When thinking of an employee benefits program, what comes first to mind? Life insurance, extended health care, dental? However, one group benefit is becoming ever more popular, and important.
Employee Assistance Programs (EAPs) and other wellness programs often can be included in an employee benefits package with little to no cost and provide a wealth of value. An EAP is a professional counselling and referral service that provides service to employees and their family members to assist them in resolving or coping with personal problems in a confidential and voluntary manner.
An effective EAP includes:
- Professional, confidential counselling that is suited to individual preferences and needs
- Access to assistance anytime and anywhere by phone, online or mobile app
- Support for family, financial, career and legal issues
- Health and fitness coaching, nutrition support and naturopathic advice
- Clinically-designed online programs
- Training and education for organizations
- Support and consultation for managers
- Specialized support for critical incidents and mental health
In 2014, a leading EAP provider conduced a study in Canada to measure the value of EAPs. Based on data from 80,000 EAP users who accessed the service, it was determined an average ROI of $8.70 for every dollar invested in an EAP.
EAPs are becoming top of mind for many Canadian employers as a means to provide support for employees dealing with personal and emotional issues that may result in stress, anxiety and depression. Half a million Canadians miss work each week due to mental illness, it’s a leading – and costly – cause of disability in Canada.
Due to the current COVID-19 pandemic, more Canadians are dealing with financial stress than ever before. An effective EAP is an area where employers can help ensure their employees are getting the help they need. Financial literacy and wellness is just one way that Canadians can address their financial stress.
Check out the following article for more information.
Financial wellness programs should stress capability, not just literacy.
If you want even more, here are some other blogs we have written on similar topics
The majority of Canadians want financial education in the workplace
Mental health in the workplace
Health and Wellness in the workplace
If you’d like to discuss this topic in greater detail or have any questions, please reach out to a member of your Arbutus Financial Team.