Employee assistance programs are one way that companies help employees balance their personal lives with the demands of their careers. While it might seem like an extra benefit that isn’t necessary, research shows that, when they are offered, employees can truly thrive. What are some of the benefits of offering employee assistance programs at your workplace?
What Are Employee Assistance Programs?
These programs are benefits designed to help employees manage any personal challenges that could make their job more difficult. For example, if an employee is also a caretaker for their elderly parent, the stress of coordinating care for them might take away from the time and effort they are able to give their job. Employee assistance programs could connect the worker to resources that would help make their life easier. While the program is covered in full by the employer, the services are offered by an experienced third party.
Why Employee Assistance Programs Are So Important
- Increased Productivity: When employees are having a tough time outside of the office, it will often show in their in-office performance. From calling out more often to being distracted on the job, employee assistance programs can help reduce external problems off the job so that employees can stay more focused on the job. Studies have found that employee assistance programs can decrease time lost at work by 2/3 and reduce work-related accidents by a whopping 65%.
- Reasonable Cost: Productivity losses add up to billions of lost wages and revenue every year for businesses, and investing in employee assistance programs is one way to recoup some of those losses. In most cases, it only costs $10-100 per employee to enroll, which is much less than it costs to have chronic distraction or absenteeism.
- Improved Retention: Employees want to feel supported and valued, and employee assistance programs are one way to make them feel like you care. When you show that you care, you build loyalty in your employees and make them more likely to stick around. When you genuinely care, your employees can tell.
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