WOMEN ACCOUNTED FOR OVER 66% OF THE MARKET SHARE IN 2021 FOR EAP SERVICES.
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INSIGHT BY GENDER
In 2021, the EAP services market was dominated by women accounting for over 66% of the market share. This can be attributed to increased stress levels in women being reported more likely than in males. Moreover, when comparing married and single women, there appear to be differences in how they deal with stress. Women aged 35 to 54, who are more likely to be juggling many jobs such as mother, caregiver for elderly parents, homemaker, and occasionally earner, are more stressed than men. Furthermore, as a result of all of these circumstances, it has been observed that women generate a more significant demand for EAP services.
The US employee assistance program (EAP) services market is expected to reach USD 3.1 billion by 2027 from USD 1.6 billion, growing at a CAGR of over 11.35% from 2022 to 2027. Employee Assistance Program (EAP) is a confidential program that assists employees in overcoming various life difficulties that may negatively impact job performance, health, or personal well-being to maximize an organization's success. Employees with personal and work-related concerns include stress, financial, legal, family, workplace conflicts, and alcohol and substance use disorders. EAP services majorly include assessments, counseling, and referrals. EAPs also frequently collaborate with upper management and supervisors to provide prior planning for organizational changes, legal issues, emergency preparedness, and traumatic event reaction.
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.
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In the employee assistance program services market, the US is the leading country in North America. Due to the increasing industry competition, employees work under pressure to address business challenges. Therefore, stress has an adverse impact that disrupts the employees' work-life balance—increasing awareness of mental and physical health management due to the initiatives taken up by the employers. EAP services are expected to be vital to employee management during the forecast period.
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