Now more than ever, the well-being of your employees should be a top priority. There are countless studies that have shown that improving employee wellbeing will dramatically improve productivity, engagement, and loyalty.
Beyond these more business-related concerns, it is important that your employees feel supported by you, as this is the role of any decent manager. Of course, in an age of remote working, employees may be feeling more cut off from support than ever before.
That’s why you need to invest in a digital EAP (Employee Assistance Program) system today. An EAP provides employees with the resources they need to feel supported, while also providing the kind of human resources expertise that you will not be able to. Here are five essential reasons to invest in a digital EAP for business today.
1. A Digital EAP Can Reduce Isolation
If you’re wondering “should I have an EAP?”, keep in mind that your employees need support now more than ever. While working from home has plenty of benefits, employees are still like to feel cut-off from in-work support and advice networks.
By investing in a digital EAP platform such as www.lifeworks.com, you can provide remote HR, financial advice, counseling, and legal counsel to all employees. Working from home does not need to lead to employees missing out on the support they deserve.
2. An EAP Will Save You Money
You might consider an employee assistance program to be an expense that you could do without. However, this is simply incorrect. According to the US Department of Labor, for every $1 invested in an EAP, employers can expect a return of between $5 and $16.
This is partly due to the productivity gains associated with better employee wellbeing. It is also related to long-term cost savings on HR and legal expenses.
3. An EAP Offers Legal Protection for You
Even the best employee assistance program is no substitute for an attorney when things go wrong. However, having an EAP in place could provide a layer of legal protection when you are accused of wrongdoing.
Should an employee make a legal claim against you, it may help to demonstrate that you have offered them independent and comprehensive HR support through a third-party provider.
4. An EAP Can Inspire Loyalty
As we have already mentioned, happy employees that feel supported are typically more loyal. While this is good for obvious reasons, it is also good for your bottom line. One of the most significant business expenses you will face will come from recruitment and training.
If you cannot keep employees on-board, you will waste a lot of money having to replace your top talent. Something as simple as an EAP can reduce that cost dramatically.
5. Digital EAPs Offer a Huge Range of Support
Employee assistance program recommendations typically feature a wide range of support options. There will usually be resources for health and safety, including assistance on accessing employer-provided health insurance.
An EAP can also offer support for a wide range of personal problems, ranging from debt to bereavement. These are things that you simply cannot offer on your own.
Be a Better Boss, Today
Providing an EAP is just one way that you can be a better boss in 2020. Running a successful business means being able to manage your team effectively and compassionately.
It also requires being on top of all of the latest management trends and theories. For this, we have got you covered. In our How-To section, you can find a wide range of business advice and management tips, no matter what industry you are in.