Industry Analysis & Industry Trends
With low unemployment rates and a tight labour market in Australia over most of the past five years, many companies have implemented employee assistance programs (EAPs) for a range of reasons. Firstly, EAP services are designed to assist employees in resolving or working through a variety of personal, family and workplace issues, which can result in happier workers. Secondly, when employees have resolved stressful issues, they are more likely to have an improved sense of wellbeing and be more focused on the tasks they carry out. Finally, EAP services can increase productivity and reduce absenteeism, which leads to higher profit and lower costs. This provides client companies with an incentive to implement EAPs, to the benefit of the industry... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Employee Assistance Program Services industry is in the growth phase of its life cycle. This is shown by industry revenue and value added increasing at a strong and steady rate due to increased demand and high pricing. IBISWorld estimates that industry value added, which is the industry's contribution to national GDP, will increase at an annualised 4.6% in the 10 years through 2019-20. This is higher than the estimated national GDP growth rate of 2.7% per annum over the same period.
High profit margins across the industry have contributed to industry growth in the past five years, with increases in establishment numbers and employment as more companies look to benefit from strong demand... purchase to read more