As Pandemic Fatigue Sets In at Work, Employers Try to Help

People are tired. Between a global pandemic, economic crisis, social unrest, & political upheaval, the past year has been physically and emotionally draining for just about everyone, and perhaps most for essential workers.

Across industries, workers struggling with pandemic fatigue are facing burnout more than ever. For leaders, keeping these employees engaged and motivated is a challenge in itself. While some leaders are turning to incentives like gift cards and cash to help support employees, others are taking a softer approach, investing in relationships and focusing on workplace communication.

Money Talks

When the pandemic began, the hospitality industry fell off a cliff, says Liz Neumark, founder and CEO of Great Performances, a catering company in New York City. She knew keeping everyone employed would be difficult until her business could find another source of revenue apart from events, which eventually came in the form of preparing meals for essential workers and people unable to quarantine at home. While some of her employees, such as those in sales or event production, saw salary reductions, chefs, kitchen staff, and other employees making food for essential workers kept their full salaries and got help with transportation as well.  

The founders of P. Terry’s, an Austin, Texas-based fast-food restaurant chain, give employees gift cards and cash to help pay for groceries and offer them interest-free loans. They also incentivize employees to participate in community and civic causes, including paying hourly wages for volunteer work.

Justin Spannuth, chief operating officer of Unique Snacks, a sixth-generation, family-operated hard pretzel maker in Reading, Pennsylvania, increased hourly wages by $2 for all 85 of his employees. The company also hired additional temporary employees to provide a backup workforce. Spannuth says the move helped persuade employees with possible symptoms to stay at home by easing the guilt that employees can have about not coming in and potentially increasing the workload on their colleagues. 

“The last thing we wanted our employees to do was get worn out from working too many hours and then have their immune system compromised because of it,” says Spannuth.

Helping Employees Connect

Andrea Ahern, vice president of Mid Florida Material Handling, a material handling company in Orlando, Florida, says it was difficult to keep morale up when the business was clearly struggling; employees were uncertain about the company’s future, and their own. To help ease the stress, the company held a wide array of picnic-style meals in the company’s parking lot. It was a light distraction that still followed Centers for Disease Control and Prevention guidelines. Now, she says, morale has started to rise.

“With the release of the vaccine and the so-called ‘light at the end of the tunnel,’ we’re starting to see the industry get a lift in activity, and associates feel good when they know their jobs aren’t at risk. However, it wasn’t always this way.”

These kinds of events can, of course, also take place virtually. Company leaders across industries are encouraging staff to treat Zoom as a virtual water cooler. But while casual online gatherings after work can help colleagues maintain friendly relationships, they can also contribute to “Zoom fatigue”–the drained feeling that comes after a long day of video calls, which often require more concentration than in-person meetings.

Matt McCambridge, co-founder and CEO of Eden Health, a primary/collaborative care practice based in New York, says while his teams hold regular virtual water coolers, they switch it up. For example, the company hosted an interactive “dueling pianos” virtual event over the holidays, as well as a magic show. 

Better Communication From the Top

Communicating support work-life balance at a time when many people are remote and facing trauma is critical. Neumark notes that when her catering company was pivoting and in the process of providing hundreds, if not thousands, of meals, the team was relying mostly on sheer adrenaline. Months later, now that the novelty is gone and fatigue has fully set in, the boundaries she set are crucial.

One rule, for example, is weekends off, unless there’s an urgent, unavoidable request. “The weeks are still so intense, and people need their private time right now,” says Neumark.

It’s essential that leaders understand the issues their employees may be facing and not try to gloss over them, says Dr. Benjamin F. Miller, a psychologist and chief strategy officer of Well Being Trust, a foundation aimed at advancing mental and social health. “When your boss is pretending that everything is OK, it doesn’t create a conducive work environment for someone to talk about having a bad day,” says Miller. That’s one reason virtual water coolers often fail, he notes. While they’re great at getting people together, there’s little benefit if people can’t speak openly and honestly.

It’s also OK to tell employees that you, as a leader, are not having an easy time. Showing vulnerability doesn’t show weakness, Miller adds. You’re setting an example that shows that it’s OK to be honest and acknowledge that not everyone is not having the best time. If you aren’t aware that someone is in a crisis, he says, you may lose the opportunity to reach out to that person and help.

By Brit Morse@britnmorse

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ZDoggMD

Cases rising, news orgs banging the drums of doom, yet Americans seem to be throwing up their hands. Here’s what’s up with #pandemicfatigue​, LIVE. Transcript, audio podcast, and more: https://zdoggmd.com/pandemic-fatigue-…​ Your support keeps this content independent and awesome, so join the Supporter Tribe to get exclusive videos, live discussions, and other crazy perks: YouTube: https://www.youtube.com/user/zdoggmd/…​ Facebook: http://facebook.com/becomesupporter/z…​ Patreon: http://patreon.com/zdoggmd​ PayPal: https://www.paypal.me/zdoggmd​ Merch! https://supportertribe4lyfe.com/​ (Facebook and YouTube supporters get 25% off) Website: https://ZDoggMD.com​ Podcast: https://ZDoggMD.com/podcasts​ Facebook: http://facebook.com/zdoggmd​ Newsletter: http://eepurl.com/gD8_D1​ Twitter: http://twitter.com/zdoggmd​ Instagram: http://instagram.com/zdoggmd

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U.K. Hit By Worst Economic Contraction On Record Amid Covid-19 Pandemic

Britain’s economy shrank by a record-breaking 9.9% in 2020, new figures by the Office of National Statistics show, highlighting the impact of Covid-19 restrictions, employment uncertainty and reduced demand, with limited growth in the final quarter narrowly avoiding a double-dip recession.  

The Office for National Statistics said Friday that the U.K.’s economic output fell by 9.9% in 2020, the largest annual fall on record.

Though the economy grew 1% in the last quarter when looser restrictions boosted the services industry, overall output was down 7.8% from the last quarter of 2019, the ONS said. 

The slump is twice that of the 2009 financial crisis and is possibly the worst in 300 years, with models from the Bank of England suggesting a decline of 13% during the Great Frost of 1709.

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U.K. finance minister Rishi Sunak said the figures show that the U.K. has suffered a “serious shock” as a result of the Covid-19 pandemic.

“While there are some positive signs of the economy’s resilience over the winter, we know that the current lockdown continues to have a significant impact on many people and businesses,” Sunak said, adding that his focus “remains fixed on doing everything we can to protect jobs, businesses and livelihoods.”

Key Background

The pandemic and associated public health restrictions made for an economically bumpy 2020, especially in economies like the U.K. which are heavily reliant on services. In the U.K., the first and second quarters of 2020 shrunk the economy by 2.9% and 19% respectively, but there was record growth of 16.1% in the third as restrictions were lifted. 

Tangent

In contrast, the U.S. economy shrank by a record 3.5% in 2020, the worst year since the aftermath of World War 2.    

What To Watch For

Strict public health measures and a resurgent wave of Covid-19 infections driven by a dangerous new variant of the virus have the U.K. economy likely falling again in 2021. While the U.K. has the worst coronavirus death rate in the world, it also has one of the best vaccination records, priming the country for an economic comeback. The BBC reported Bank of England Chief Economist Andy Haldane describing the economy as a “coiled spring” ready to release large amounts of “pent-up financial energy”.

 Further Reading

GDP first quarterly estimate, UK: October to December 2020 (ONS)

UK economy suffered record annual slump in 2020 (BBC)

UK economy shrinks by most in 300 years (Financial Times) Follow me on Twitter. Send me a secure tip

Robert Hart

Robert Hart

I am a London-based reporter for Forbes covering breaking news. Previously, I have worked as a reporter for a specialist legal publication covering big data and as a freelance journalist and policy analyst covering science, tech and health. I have a master’s degree in Biological Natural Sciences and a master’s degree in the History and Philosophy of Science from the University of Cambridge. Follow me on Twitter @theroberthart or email me at rhart@forbes.com 

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BBC News

The “economic emergency” caused by Covid-19 has only just begun, according to the UK’s Chancellor Rishi Sunak, as he warned the pandemic would deal lasting damage to growth and jobs. Please subscribe HERE http://bit.ly/1rbfUog​ Official forecasts now predict the biggest economic decline in 300 years. The UK economy is expected to shrink by 11.3% this year and not return to its pre-crisis size until the end of 2022. Government borrowing will rise to its highest outside of wartime to deal with the economic impact.

The government’s independent forecaster, the Office for Budget Responsibility (OBR) expects the number of unemployed people to surge to 2.6 million by the middle of next year. It means the unemployment rate will hit 7.5%, its highest level since the financial crisis in 2009. Newsnight’s Political Editor Nick Watt and Policy Editor Lewis Goodall report. #BBCNews#Newsnight#Coronavirus​ Newsnight is the BBC’s flagship news and current affairs TV programme – with analysis, debate, exclusives, and robust interviews. Website: https://www.bbc.co.uk/newsnight​ Twitter: https://twitter.com/BBCNewsnight​ Facebook: https://www.facebook.com/bbcnewsnight

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Five Lessons From The Pandemic Light A Path Forward To The Future Of Work

Finally, we are nearing the end of the 2020 tunnel and seeing encouraging glimmers of light. While the pandemic is not yet under control, we do have promising vaccine news as 2021 approaches, and many countries in the Asia-Pacific region have returned to on-site work. We see stabilization in US government after months of uncertainty, and the beginning of commitment and action to address longstanding racial and social justice inequities.

At a more granular level, these months of operating in survival mode have provided valuable insight into how organizations and people can truly move forward from this disruption and position themselves to navigate the future disruptions that are bound to occur. In short, we see a path toward thriving, not merely surviving.

The lessons learned over the past eight months bring sharp focus to global human capital trends that have been evolving for years—trends in well-being, reskilling, superteams (combining humans with machines), workforce strategies, and the role of HR. Even more, these lessons reinforce the overarching need to build the human element into everything an organization does in order to create lasting value for workers, organizations, and society at large.

1. Human potential is our greatest untapped asset.

Organizations have tended to think about what people can do in terms of the bullet points on their resumes and job descriptions. But none of us really knows what we’re capable of and what our limits are until we’re tested and pushed to those limits. The past eight months have been a defining test. They’ve taught us that people can operate differently. They can adapt and perform in ways far beyond what their jobs and roles specifically call for and do what has to get done.

We must now challenge how we think about the workforce and use technology to help identify and unleash human potential within and beyond the organization. This includes retaining the magic that comes from empowering people to break through hierarchy and bureaucracy, lead at all levels, and roll up their sleeves to get the job done.

2. True top-of-the house leadership looks like nothing we’ve seen before.

For years we’ve talked about “tone at the top” and the importance of top-down leadership. Now we have stellar examples of what that looks like: examples of CEOs being more transparent and human than they’ve ever been before. This includes opening dialogues on tough issues like racism and well-being and allowing them to be front and center, and generally leaning into issues that go way past the traditional C-suite agenda.

Senior leaders now have the opportunity to embody the organization’s purpose—its set of values supporting economic, social, and human interests—to infuse meaning into work that mobilizes employees around common, meaningful goals.

3. Leadership and culture are about connection and empowerment.

As people isolated at home, team leaders became the organization’s lifeline. It became their responsibility to not only focus on outcomes and organize the work accordingly, but also think about the moments that mattered culturally and foster trust in the organization. If they didn’t have empathy, listening skills, the trust of their teams, and the ability to communicate, manage, and lead, work suffered or at times didn’t get done at all.

Going forward, leaders and teams at all levels (not just higher levels) must develop capabilities that enable them to work and lead effectively while supporting the human needs of their team and representing the organization’s culture.

4. Work is the most underutilized source of value.

Work is more than simply the output it produces. It’s a powerful human force—a way for people to connect to a purpose, feel motivated, build relationships, and showcase their true capabilities. Yet no one is responsible for driving work transformation, keeping up with the pace of change, or harnessing what it can bring to the enterprise.

Organizations now have the opportunity to re-architect work for the future, not as a mechanized process, but as a flow that aligns with ways humans think and engage, and that continues to evolve. By its handling of COVID-19 challenges, HR has earned the right to spearhead this effort on behalf of the organization.

5. Ecosystems are essential to extend organizational capabilities.

The sheer enormity of the past year’s challenges proved the value of being able to leverage external partners and resources to accomplish what organizations couldn’t do on their own. For example, one transportation industry CEO related to us that, given the company has no Chief Medical Officer, he was able to enlist a top academic medical center to provide that guidance. In another example, we’re working with a group of 10 CHROs to build a cross-organizational learning program aimed at moving Black and Latinx professionals from the director to the executive level.

Going forward, organizations should deliberately cultivate an ecosystem of partners, vendors, alternative workers, and professional networks, realizing it’s the new reality of how work gets done.

From hard-learned experience to a leap forward

It would be a tremendous waste to treat the past year as a detour—a momentary delay that leads us right back to the path we were on. Instead, we need to treat 2020 as a shortcut that showed us how to leapfrog to our desired destination: a place where we’re not merely surviving, but thriving.

With the end of 2020 in sight, we have the means to createthe light we want to step into. There’s no “waiting for a better time”—the time is now. We’ll be sharing more insights on how organizations can get this done in the coming weeks in Deloitte’s 2021 Global Human Capital Trends (sign up to receive a copy here).

This piece was co-authored by Jeff Schwartz, principal and US leader for the Future of Work, Deloitte Consulting LLP.

Erica Volini

Erica Volini

Erica Volini is the Global Human Capital leader for Deloitte Consulting. Throughout her career, she has worked with some of the world’s leading organizations to link their business and human capital strategies. She is a frequent speaker on how market trends are shaping the future of work and the HR profession and is a recognized thought leader in the trends shaping the world of human capital today.

Steve Hatfield

Steve Hatfield

Steve Hatfield is a Principal with Deloitte Consulting and serves as the Global Leader for Future of Work for Deloitte. He has over 20 years of experience advising global organizations on issues of strategy, innovation, organization, people, culture, and change.

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IAEAvideo

A new global initiative will use nuclear science to better manage pandemic threats, such as COVID-19. The IAEA Zoonotic Disease Integrated Action (ZODIAC) project will establish a global network to help national laboratories in monitoring, surveillance, early detection and control of animal and zoonotic diseases such as COVID-19, Ebola, avian influenza and Zika. ZODIAC is based on the technical, scientific and laboratory capacity of the IAEA and its partners and the Agency’s mechanisms to quickly deliver equipment and know-how to countries. Subscribe for more videos: http://goo.gl/VxsqCz Follow IAEA on social media: Facebook – https://www.facebook.com/iaeaorg/ Twitter – https://twitter.com/iaeaorg Google+ – https://plus.google.com/+iaea Instagram – https://www.instagram.com/iaeaorg/ LinkedIn – https://www.linkedin.com/company/iaea © IAEA Office of Public Information and Communication http://iaea.org

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How The Pandemic Has Changed Our Lives in 2020

To say that 2020 was a year unlike any other would be putting it mildly. The COVID-19 pandemic left few parts of daily life unscathed. From forcing legions of children to attend school via Zoom to revising how we work, travel, and shop for food, here’s a look at some of the most notable ways life changed in 2020.

Related: Americans’ Top 10 Biggest Fears About the Coronavirus Pandemic

With urban hubs like New York City making headlines for being COVID-19 hotspots, the suburbs have never been quite so appealing. A variety of studies have found that Americans of all demographics began adopting suburban life during 2020. In particular, the moving resources and information company MyMove conducted a study of change of address data from the U.S. Postal Service and found that more than 15.9 million people moved during coronavirus. The MyMove report notes that “people are leaving big, densely populated areas like Manhattan, Brooklyn and Chicago and spreading out to suburbs or smaller communities across the country.”

Related: Pandemic Phrases That Have Infected Our Vocabulary

COVID-19 also triggered a massive shift in how we work. At the onset of the pandemic, countless Americans created home offices overnight in order to adapt to the new normal. And while it seemed initially that the shift would be temporary, more than a few of America’s most well-known employers have since announced long-term work from home plans and policies. In fact, Flexjobs has said working remotely may very well be the way of the future, pandemic or not, with some companies even deciding to let employees work from home permanently, including Coinbase, Infosys, Lambda School, Nationwide Insurance, and Nielsen.

Related: 18 Big Companies Letting People Work From Home Long-Term

Students of all ages have seen their worlds altered dramatically. Remote learning has become the norm for all ages, from elementary school through college. As 2020 draws to a close, the remote learning continues for many, with many school districts around the country — from San Diego to Chicago and Boston — pushing back any plans to return to in-person education as the pandemic rages. Zoom classes, it seems, are here to stay for a while longer.

Related: 25 Top-Rated Products on Amazon for Working From Home and Remote Learning

School and work aren’t the only parts of life that have moved almost entirely online. More Americans than ever are grocery shopping online, we’re holding virtual happy hours, and even taking part in Zoom doctors’ appointments more routinely. Computers have likely never played a more central role in our lives. An article from MyMove calls it the “telepresence boom” noting that entire families are now performing basic functions from their homes via a computer and an internet connection. And many of those changes are not likely to ease any time soon.

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Ah, the good old days when we attended big concerts without a second thought, as well as weddings, festivals or sporting events. The year 2020 significantly altered this part of life with social distancing and lockdowns being the rule. As an article in Physician Sense notes, all of these things will be back at some point, but even after the pandemic has subsided, large gatherings are likely to be forever altered in some ways.

Related: 12 Things You Likely Won’t See at the Next Wedding You Attend

The pandemic of course, changed our eating habits, a topic worthy of an entire article of its own. But let’s start with the renewed or increased focus on beans. This humble, protein-filled staple has taken on new importance amid COVID-19. The New York Times reported in March a huge boom in bean sales, which makes sense, right? Beans are filling, nutritious, and inexpensive.

Related: Best Beans and Rice Recipes From Around the World

The past year has been stressful, unnerving, boredom-filled, and more. So, it’s no surprise that we’re reaching for comfort food more regularly. A poll released in September found that two out of three people are eating more comfort food. This includes an increase in the consumption of pizza (55 percent), hamburgers (48 percent), ice cream (46 percent), and more.

Related: 20 Comfort Food Recipes That Freeze Well

While we’re seeking out the comfort food, we’re ditching the healthy stuff. Forbes found Google Trends data suggesting that searches for terms like “salads” and “veggies” were lower in 2020 than at the same time in 2019.

Related: Top Google Searches Before & After Covid-19

With restrictions on dining inside restaurants in 2020 thanks to social-distancing guidelines, drive-thru became the next best thing for many people. Restaurants far and wide responded by redesigning their customer experience to include many adding drive-thru lanes or creating spaces for curbside pickup — even if they already had drive-thru lanes. What’s more, a recent article from Forbes says that curbside pickup is here to stay, even after the pandemic ends. The publication reported that Starbucks CFO Pat Grismer says curbside service is part of the chain’s plans for longer-term recovery.

Related: How Drive-In Restaurants Are Catering to Customers Amid the Pandemic

Before COVID-19 altered our world, about 20 percent of Americans shopped for food more than three times each week. A study by consulting firm McKinsey, however, found that number was down to 10 percent by June 2020. Meanwhile, Supermarket News reported that online grocery sales skyrocketed, rising from $1.2 billion in August 2019 to $7.2 billion in June 2020.

Related: Online Grocery Delivery Comparison: Is One of These Services Right for You?

Remember when it seemed almost rude not to greet the individual who delivered food to your home? The days when we would meet him or her at the door and perhaps provide a cash tip. That’s a distant world, isn’t it? Now we practically cower inside our homes fearing human contact, requesting the delivery driver drop our food on the doorstep and be gone. Close contact with strangers became a health hazard in 2020 and we have adapted accordingly. Doordash, Seamless, and many smaller delivery services offer a contact-free option.

Outdoor dining used to be far more prevalent in Europe than the U.S., but with social distancing being the new normal and the fact that the hazards of COVID-19 are reduced in fresh-air environments, restaurants that never before considered al fresco offerings have scurried to set up tents and tables in parking lots, on sidewalks and in roadways. Some 67 miles of streets were closed to vehicular traffic in New York City, with more 2.6 miles dedicated to the city’s Open Restaurants program, which has been made permanent. Some restaurants are also making structural alterations, building patios and decks. As Architectural Digest reported: “Masked waiters, tables spaced six feet apart, plexiglass barriers, and even stuffed animals occupying seats — these are some of the changes you might encounter the next time you dine out.”

Related: Beloved Restaurants and Bars That Closed Permanently This Year

A Statista survey conducted during the earliest days of the pandemic revealed our personal hygiene habits had also begun to change significantly in 2020. Back in April, 79 percent of the Statista survey participants said they wash their hands more regularly. Not surprising under the circumstances. And the reality is that stepped-up hand washing is still a necessity as the pandemic rages on.

Related: How to Disinfect Without Harming Your Stuff (or Yourself)

Headline-grabbing protesters aside, it seems the need for making face masks a part of our lives has begun to sink in as the year draws to a close. A HealthDay/Harris Poll found that “more than nine in 10 U.S. adults (93%) said they sometimes, often or always wear a mask or face covering when they leave their home and are unable to socially distance, including more than seven in 10 (72%) who said they always do so.” And until vaccines become more widely distributed, masks will continue to be an important part of life.

Related: Masks and Accessories to Make Covering Your Face More Comfortable

To say the travel experience changed in 2020 would be an understatement. This is a topic that has received immense coverage. Some of the most immediate impacts to our lives include the lack of travel altogether and the bans on Americans visiting many countries around the world because of the COVID-19 rates in this country. But travel has changed in more subtle ways as well, with some airlines blocking middle seats from being used to keep passengers from sitting too close together, and cruise lines practically ceasing operations, while hotels are redoubling efforts to provide clean, sanitized rooms when you check-in.

Meanwhile, more Americans are taking road trips and rediscovering America again. A survey conducted by Cooper Tires and reported by the New York Post earlier this year found that 43 percent of those surveyed had replaced canceled travel plans with a road trip of some sort.

Related: I Drove Cross-Country During the Pandemic — Here’s What I Learned

Another sign of the times, public transportation has become a highly undesirable way to get from place to place. A Statista survey conducted in April found 38 percent of respondents said they had begun avoiding crowded modes of public transport. It’s a shift that’s not likely to reverse course any time soon.

The gym industry has also taken a beating this year as have the exercise habits of Americans in general, with many hesitant to spend extended periods of time in confined spaces with fellow exercisers who are sweating and breathing heavily.

As Time reported, sweeping and repeated lockdowns have made Americans more sedentary than ever before and the effects are likely long-lasting. One survey reported by Time revealed a 32 percent reduction in physical activity among U.S. adults who had previously been meeting recommended exercise guidelines. Meanwhile, many gyms and personal trainers began offering virtual exercise sessions in 2020 in order to stay afloat, bringing their services to our living rooms for a change. No more rushing to get to your gym in time for an exercise class.

Related: 18 Fitness Challenges to Keep Pace (and Your Distance) During the Pandemic

While carrying cash was largely becoming a thing of the past prior to 2020, the COVID-19 outbreak has hastened this trend. It’s not unusual to walk into a store these days and see a sign that says “Credit cards preferred.” That April Statista survey found that cash is being used far less day-to-day by 36 percent of survey respondents. For those still not clear on the why behind this shift in daily life — a scientific study explains that “paper currency by its very nature is frequently transferred from one person to another and represents an important medium for human contact.” And as we all know so well now — human contact is the big no-no of 2020.

Related: Cash-Based Businesses That Must Change to Survive in the COVID-19 Era

By: Mia Taylor

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Billionaire Eric Lefkofsky’s Tempus Raises $200 Million To Bring Personalized Medicine To New Diseases

On the surface, Eric Lefkofsky’s Tempus sounds much like every other AI-powered personalized medicine company. “We try to infuse as much data and technology as we can into the diagnosis itself,” Lefkofsky says, which could be said by the founder of any number of new healthcare companies.. But what makes Tempus different is that it is quickly branching out, moving from a focus on cancer to additional programs including mental health, infectious diseases, cardiology and soon diabetes. “We’re focused on those disease areas that are the most deadly,” Lefkofsky says. 

Now, the billionaire founder has an additional $200 million to reach that goal. The Chicago-based company announced the series G-2 round on Thursday, which includes a massive valuation of $8.1 billion. Lefkofsky, the founder of multiple companies including Groupon, also saw his net worth rise from the financing, from an estimated $3.2 billion to an estimated $4.2 billion.

Tempus is “trying to disrupt a very large industry that is very complex,” Lefkofsky says, “we’ve known it was going to cost a lot of money to see our business model to fruition.” 

In addition to investors Baillie Gifford, Franklin Templeton, Novo Holdings, and funds managed by T. Rowe Price, Lefkofsky, who has invested about $100 million of his own money into the company since inception, also contributed an undisclosed amount to the round. Google also participated as an investor, and Tempus says it will now store its deidentified patient data on Google Cloud. 

PROMOTED Google Cloud BrandVoice | Paid Program How Anthos And Multi-Cloud Are Transforming Enterprise IT UNICEF USA BrandVoice | Paid Program Protecting Children In Venezuela During The Pandemic AWS Infrastructure Solutions BrandVoice | Paid Program Studios Of The Future: A Hybrid Cloud Model For Media & Entertainment

“We are particularly attracted to companies that aim to solve fundamental and complex challenges within life sciences,” says Robert Ghenchev, a senior partner at Novo Holdings. “Tempus is, in many respects, the poster child for the kind of companies we like to support.” 

MORE FOR YOUTony Hsieh’s American Tragedy: The Self-Destructive Last Months Of The Zappos VisionaryWhy 40 North Ventures Bought GE Ventures’ Stakes In 11 Industrial StartupsAt-Home Health Testing Company Everlywell Raises $175 Million Series D Round At A $1.3 Billion Valuation

Tempus, founded by Lefkofsky in 2015, is one of a new breed of personalized cancer diagnostic companies like Foundation Medicine and Guardant Health. The company’s main source of revenue comes from sequencing the genome of cancer patients’ tumors in order to help doctors decide which treatments would be most effective. “We generate a lot of molecular data about you as a patient,” Lefkofsky says. He estimates that Tempus has the data of about 1 in 3 cancer patients in the United States. 

But billing insurance companies for sequencing isn’t the only way the company makes money. Tempus also offers a service that matches eligible patients to clinical trials, and it licenses  de-identified patient data to other players in the oncology industry. That patient data, which includes images and clinical information, is “super important and valuable,” says Lefkofsky, who adds that such data sharing only occurs if patients consent. 

At first glance, precision oncology seems like a crowded market, but analysts say there is still plenty of room for companies to grow. “We’re just getting started in this market,” says Puneet Souda, a senior research analyst at SVB Leerink, “[and] what comes next is even larger.” Souda estimates that as the personalized oncology market expands from diagnostics to screening, another $30 billion or more will be available for companies to snatch up. And Tempus is already thinking ahead by moving into new therapeutic areas. 

While it’s not leaving cancer behind, Tempus has branched into other areas of precision medicine over the last year, including cardiology and mental health. The company now offers a service for psychiatrists to use a patient’s genetic information to determine the best treatments for major depressive disorder. 

In May, Lefkofsky also pushed the company to use its expertise to fight the coronavirus pandemic. The company now offers PCR tests for Covid-19, and has run over 1 million so far. The company also sequences other respiratory pathogens, such as the flu and soon pneumonia. As with cancer, Tempus will continue to make patient data accessible for others in the field— for a price. “Because we have one of the largest repositories of data in the world,” says Lefkofsky, “[it is imperative] that we make it available to anyone.” 

Lefkofsky plans to use capital from the latest funding round to continue Tempus’ expansion and grow its team. The company has hired about 700 since the start of the pandemic, he says, and currently has about 1,800 employees. He wouldn’t comment on exact figures, but while the company is not yet profitable he says Tempus has reached “significant scale in terms of revenue.” 

And why is he so sure that his company’s massive valuation isn’t over-inflated? “We benefit from two really exciting financial sector trends,” he says: complex genomic profiling and AI-driven health data. Right now, Lefkofsky estimates, about one-third of cancer patients have their tumors sequenced in three years. Soon, he says, that number will increase to two-thirds of patients getting their tumors sequenced multiple times a year. “The space itself is very exciting,” he says, “we think it will grow dramatically.” Follow me on Twitter. Send me a secure tip

Leah Rosenbaum

Leah Rosenbaum

I am the assistant editor of healthcare and science at Forbes. I graduated from UC Berkeley with a Master’s of Journalism and a Master’s of Public Health, with a specialty in infectious disease. Before that, I was at Johns Hopkins University where I double-majored in writing and public health. I’ve written articles for STAT, Vice, Science News, HealthNewsReview and other publications. At Forbes, I cover all aspects of health, from disease outbreaks to biotech startups.

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Eric Lefkofsky

To impact the nearly 1.7 million Americans who will be newly diagnosed with cancer this year, Eric Lefkofsky, co-founder and CEO of Tempus, discusses with Matter CEO Steven Collens how he is applying his disruptive-technology expertise to create an operating system to battle cancer. (November 29, 2016)

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