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21/10/2021

The true value of an EAP

BY DRAKE WORKWISE

Mental health concerns can equate to substantial costs to organisations. Through the successful implementation of corrective action and effort in creating a mentally healthy workplace, organisations can expect a positive return on investment, and an abundance of other business benefits. In a post-COVID world, there is likely to be a shift in perception of EAP services within organisations. Over the last few decades since the inception of EAP’s, their value and application in businesses has changed exponentially. This article explores the fundamental reasons why Employee Assistance Program’s are vital, and the impact of an EAP in the short and longer-term on organisations. 

Employee performance

Studies indicate that an effective EAP program motivates employees to take responsibility for their wellbeing, preventing "spillover" of domestic tensions which may affect workplace performance outcomes. When we feel good, we function effectively and perform optimally. Now more than ever, we are more prone to anxiety, depression, and other mental health challenges which can have dire implications on our personal and professional lives. With the help of EAP services, employees are able to access the tools and support channels they need to work through some of the most challenging experiences and circumstances. Subsequently ensuring workers have the mental capacity and levels of motivation to commit 100% to their work, without distraction. If organisations are able to nurture their workers and value them as their greatest asset, they’re likely to see significant uplift in performance levels. 

Employee retention

As we have mentioned, employees are an organisation's greatest asset and they deserve to be treated as such. What better way to retain employees than simply supporting them, providing them with the tools and resources they need to be successful, and ensuring that they have the right support channels in place to get through life’s ebbs and flows. EAPs can help to manage various stressors and foster a healthier balance between work-life and home-life, as well as increase employee satisfaction levels and foster a more positive workplace culture. Subsequently, this will help to effectively manage employee retention.

Morale and workplace culture 

When we feel happy and content in life, you’re more likely to be a team player and contribute to a positive working environment. EAP’s not only provide workers with access to mental health and counselling services to better manage challenges in their own lives, but provide a plethora of other services for business leaders assisting with people management, conflict resolution, training and critical incident management.   

Employee health and wellbeing 

The pandemic has taught us all a great deal about the importance of managing our health and wellbeing in order to live well and function optimally. Fundamentally, EAP’s provide workers with access to a diverse range of services that support the health and wellbeing of individuals, teams and organisations. In a world where we coexist with COVID, many of us will need to find new ways of prioritising health and wellbeing. EAP’s provide easier access to personalised, holistic and user-friendly wellbeing products and services that have the ability to reshape life both at home and at work.

Cost benefits 

EAP’s are often overshadowed by their costs. Despite EAP’s first being introduced to market in the 70’s, they are often still seen as a luxury.. Research by PWC on the effectiveness of EAP’s found that for every dollar invested into EAP, companies could expect a ROI of up to $2.30. Other research studies validate expected returns of more than 500%. Businesses that invest in an EAP can reduce overall health costs, lower medical insurance usage and have fewer absences. An EAP is no longer a business expense, but rather an investment into your organisation's greatest asset, and something that will pay its dividends time and time again.

Whether you have an existing EAP or are looking to implement one, it is important to have an understanding of why EAP’s are now business critical and the value not only your workers, but your organisation can derive from it. 

If you’d like more information, contact a member of the Drake WorkWise team today

 

Call us on 1300 135 600

 

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