Can Singapore's love for tech drive staff retention?

Keeping top executives in Singapore is no easy task. But there is the very real possibility that the local love of technology, gadgets, and a growing awareness of health and wellness could combine to give smart businesses a real talent retention advantage.

As the Singapore labour market tightens, HR teams are coming under greater pressure to come up with something more interesting than a good salary and the standard benefits package to keep hold of individuals with critical skills.

The traditional corporate 'carrots' of gym and health club subsidies and corporate team building programs are not enough to have any impact on an employee's decision to stay. These benefits are basically perceived as just an add-on to the pay-cheque and do nothing for the employer-employee relationship.

But this could be about to change. Recent technological developments in the 'health tracking' sector now provide employers with a unique way to get closer to their key performers.

We are seeing the start of a technology-enabled benefits culture. Employers can now take a real interest in the health and wellbeing of their staff—from what they are eating, how much they are sleeping, and what stress levels they are sustaining. How does this aid in talent retention?

The more employers show they really care about their staff, the more likely key performers are going to stick around. Additionally, creating culture of 'wellness' within an organisation makes work a happier place to be.

If management cares, people perform better and sick-leave decreases. It is now as simple as providing employees with an attractive, customised device to be worn on the wrist.

The device isn't a smartphone, although it does many of the things a smartphone does. What's different is that it's equipped with a range of health sensors and a fitness tracking system that literally never leaves a person's side.

With Singapore's love for technology, staff will quickly get used to the speed and ease with which fitness and health can be tracked. More importantly perhaps, it is the addictive health tracking features that give highly competitive individuals a compelling reason to exercise, eat better, drink less, and sleep more.

Measureable results – day on day, week on week, month to month – the satisfaction that comes with nailing a goal or topping a personal best is certainly motivating for competitive individuals and high performers.

But when your employer is cheering you on, rewarding you for achieving wellness milestones, offering financial incentives such as reduced insurance premiums, and sponsoring your sessions with a GP coach – that's when an employee-employer relationship changes.

Of course fitness and health tracking apps are widely available. But liberating us from our smartphones has been a major issue.

Nike's Fuelband SE has gone a long way in establishing the concept of wearable tech and making it highly desirable. There has also been a boom in similar health-related tracking devices, most incorporated into smart phone systems through various apps. But with the launch of the Apple Watch in early 2015, this space is about to explode.

What this increase in available technology highlights though, is a very real opportunity for employers to engage more fully with employees on their total medical journey and in the process secure a competitive advantage in hiring and retaining top talent.

Needless to say the insurance industry is watching developments very closely. The ability to seamlessly monitor individuals' fitness levels, health statistics, nutrition, and sleep habits on a 24/7 basis impacts greatly on how the industry (and employers) deals with people risk. It will undoubtedly change the way we are insured.

There is already significant interest in investigating how new insurance products will offer employers and their employees increased flexibility in pricing and delivery when offered in tandem with the technology.

HR professionals involved in purchasing employee health insurance packages should take note. This technology could hold the key to decoupling retention from remuneration, lowering churn rates, and keeping employees happy, healthy, and most critically – loyal.

Of course issues of privacy and data sharing will need to be fully explored and protocols established to deal with the flow of data. How the data will be stored and if it may be wholly or partially accessed by third parties will also require rigorous consideration. But the opportunity is real.