The Problem

More than 1 in 10 employees face a financial crisis that could lead to homelessness every year. Most crises are small – an unexpected expense of $2,000 or less.

However, the financial cost for employers is significant.

A destabilizing financial crisis distracts employees during work hours, reducing productivity and increasing the risk of mistakes. The stress can cause mental and physical health issues that employees bring to the workplace. In some cases, the impact on an employee so significantly impacts their ability to perform their job that they leave their position. The employer bears the cost of turnover, including temporary staffing, recruiting costs, and even legal expenses.

 

The Impact

• The average cost of anxiety on employee performance is $150 per employee per year.
• Employees who are forced to move for financial reasons are 11% to 22% more likely to lose their jobs.
• The cost of filling employment vacancies is 15% to 21% of annual wages.

 

The Solution

Wellspring’s Employee Assistance Program is proud to offer the Employee Stability Program, designed to address employee financial crises earlier, help employees retain or regain housing stability, and reduce the costs associated with lost productivity and turnover for employers. Referral and case management services are available to all employees.

If the employer elects to offer financial support, that assistance is available to employees who meet the Housing and Urban Development definition of low income and to employees escaping domestic violence. This service is designed to complement existing EAP services, whether purchased through Wellspring EAP or elsewhere.

Basic services (Case Management) are funded through a per employee per month fee. Crisis-related costs (Financial Assistance) are covered through an optional fund established through donations from employers, employees, and/or other supporters. Crisis-related costs can also be billed directly to the employer on a fee-for-service basis.