New Employee Benefit Offering for Inflationary Times
SEATTLE, May 15, 2023—Wellspring EAP is now offering nationwide an innovative employee benefit to help employees prevent homelessness and reduce associated productivity losses and turnover costs impacting employers.
“With continued inflation and rising interest rates, financial anxiety is taking its toll on U.S. households and in the workplace,” says Wellspring Chief Executive Officer Heather Fitzpatrick. In fact, according to a January 2023 report by PYMNTS and LendingClub more than 64% of Americans—at both ends of the economic spectrum—live paycheck to paycheck. Furthermore, research from the Federal Reserve shows that 11% of adults would be unable to pay their bills using any means if faced with an unexpected $400 expense.
“The financial anxiety that precedes and accompanies homelessness can be extreme, and most employees facing or experiencing homelessness do not tell their employer because they are worried about losing their job or being judged,” Fitzpatrick said.
Wellspring EAP’s new Employee Stability Program addresses housing security concerns with two components: confidential case management available to all employees, and an optional financial assistance fund for employee households earning 80% or less of Area Median Income.
The case management services are delivered by Wellspring’s employee stability specialists who provide financial counseling and resource referrals to help employees keep or retain their housing. These confidential services are funded through a per-employee per-month fee.
Additionally, employers may opt to establish an emergency financial assistance fund for employees who meet the Housing and Urban Development definition of low income, as well as employees escaping domestic violence. The fund, administered by Wellspring, a 501(c)(3) nonprofit, is supported through donations from employers, employees, and/or other supporters. Financial assistance is paid directly to third-party vendors, such as landlords or utility companies, so that the payment remains non-taxable to the employee and the employer.
And the ROI for employers? Fitzpatrick anticipates that employers who offer the Wellspring Employee Stability Program can expect to generate $3 to $10 in productivity improvement and reduced turnover for every $1 invested.
To learn more about the new Employee Stability Program, visit: Wellspring ESP.
About Wellspring EAP
Wellspring EAP is a program of Wellspring Family Services (Wellspring), a Seattle-based nonprofit focused on preventing and ending family and employee homelessness. The earned revenue from every EAP partnership supports this mission. For more than 40 years, Wellspring EAP has been providing meaningful solutions to advance workplace well-being. Our high-touch, culturally responsive approach improves employee performance, retention, and recruitment by connecting employees to mental health services, family care, legal and financial resources, learning and development opportunities, and an array of other services to help them address crises quickly. Added in 2023, the innovative Housing Stability Program (Wellspring ESP) is designed to help employees maintain or regain housing stability and reduce associated productivity and turnover costs impacting employers. Wellspring ESP may be purchased as a stand-alone add-on benefit whether an employer uses Wellspring EAP or another employee assistance program.