Maximizing Your Investment: A Comprehensive Guide to Evaluating Your EAP’s Impact
In a recent Deloitte study, the detrimental effects of poor employee mental health were estimated to cost Indian businesses approximately $14 billion annually. This staggering sum encompasses reduced productivity, increased absenteeism, and higher attrition rates.
- Cost of absenteeism:14,000 crore ($1.9 billion)
- Cost of presenteeism:51,000 ($6.6 billion)
- Cost of attrition:45,000 ($5.9 billion)
With India accounting for nearly 15% of the global mental health burden as per the WHO, the importance of Employee Assistance Programs (EAPs) becomes evident.
While the benefits of content and satisfied employees are acknowledged, justifying EAP expenses can be challenging due to their intangible nature. To address this, it’s crucial to identify measurable aspects of an EAP’s success.
So what are some measurable aspects of an EAP?
Estimating the effect tiveness of an EAP involves examining various factors. Here are a few key metrics through which success can be measured:
- Utilization Rate of the program
Gauge the program’s success by the number of employees actively accessing its services. Higher utilization indicates awareness and understanding, while lower rates signal a need for improved communication on well-being.
- Employee Feedback
Gather insights through surveys or focus group discussions to qualitatively measure effectiveness and satisfaction. Regular feedback enables organizations to monitor changes in employee well-being.
- Absenteeism and Presenteeism rates
Analyze changes in absenteeism and presenteeism rates before and after implementing the EAP. Reductions indicate improved personal challenge management, healthy work engagement, and increased productivity
- Employee Satisfaction and Engagement Rates
Conduct engagement surveys to assess overall job satisfaction and organizational engagement. An effective EAP should positively impact these crucial factors.
- Business Impact
Compare pre- and post-implementation data on key business metrics such as productivity, attrition rates, healthcare costs, and workplace incidents. Quantitative measures showcase the program’s impact on organizational success
- Benchmarking
Evaluate your EAP against industry standards and best practices. This comparative analysis highlights areas for improvement, offering insights to enhance your EAP strategy.
- Continuous Improvement
Act on gathered feedback and adjust the EAP according to data, ensuring its adaptability to evolving organizational needs. The ability to evolve is a key metric for success.
While financial metrics provide valuable insights, collaboration with program stakeholders is essential to uncover the myriad intangible benefits an EAP provides. Explore the full potential of your EAP, optimizing its impact on both employee well-being and organizational success.
At KelpHR we believe that having a safe, inclusive and happy workplace is the key to business transformation and growth and physical as well as mental health and wellness is the key to healthy and happy employees and workforces.Our Employee Assistance Program – Bliss provides a host of offerings for the well being of your employees. To dive deeper into the world of Bliss, visit us at https://www.kelphr.com/employee-assistance-program.html.
About KelpHR
KelpHR was incorporated in 2013 to provide the best HR solutions to organizations, and to improve workplace culture across the board. Over the last 10 years, we have serviced more than 700 clients in India and a few overseas, across various industries in the areas of PoSH (prevention of sexual harassment at workplace), D, E & I (Diversity, Equity & Inclusion) and EAP. But the common objective of all of these services is to build safer, happier, inclusive and productive workplaces.
For our services related to Prevention of Sexual Harassment (PoSH), Diversity, Equity and Inclusion (D,E &I) or Employee Assistance programs (EAP) do get in touch with us at info@kelphr.com, call +91-95001-29652 and we’d be able to help you with customized offerings suited to your organization.
References
https://www.peoplematters.in/article/employee-relations/unhealthy-cost-poor-employee-mental-health-costs-india-inc-around-14-billion-yearly-35231
https://hr.economictimes.indiatimes.com/news/workplace-4-0/employee-wellbeing/poor-mental-health-of-employees-costs-indian-employers-14-bn-yearly-deloitte-survey/94075478
https://www.business-standard.com/article/current-affairs/poor-mental-health-of-employees-costs-indian-firms-14-bn-yearly-survey-122090800661_1.html
https://www.corporatewellnessmagazine.com/article/employee-assistance-programs-evaluating-success-and-roi-in-your-workplace
