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

The "U.S. Employee Assistance Program Services Market - Industry Outlook and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

EAPs refer to employees or resources that help with mental health challenges, substance abuse, financial planning, and work issues. Over the past year, EAP vendors 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 assistance with financial concerns and caregiving - two of the most common sources of stress in employees' lives. It has been witnessed that 95% of large employers now provide access to virtual mental health counseling, or teletherapy, up from 69% in 2020 in the US. Allowing participants to meet with counselors in the most convenient ways - video, text, or via phone - removes a massive barrier to getting care.

The following factors are driving the market growth

• Growing Focus on Improving Employee Wellbeing
• Rise of the Information Economy
• Increase in Number of Working Hours
• Broad Shift in Assistance Perspectives
• Hike in Attrition in the US

OPPORTUNITIES & CHALLENGE ANALYSIS

Mental & Physical Health Awareness via Social Media Platforms

Several social media platforms are fit for various purposes and people. If Snapchat is widely popular amongst youngsters, LinkedIn can connect to a clan of professionals. Nevertheless, specific topics are relevant to the entire population irrespective of profession, background, interests, or culture, such as assistance, be it mental, physical, or both. Given the popularity amassed and the amount of time an average individual spends in a day scrolling through social media, it has perhaps become the best and the fastest way to spread awareness regarding mental wellness and physical assistance. Using relevant hashtags can turn a discussion into a trending topic, thus gaining popularity and the necessary attention from EAP service providers.

Constant Struggle for Employee Engagement and Participation

While assistance programs have been well-intentioned efforts by employers to create a better quality of life for their employees, there has been significant debate on whether they work due to largely unsuccessful assistance outcomes. This is either because participation is low or the level of engagement is negligible. Moreover, lack of awareness among employees is a significant issue. It is evident that even if there is a program in place for the betterment of employees, it does not guarantee employee participation if there is a lack of interest among the workforce. While incentives have solved the problem of involvement to a certain degree, these programs still seem superfluous as they do not necessarily improve employees' well-being due to lack of engagement.

Rising Demand for Financial Assistance

Often, employees are not motivated to fix their finances since it drains their energy. For such employees, incentives are a documented success in spurring behavioral change. To combat the well-behind lag of participation, corporates are ratcheting up the incentives offered in combination with assistance programs. They were unheard of half a decade ago but are now gaining popularity rapidly. Vendors are designing incentive programs that are in sync with the goals and objectives of the company. Modest financial incentive programs are mainly effective.

Market Opportunities & Trends

• Rising Role of Technology
• Growing Reign of AI
• Extension of Services to Families
• Increasing Penetration of Telehealth
• Mental & Physical Health Awareness on Social Media

SEGMENT ANALYSIS

By Service Type

• Service Type
• Personal & Work Stress
• Mental Health
• Substance Abuse
• Family Relationship
• Health Education Services
• Others

By Delivery Model

• External Vendor
• Internal Vendor
• Hybrid

By Interaction Platform

• Interaction Platform
• Face-to-Face
• Video & Telephonic
• Mixed

By Gender

• Gender
• Men
• Women

By Industry

• Industry
• Government
• Media & Technology
• Healthcare
• Manufacturing
• Colleges
• Others

The leading market players include:

• ComPsych Corporation
• Canopy
• Continuum
• Empathia
• AllOne Health Resources
• KGA
• McLaughlin Young
• New Avenues
• SWEAP Connections
• LifeWorks
• Beacon Health Options
• Ceridian HCM
• My Secure Advantage
• Novant Health

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage

5 Report Assumptions & Caveats

6 Market at a Glance

7 Premium Insights

8 Introduction

9 Market Opportunities & Trends

10 Market Growth Enablers

11 Market Restraints

12 Market Landscape

13 Service Type

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 Mentioned

• Canopy
• Continuum
• Empathia
• AllOne Health Resources
• KGA
• McLaughlin Young
• New Avenues
• SWEAP Connections
• LifeWorks
• Beacon Health Options
• Ceridian HCM
• My Secure Advantage
• Novant Health

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20220906005553/en/