According to a recent Gallup Poll, 68% of employees are disengaged at work. While employee disengagement occurs for a variety of reasons, in a lot of cases, employees aren’t engaged because they’re not happy with their jobs.
One way to make your employees happier is through an employee assistance program. What is an employee assistance program? And, what benefits does it offer?
Check out this guide to learn about the top benefits of an employee assistance program.
What is an Employee Assistance Program?
An employee assistance program is a confidential program that equips your employees with external resources, referrals, and support for the various challenges they may face in the workplace or at home. This program offers confidential support for a variety of issues, including legal, financial, mental, and physical.
An employee assistance program typically offers the following services:
- Elderly care
- Buying a home
- Pet sitting
- Stress management
- Substance abuse disorders
- Grief counseling
- Mental health counseling
- Workplace conflict resolution
- Health resources
- Legal advice
- Family advice
Typically, this type of program is an extension of a larger benefits package. Many times, these services are also available to each employee’s spouse, dependant, and extended family members. Depending on the situation, employees can sometimes access these services from the comfort and privacy of their own homes.
Benefits of an Employee Assistance Program
Why should you offer an employee assistance program at your workplace? Here are some of the key benefits:
According to a study at the University of Oxford, happy employees are 13% more productive. If your employees are distracted by personal problems, their motivation levels are going to drop and they’re going to be less creative in their work.
With an employee assistance program, your employees will be able to take advantage of resources that lead to happier lives, such as mental health counseling and grief counseling.
Help Your Business Save Money
Many employers are wary of implementing an employee assistance program because they’re worried about how much it’s going to cost them. But, the truth is, an employee assistance program can help you save money.
According to a recent Gallup poll, disengaged employees have 37% higher levels of absenteeism, 18% lower productivity levels, and they’re 15% less profitable. To translate this into money, a disengaged employee costs you 34% of their salary.
With an employee assistance program, you’ll be able to boost your employees’ engagement levels by offering services that make them happier and more productive. This, in turn, can increase your bottom line and prevent you from wasting money on unproductive employees.
Increase Employee Retention
Did you know that it costs an average of $4,129 to hire a new employee? And, it takes an average of 42 days to fill a new position? If you don’t want to waste your time and money on hiring new employees, you need to focus on employee retention.
Luckily, an employee assistance program set up through Lifeworks can help boost your employee retention rates. An EAP shows that you care about your employees and that you value their health. If an employee knows that the company they work for cares about them, they’re more likely to stay at their job.
Are You Ready to Start an Employee Assistance Program?
Now that you know the benefits of an employee assistance program, it’s time to start one at your workplace. Pretty soon, you’ll notice all of the benefits that this program has to offer.
For more tips on improving your workplace, be sure to check back in with our blog.