Last week, TriBridge Partners hosted our inaugural Innovation Summit. This event featured five speakers, specifically curated for our clients and friends in attendance, from a variety of industries who are each on the cutting edge of their respective fields. The topics discussed included the future of financial wellness, mental health, healthcare transparency, Robotic Process Automation (RPA), Artificial Intelligence (AI), and HR Technology. Below is a brief recap of each of the presentations.
Financial Wellness- Sunny Day Fund– Sid Pailla and Rachel Fox
Sid and Rachel from Sunny Day Fund expressed the importance of financial wellness and its impacts on an organization from an employee and retention perspective. Right now, 57% of Americans have less than $1,000 in emergency savings, and 37% of Americans have taken loans or withdrawn early from their 401(k). Through the passage of Secure 2.0, platforms like Sunny Day Fund allow employers to encourage healthy saving behaviors from their employees through payroll-deducted, employer-rewarded emergency savings vehicles. Some of these emerging platforms not only assist with savings and emergencies but are also being leveraged to connect employer contributions directly to employee personal and professional priorities.
Mental Health- Ally Health– Michael Gough and Donnie Warren
Since the beginning of the COVID-19 pandemic, demand for mental health counseling has grown by 574%. However, the number of providers in the mental health space has remained relatively constant. Michael Gough and Donnie Warren from Ally Health discussed how virtual mental health benefits can improve the lives of employees and demonstrate ROI for employers. In today’s workforce, mental health benefits are an integral part of any benefits package. They presented the future of the supply-demand challenges and how employers are helping their employees get faster access to quality, comprehensive care.
HR and Finance Automations (RPA & AI)- 1Rivet– Eric Middleton
In a highly engaging session, Eric Middleton of 1Rivet discussed how organizations are incorporating Robotic Process Automation, Artificial Intelligence, and Chatbots into their HR and Finance functions. These technology advancements allow HR leaders to automate manual tasks like onboarding, payroll, HR reporting, etc., and focus on more strategic objectives. Eric also discussed the importance of working with the right technology partners and platforms as things like RPA and AI continue to grow in prevalence in the corporate world. The pricing and implementation support required to engage these strategies continue to decline which makes solutions more accessible to companies and organizations of any size, not just enterprise-level firms.
HR and Payroll Technology, Applicant Tracking Systems (ATS), and Human Resources Information Systems/Human Capital Management (HRIS/HCM)- Andrew Kibler
Andrew Kibler gave an unbiased look into the world of HR Technology and HRIS systems. In his session, Andrew discussed how recruiting is changing post-pandemic, how companies are leveraging technology and AI to proactively recruit, the evolution of HR technology, and the importance of analytics. He also provided insight on when an employer should utilize an “all-in-one” HRIS/HCM solution and when employers should look for pointed solutions that integrate with others.
Healthcare Transparency- Expion Health– Stella Chung and Mark Lawrence
With the cost of healthcare continuing to rise, Stella Chung discussed the increasing importance and availability of transparency of quality and price in a health plan. Transparency tools can help drive employees to better quality care while simultaneously saving employers money by lowering repeat visits and avoiding high-cost providers. Mark added to the conversation of transparency by giving a high-level overview of the pharmaceutical supply chain and discussed ways in which employers and employees can help manage the cost of prescription medications.
For additional questions or to attend our next Innovation Summit please call our office at 240-422-8799 or email Jessica Storck at Jessica.storck@tribridgepartners.com.
