Employee Assistance Program: An effective, affordable solution for small businesses
When you own a small business, an Employee Assistance Program (EAP) might feel like an extra expense that seems out of reach. You know keeping your employees healthy is key to keeping your business running smoothly, but you are left wondering, is an EAP really worth the expense?
The main goal of an EAP is to support employees through challenges they might be facing that could impact their work performance and your bottom line. Common issues include stress, grief, family challenges, substance use and financial concerns.
Small businesses face their own challenges
While an EAP can support your employees, how can this type of expense also support your business? Small businesses often face their own unique challenges.
** Hiring and retaining good employees
Hiring and retaining good employees are common concerns among business owners. This is especially true for small businesses that might have limited time for recruiting, fewer benefits to offer employees compared to larger companies, and limited funds to support an employee going through difficult experiences.
A 2022 Goldman-Sachs survey reported 45 percent of small business owners had difficulty finding and retaining qualified employees. (1)
Once you have a good employee, a strong EAP might help you keep them and increase loyalty and productivity. This, in turn, can positively impact your company’s reputation, which might attract more customers.
** Limited time
Running a small business can require a lot of time and care. This means you might not always have the resources to address concerns with an employee or the time to recruit a new one. A good EAP can provide support for your employees when they experience stress or other life challenges, freeing your time to address the critical aspects of running your company.
** Limited financial resources
When money is tight, an employee assistance program might seem like an extravagance. A right-sized EAP, tailored to your budget, can provide needed support to your workforce — making a difference in productivity and employee satisfaction and possibly saving you money in the long run.
NuVantage employee resource
At NuVantage, we pride ourselves on personal service, taking the time to get to know your business and company culture to effectively customize a plan to meet your needs.
NuVantage provides team members with commonly needed support that enhances their skills to cope with life’s challenges.
Supports can include a range of free or reduced cost options, including:
- Confidential assessments.
- Mental health therapy.
- Financial counseling.
- Legal consultation.
- Eldercare assistance and referral.
- Create an EAP that fits your budget by providing flexible pricing options, including capitated and fee-for-service options.
- Streamline contracting and administration, saving you money.
- Develop creative options that assist employees in accessing a broad array of services.
High standards of excellence
Our services meet or exceed the highest standards of excellence. We are recognized by the Council on Accreditation (COA). NuVantage programs meet or exceed benchmarks for client and organizational access to services. Licensed professionals provide mental health counseling. Our financial counselors are certified by the National Foundation for Credit Counseling, and attorneys who provide NuVantage legal services are licensed in the state where services are rendered.
We work to ensure that your small business will receive high-quality, high-touch support.
Confidentiality is a priority. We maintain policies and procedures that keep employee information private, while providing you with utilization reports so you know employees are taking advantage of this great resource.
EAPs aren’t just for large companies. NuVantage can tailor services to meet the needs of small businesses, helping you run your company more effectively.
We’re here to help
Let us work with you to create a program that can be easily embedded within any employee benefit package.
Contact NuVantage today at 800.577.4727, or email firstname.lastname@example.org.
(1) “Survey: From Bad to Worse,” Goldman Sachs.com, April 25, 2022: https://www.goldmansachs.com/citizenship/10000-small-businesses/US/infographics/april2022/index.html