What is an Employee Assistance Program (EAP) and why does my business need one?
Research shows that employees’ personal and workplace problems can seriously impact on-the-job performance. An EAP provides a confidential place for employees to resolve these problems early. Licensed EAP counselors help employees resolve family matters, workplace conflicts, substance issues, depression, anxiety, financial and legal issues, childcare, and eldercare needs and other issues. The prevention and early intervention services offered by EAP have been demonstrated to reduce health problems and associated healthcare costs. Studies also show that EAPs further improve the bottom line by increasing productivity, reducing turnover and on-the-job site injuries, and improving morale. This is why over 90% of Fortune 500 companies and 70% of all U.S. businesses have an EAP. The U.S. Department of Labor reports that employers save anywhere from $3-15 for every $1 spent on EAP.
Through Vermont Health Connect only, the State of Vermont is offering its comprehensive EAP, known as Invest EAP, at cost. All companies are eligible to deduct the cost of EAP from yearly taxes. The State is doing this to encourage the widespread use of EAP, to both ensure a healthy Vermont workforce and to facilitate the success of Vermont businesses.