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 - Starting a New Business Chapter
Entry barriers to the industry are at a medium level because it is relatively easy to set up a new business, and the costs to do this are also low. However, it can be more difficult to find and recruit experienced and qualified staff, which adds to entry barriers. Most EAP service companies are started by degree-qualified people within the psychology and counselling fields, which reduces initial start-up costs and problems finding suitable staff. As a company grows, though, high industry wages can make it difficult to increase staffing to expand the client base.
It can be difficult for a new company to compete with the established major players... purchase to read more