Workday Announces Workday Wellness, A New AI-Powered Solution to Help Companies Deliver More Personalized Health Benefits

Rhea-AI Summary

Workday (NASDAQ: WDAY) has announced Workday Wellness, an AI-powered solution set to launch in early 2025. This innovative platform will provide companies with real-time insights into employee benefits preferences and usage. Key features include:

1. AI-driven recommendations to improve benefits programs
2. Real-time data exchange between employers and wellness partners
3. Integration with Workday Illuminate and Workday Peakon Employee Voice for sentiment analysis
4. Comprehensive view of all benefits programs with alerts for underused offerings

The solution aims to help companies create more personalized wellness experiences, potentially leading to healthier, happier, and more engaged employees. Workday Wellness will be available to early adopter customers of Workday HCM in early 2025.

Positive

• Introduction of AI-powered Workday Wellness solution to enhance employee benefits management
• Real-time data exchange feature to provide up-to-date insights on benefits utilization
• Integration with existing Workday products for comprehensive employee sentiment analysis
• Potential to improve employee engagement and retention through personalized benefits offerings

Negative

• Product not available until early 2025, potentially allowing competitors to develop similar solutions

Tech Expert

Workday's new AI-powered Workday Wellness solution represents a significant advancement in HR technology. By facilitating real-time data exchange between employers and wellness partners, it addresses a critical gap in benefits management. The solution's ability to provide AI-driven recommendations based on employee sentiment and usage data is particularly innovative.

The integration with Workday Illuminate and Workday Peakon Employee Voice creates a comprehensive ecosystem for benefits analysis. This could potentially disrupt the HR tech market, offering a competitive edge to Workday in the increasingly important employee wellness space. However, the 2025 early adoption timeline might allow competitors to catch up, potentially diluting Workday's first-mover advantage.

Market Research Analyst

The introduction of Workday Wellness aligns with growing market trends. With 43% of organizations using or planning to implement wellness solutions, Workday is tapping into a significant market opportunity. The real-time data exchange feature addresses a pain point for HR departments, potentially increasing efficiency and reducing costs.

However, the success of this product will largely depend on its adoption rate and the actual impact on employee engagement and retention. The delayed availability until 2025 might affect investor sentiment in the short term, as the financial impact won't be immediate. Long-term prospects look promising if Workday can execute effectively and maintain its technological edge in this competitive space.

Workday Wellness Delivers AI-Driven Recommendations to Help Companies Select and Invest in Wellness Programs that Employees Want

First-of-its-Kind Solution Seamlessly Connects Companies with Wellness Partners, Enabling a Real-Time Data Exchange to Enhance Employee Wellbeing

LAS VEGAS, Sept. 18, 2024 /PRNewswire/ -- Workday, Inc. (NASDAQ: WDAY), a leading provider of solutions to help organizations manage their people and money, today announced Workday Wellness, a new AI-powered solution that will provide companies with a real-time view into which benefits and wellness offerings their employees want and use. Workday Wellness will empower companies with AI-driven recommendations on how to improve their benefits program so they can deliver a more personalized wellness experience for their employees.

"Great benefits can help organizations attract and keep employees, but it can be difficult to know which offerings they really want," said Cristina Goldt, general manager of workforce and pay, Workday. "By harnessing the power of data and AI, Workday Wellness will empower companies to make more informed decisions about their benefits and wellness offerings – ultimately leading to healthier, happier, and more engaged workers."

Enabling AI-Powered Insights and Experiences via a Real-Time Data Exchange
Companies that want to access their benefits and wellness data – e.g. participation, utilization, claims, and more – have to ask their providers for it, which can take weeks and may be out of date by the time it's received. Workday Wellness facilitates a real-time data exchange between employers and wellness partners to make it easier for companies to access and view this data in real-time.

This exchange will also empower wellness partners and companies with faster, more accurate insights into which offerings employees are using, so they can improve programs and seamlessly add new offerings within Workday Human Capital Management (HCM) to adapt to employee needs. This also helps wellness partners see how their plans are doing, improve them, and enroll customers faster.

Using Employee Feedback and Wellness Data to Understand What Employees Want
Leveraging Workday Illuminate and employee sentiment data from Workday Peakon Employee Voice, Workday Wellness will help enable companies to understand how employees feel about their wellness offerings in real-time. For example, it can show if employees want child care assistance, early retirement options, more mental health or dental selections, better paid leave programs, and more. This helps companies create and invest in wellness programs that employees really want. 

Workday Wellness gives companies a clear and comprehensive view of all their benefits programs. It includes alerts for underused programs and provides actionable, AI-driven recommendations to improve them – enabling companies to deliver personalized programs that drive engagement and reduce costs.

"HR leaders understand that benefit offerings are important to employee recruitment and retention. Our research shows that 43% of organizations currently use a wellness solution or are planning to implement one in the next year," said Stacey Harris, chief research officer and managing partner, Sapient Insights Group. "By enabling a data exchange between its customers and wellness partners, Workday will give customers the opportunity to leverage AI to get valuable insights into benefit investments and to create better employee experiences."

Availability
Workday Wellness will be available to Workday HCM early adopter customers in early 2025.

For More Information

• Learn more about Workday Illuminate, the next generation of Workday AI.
• Register to attend Workday Rising sessions in the digital program:
  • Community Keynote: Let's Take Work Forever Forward, Together, Sept. 18 at 9:00am PT.

About Workday
Workday is a leading enterprise platform that helps organizations manage their most important assets – their people and money. The Workday platform is built with AI at the core to help customers elevate people, supercharge work, and move their business forever forward. Workday is used by more than 10,500 organizations around the world and across industries – from medium-sized businesses to more than 60% of the Fortune 500. For more information about Workday, visit workday.com.

© 2024 Workday, Inc. All rights reserved. Workday and the Workday logo are registered trademarks of Workday, Inc. All other brand and product names are trademarks or registered trademarks of their respective holders.

Forward-Looking Statements
This press release contains forward-looking statements including, among other things, statements regarding Workday's plans, beliefs, and expectations. These forward-looking statements are based only on currently available information and our current beliefs, expectations, and assumptions. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties, assumptions, and changes in circumstances that are difficult to predict and many of which are outside of our control. If the risks materialize, assumptions prove incorrect, or we experience unexpected changes in circumstances, actual results could differ materially from the results implied by these forward-looking statements, and therefore you should not rely on any forward-looking statements. Risks include, but are not limited to, risks described in our filings with the Securities and Exchange Commission ("SEC"), including our most recent report on Form 10-Q or Form 10-K and other reports that we have filed and will file with the SEC from time to time, which could cause actual results to vary from expectations. Workday assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by law.

Any unreleased services, features, or functions referenced in this document, our website, or other press releases or public statements that are not currently available are subject to change at Workday's discretion and may not be delivered as planned or at all. Customers who purchase Workday services should make their purchase decisions based upon services, features, and functions that are currently available.

View original content to download multimedia:https://www.prnewswire.com/news-releases/workday-announces-workday-wellness-a-new-ai-powered-solution-to-help-companies-deliver-more-personalized-health-benefits-302251544.html

SOURCE Workday Inc.

FAQ

What is Workday Wellness and when will it be available?

Workday Wellness is an AI-powered solution that provides companies with real-time insights into employee benefits preferences and usage. It will be available to Workday HCM early adopter customers in early 2025.

How does Workday Wellness use AI to improve benefits programs?

Workday Wellness uses AI to analyze employee sentiment data and benefits usage, providing companies with actionable recommendations to improve their benefits programs and create more personalized wellness experiences for employees.

What is the significance of the real-time data exchange in Workday Wellness?

The real-time data exchange in Workday Wellness facilitates faster and more accurate insights into employee benefits usage, allowing companies to quickly adapt their offerings and helping wellness partners improve their plans and enroll customers more efficiently.

How does Workday Wellness integrate with other Workday products?

Workday Wellness integrates with Workday Illuminate and Workday Peakon Employee Voice to analyze employee sentiment data, providing a comprehensive view of benefits programs and employee preferences.