An EAP can keep your top players on the floor
A good basketball team is at its best when its top players are on the floor. Similarly, a company is the most productive, efficient and innovative when its best employees are in the right positions, doing great work.
Unfortunately, it’s not uncommon for good employees to battle personal problems, such as substance dependence, financial and legal woes, or mental health issues. These struggles can negatively affect their productivity and the working environment around them. One way employers can help is by offering a benefit called an employee assistance program (EAP).
A benefit with benefits
An EAP helps identify at-risk employees and assist them in finding the professional help they need. An employee who enrolls in the EAP may, for example, immediately be put in touch with a counselor or social worker.
According to the U.S. Department of Labor’s Office of Disability Employment Policy, EAPs have been shown to contribute to:
- Decreased absenteeism,
- Reduced accidents and fewer workers’ compensation claims,
- Greater employee retention,
- Fewer labor disputes, and
- Significantly reduced medical costs arising from early identification and treatment of individual mental health and substance abuse issues.
An EAP is, of course, not a substitute for health care insurance.
Employers don’t have to create and administer EAPs on their own. A wide variety of vendors are available. But, as is the case with any benefit, it’s important to choose a vendor carefully and make sure you get good value for your investment. Please contact our firm for assistance in assessing the costs and specific features of an EAP.
Our Latest Insights
Please SUBSCRIBE to our newsletter and you’ll receive practical, actionable updates on a regular basis.
- Consider key person insurance as a succession plan safeguard
- Victims of a disaster, fire or theft may be able to claim a casualty loss deduction
- 2017 Q2 tax calendar: Key deadlines for businesses and other employers
- Offer plan loans? Be sure to set a reasonable interest rate
- Who can — and who should — take the American Opportunity credit?