How Lifestyle EAP Can Reduce Costs
Research shows that employee stress can create a serious financial drain on a company�s bottom line. To remain competitive, businesses of all sizes can not longer afford to ignore the benefits of a dynamic employee assistance program (EAP) like Lifestyle EAP.
Reducing Accidents
- Stress negatively affects how people think, act and react, making employees more vulnerable to accidents and injuries. By reducing employee stress, companies can also reduce the frequency of employee behaviors that lead to accidents and injuries.
- The Occupational Safety and Health Administration (OSHA) reports that more than 25% of all job accidents are related to personal factors. Employees are more likely to stay safe when they are not distracted by personal concerns.
Minimizing Health Insurance Utilization
- At least 25% of employee health costs are related to emotional or mental health problems. Because Lifestyle EAP offers two times the national average in number of sessions, 85% of all clients resolve their issues within the EAP benefit, minimizing costs related to their outpatient mental health benefit.
- Employees who experience both depression and stress utilize healthcare at a rate of 250% higher than other employees; a difference of $3,000 per employee, per year.
Decreasing Absenteeism and Turnover
- Workers with high stress are more than two times more likely to be absent five or more days a year.
- Forty percent of job turnover is due to stress. Experts estimate it costs approximately 150% of a position�s salary to replace a worker.
Increasing Job Satisfaction
- Employee assistance programs are directly linked to increased job satisfaction.
- Employees in companies with formal assistance programs are 48% less likely to leave their current positions.