The results of this survey underscore the pivotal role HR technology plays in shaping a thriving and resilient workplace. As a leader in this space, we remain dedicated to providing innovative solutions that empower organisations to prioritize their most valuable asset – their people.”

Of course, while this technology can be invaluable for managing, monitoring and responding to potential mental health challenges, it’s important as always to note that it’s a tool. At the end of the day, human supervision and action always has to be employed when dealing with matters of a person’s wellbeing. That said, proper utilisation of the right tech can make it far easier to know when this action may be needed, and what to do when it is. Ultimately, it’s all about communication, a sentiment echoed by Gareth Spencer, EMEA Marketing Manager at Firstup, one of our Gold exhibitors:

“Communication is the real key to health and well-being. By talking, and listening we can really help understand others, ensure they feel valued and engender a feeling of belonging. In the workplace, this is just as important and that is why we see our clients relying on their Firstup platforms to engage their employees with messages personalised to each of them, just where and when they need and value them most of all and by creating communities for teammates to share and interact with each other - no matter where they are located in the world. These individualised communications are shown to be vitally important in retaining talent but also have a positive effect on productivity.”

This recognition and investment in wellbeing is part of a wider growth in HR tech investment. 2023 saw lots of businesses putting their money where their people are, with over half of respondents reporting to have spent at least £50,000 on HR technology during the year. It won’t be stopping there, either, with 37% of businesses looking to increase their HR tech budget by 20% or more over the next 5 years.

“These findings showcase a significant shift in how businesses approach employee wellbeing. They recognise the power of HR technology to personalise support, address mental health needs, and foster a more engaged and productive workforce." – Nicki Morris, Group Exhibition Director, HR Technologies UK

Interested in getting to grips with the current state of technological wellbeing solutions? Register for your visitor’s pass to HR Technologies UK, where you can learn more in depth about specific solutions, and the industry as a whole, all for free.