LEGAL & FINANCIAL CONCERNS ARE LINKED TO THE MOST STRESSFUL LIFE EVENTS. LEGAL & FINANCIAL SERVICES ARE THE FASTEST GROWING EAP BENEFIT
Sandra DeMent, former director of the National Resource Center for Consumers of Legal Services reports:
Each year about 30% of the U.S. population encounters some sort of issue or problem that a lawyer could help address, but only about 12% of those in need actually hire one.
Legal problems cost employers nearly 10 days of work per affected employee annually, either in terms of time off from work or time spent while working to resolve legal issues.
Employees take more time off from work for legal matters than they do for dental care.
48% of employees take time off work to deal with legal or related problems.
Financial concerns account for 12% of the reasons for lost work time.
One in four employees experiences a legal issue each year involving credit problems or bankruptcy.
The solution:
Virtually all of the top 20 most stressful life events in some way involve interfacing with our legal and/or criminal justice system. The availability of quality legal services at affordable prices constitutes an extremely attractive addition to a company's benefit package.
Another theme that permeates the top 20 concerns the financial impact of these life events on employees and their families. In many instances, this impact can be devastating. In order to help employees plan for financial crises and effectively manage them when they occur, organizations would be well advised to provide the services of financial/ investment professionals. Such advice could be crucial in helping employees overcome financial crises and cope with the associated stresses.
There's no real stigma associated with using a lawyer or financial advisor, thus attracting employees who might otherwise not use an EAP.
Employees like the idea that the EAP has gone to the trouble of screening and selecting qualified attorneys and financial advisors for them.
