There is a growing corporate awareness of psychological wellbeing to enable the workforce to operate at the top of its game. This is also accompanied by shifts in the regulatory environment creating greater obligations for directors. The Employee Assistance Program sector is well placed to benefit from this focus on workplace mental wellbeing.
However, there are barriers the industry needs to be overcome to fully benefit from this trend. This article discusses important considerations for forward-thinking EAP providers.
Psychologically safe organisations achieve greater productivity. Learn more about chnnl here.
The Threat Of New Players
Many EAP providers feel pressure from new players entering the wellbeing space. Companies offering tech approaches to psychology are springing up around the world. While some may provide useful adjuncts to therapy, the therapist is yet to be successfully automated. Despite the fanfare, many of these new players lack scaleability and ultimately will not be the disruptors they hope to be. The EAP industry will see off this challenge if it also adopts tech solutions to enhance its offering.
In addition to digitisation and embracing a tech-focused outlook, EAP providers may wish to expand their product offering to their clients. Many providers already assist managers in their performance and to optimise workplace environments. A new generation of leaders pursing people first organisations will demand these tools and EAP providers are well placed to provide these solutions.
Surviving The Downturn
As conditions bite, revenues drop and cost cutting kicks in, it will be vital for organisations to justify spending with cold hard indisputable data. Psychological safety finds itself in the firing line as by its very nature can be a seemingly ethereal construct to the boardroom. As wellbeing comes under pressure and demand for services increases, employers may seek justification for this expenditure. To the EAP provider it may seem obvious: happier workers are more productive and more productivity begets more revenue. The C-suite however may require metrics to demonstrate return on investment.
Grow You EAP Business With chnnl
EAP providers may find a perfect partner in chnnl. Our data insights platform provides real-time information to managers about what is really going on with wellbeing in their organisations.
Partnering with chnnl can triple uptake of EAP services as regular check-ins identify those in need before they reach crisis. Our app can act as the digital face of your service. Metrics generated through the platform provide return on investment to your clients. Problems identified at a systems level can then also become targets for additional products for your clients.
We provide the data so that you can provide the solutions.