OCT 12, 2021
As an employer, you should have a vested interest in the abilities of your employees to work to their highest possible potential. As such, employee assistance programs (EAPs) both incentivize your workers to do their best and assist them during times of hardship or duress. Unaddressed, situations that negatively affect employees’ well-being can be a detriment to morale and may end up hurting productivity and drive up business costs. When workers feel confident that their concerns are being addressed and they are being taken care of, business runs smoother for everyone.
Health insurance is a standard EAP, but there are other concerns affecting employees’ well-being that exist outside the healthcare orbit. Mental health counseling or family aid may fall outside of the traditional scope, but such services add tremendous value to the employer/employee relationship. Comprehensive EAPs, tailored to your industry and employees, can serve as cost-effective tools to help employers reduce absenteeism, workers' compensation claims, health care costs, unnecessary accidents, and grievances. In addition, they can address safety and security issues, improve employee productivity and engagement, and reduce costs related to employee turnover.
MENTAL HEALTH MANAGEMENT
U.S. workers are some of the most stressed employees in the world. Some 57% of North American workers reported feeling stressed on a daily basis in 2021, up by eight percentage points from the year prior and compared with 43% of workers who feel that way globally. While employers are not responsible for external factors that may contribute to workers’ stress, it is the function of EAPs to help alleviate some of that mental burden and provide a healthy workspace in which employees can thrive.
Employees worldwide are currently dealing with the stress of a global pandemic and other external factors, whether they are working from home, are dealing with health issues, managing child or elder care for their families, or are clocking long hours as part of an essential business. Your staff can leverage an EAP to help them find ways to keep their stress levels under control, even during these challenging times.
DECREASE IN ABSENTEEISM
Absenteeism and mental health management are closely related. Workers with depression and anxiety have increased absenteeism and presenteeism rates, as well as lower productivity. When you combine these with what may be serviceable underlying factors (caring for family, chronic illnesses, etc.), absenteeism can become a major problem. EAPs are designed to help employees find the appropriate resources to address their needs as they occur, saving time and mitigating solvable strain on workers both in and out of the workplace.
INCREASED SAFETY & PRODUCTIVITY
When employees have easy access to comprehensive health and management resources, the overall wellness of the workforce improves. Both mental and physical health are paramount to the productivity and efficiency of your employees, particularly for those who work longer hours or are involved in physical labor. Investing in an EAP is likely to reduce the occurrence of accidents, thereby reducing workers’ compensation claims.
EMPLOYEE RETENTION
Employees who feel stressed, over-worked, under-valued, and who are unable to maintain a healthy work/life balance without access to appropriate resources are more likely to leave their jobs and go elsewhere. An EAP with a comprehensive network of options serves to better help workers manage situations and maintain a positive sense of morale.
When you consider the full cost of losing an employee, the investment in EAPs makes great financial sense. Employees who are well taken care of feel empowered and supported, and they feel a sense of loyalty to their workplace, resulting in less frequent turnover.
STAY PREPARED WITH PAYROLL VAULT
A resource program like an EAP can help employers manage the long-term costs of providing the comprehensive health care resources, advice, and support that employees need to maintain a positive work/life balance and perform at their highest potential.
Payroll Vault provides payroll and HR solutions for small businesses to help you manage your day-to-day operations and foster a productive, healthy workplace.
Visit us today to receive a quote and learn more about how we can help your business thrive.
