U.S. Employee Assistance Program Services Market Report 2022: Rising Demand for Financial Assistance Drives Growth – ResearchAndMarkets.com


DUBLIN–(BUSINESS WIRE)–The report “Employee Assistance Program Services Market in the United States – Industry Outlook and Forecast 2022-2027” has been added to from ResearchAndMarkets.com offer.

EAPs refer to employees or resources that help with mental health issues, addictions, financial planning, and work issues. Over the past year, EAP providers have streamlined the referral process for counseling benefits. Many employers have increased the number of free counseling sessions for employees and their family members. EAPs also offer help with financial issues and caregiving – two of the most common sources of stress in employees’ lives. It was found that 95% of large employers now offer access to virtual mental health counseling, or teletherapy, compared to 69% in 2020 in the United States. Allowing participants to meet with counselors in the most convenient way – video, text or phone – removes a huge barrier to getting care.

The following factors are driving the growth of the market

  • Growing focus on improving employee well-being

  • Rise of the information economy

  • Increase in the number of working hours

  • Big change in support outlook

  • USA Attrition Hike

ANALYSIS OF OPPORTUNITIES AND CHALLENGES

Mental and physical health awareness through social media platforms

Several social media platforms are suitable for various purposes and people. If Snapchat is very popular with young people, LinkedIn can connect to a clan of professionals. Nevertheless, specific topics are relevant for the entire population, regardless of profession, origin, interests or culture, such as assistance, whether mental, physical or both. Considering the accumulated popularity and the amount of time an average individual spends per day browsing social media, it may have become the best and fastest way to raise awareness about mental wellbeing and health. physical assistance. Using relevant hashtags can turn a discussion into a trending topic, gaining popularity and needed attention from EAP service providers.

Constant struggle for employee engagement and participation

Although assistance programs have been well-intentioned efforts by employers to create a better quality of life for their employees, there has been significant debate about their effectiveness due to largely unsuccessful assistance results. This is either because participation is low or because the level of engagement is negligible. Additionally, lack of employee awareness is a significant issue. It is obvious that even if there is a program in place for employee development, it does not guarantee employee participation if there is a lack of interest among the workforce. While incentives have to some extent solved the problem of engagement, these programs still seem superfluous because they do not necessarily improve employee well-being through lack of engagement.

Growing demand for financial assistance

Often, employees aren’t motivated to fix their finances because it drains their energy. For these employees, incentives are a documented success in driving behavior change. To combat the considerable lag in participation, companies are increasing the incentives offered in combination with assistance programs. They were unknown half a decade ago, but are rapidly gaining popularity. Suppliers design incentive programs that are aligned with company goals and objectives. Modest financial incentive programs are usually effective.

Opportunities and market trends

  • Growing role of technology

  • Growing reign of AI

  • Extension of family services

  • Increase the penetration of telehealth

  • Mental and physical health awareness on social media

SECTOR ANALYSIS

By type of service

  • kind of service

  • Personal and professional stress

  • Mental Health

  • substance abuse

  • family relationship

  • Health education services

  • Others

By delivery model

  • External supplier

  • Internal supplier

  • Hybrid

By interaction platform

  • Interaction platform

  • Face to face

  • Video & Telephone

  • Mixed

By gender

By industry

  • Industry

  • Government

  • Media and Technology

  • Health care

  • Manufacturing

  • Colleges

  • Others

Major market players include:

  • ComPsych Corporation

  • canopy

  • continuum

  • Empathy

  • AllOne Health Resources

  • KGA

  • McLaughlin Young

  • new avenues

  • SWEAP Connections

  • LifeWorks

  • Tag health options

  • MCH Ceridian

  • My Secure Advantage

  • Novant Health

Main topics covered:

1 Research methodology

2 research objectives

3 Research process

4 Scope and coverage

5 Report assumptions and caveats

6 The market at a glance

7 premium previews

8 Presentation

9 Opportunities and Market Trends

10 Market Growth Catalysts

11 Market Constraints

12 Market landscape

13 Type of service

14 Delivery model

15 Interaction Platform

16 Industry

17 Gender

18 Region

19 Midwest

20 west

21 Northeast

22 South

23 Competitive Landscape

24 key company profiles

25 Report Summary

26 Quantitative Summary

27 Appendix

Companies cited

  • canopy

  • continuum

  • Empathy

  • AllOne Health Resources

  • KGA

  • McLaughlin Young

  • new avenues

  • SWEAP Connections

  • LifeWorks

  • Tag health options

  • MCH Ceridian

  • My Secure Advantage

  • Novant Health

For more information about this report visit https://www.researchandmarkets.com/r/si3f4u

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