MoodRx Targeted Benefit Plan Leaves Traditional EAPs in the Dust
In recent years, workplace stress and burnout have become prevalent issues affecting employees across various industries. The American Psychological Association (APA) highlights the concerning statistics of work-related stress, with 77% of workers reporting experiencing stress in the last month. This stress often leads to workplace burnout, resulting in significant negative impacts on individuals and organizations. In this blog, we discuss the importance of addressing workplace burnout, the consequences it can have, and why MoodRx’s Targeted Benefit Plan (TBP) stands out as a superior solution compared to traditional Employee Assistance Programs (EAPs).
The Impact of Workplace Burnout:
Decades of research have established a correlation between workplace burnout and adverse organizational, psychological, and physical consequences. Some of the notable impacts include increased absenteeism, job dissatisfaction, presenteeism, depression, insomnia, psychological distress, heart disease, headaches, and musculoskeletal pain.
Several scientific studies have shed light on the alarming statistics associated with workplace burnout. Employees experiencing burnout have a 57% increased risk of prolonged workplace absence due to illness, a 180% increased risk of developing depressive disorders, an 84% increased risk of Type 2 diabetes, and a 40% increased risk of hypertension*. Moreover, burnout can impair cognitive processes essential for daily work activities, such as memory and attention.
While burnout primarily affects individuals, it also has far-reaching consequences for organizational effectiveness. Decreased productivity, reduced innovation, increased error rates, and a decline in service quality can all result from a burned-out workforce. Such negative impacts can harm a company’s bottom-line and overall success.
The Cost of Job Stress:
Job stress is estimated to cost the nation as much as $187 billion*, with the majority of losses attributed to declines in productivity. The COVID-19 pandemic has further exacerbated the situation, making it crucial for businesses to address and alleviate workplace burnout.
The Need for Improved EAPs:
Despite the prominence of Employee Assistance Programs (EAPs), utilization rates remain disappointingly low. Privacy concerns, ongoing stigma, lack of awareness about available benefits, non-specific offerings, and fear of negative job-related consequences hinder employees from utilizing EAP services. Moreover, a mere 5% of employees* are utilizing the EAP their employers offer, reflecting the need for innovative alternatives.
Enter MoodRx — A Targeted Benefit Plan:
MoodRx’s Targeted Benefit Plan offers a unique and tailored solution that surpasses traditional EAPs in addressing varying levels of employee needs. Here’s why MoodRx stands out:
1. Enhanced Utilization and Employee Satisfaction:
By offering specifically targeted solutions, MoodRx increases utilization rates and ensures employees’ varying needs are met. This leads to higher employee satisfaction and engagement.
2. Direct Interaction with MoodRx:
Employees can directly interact with MoodRx, eliminating potential concerns about discussing sensitive issues with HR or management. Strict confidentiality is maintained, ensuring privacy and trust.
3. Anonymized Data Sharing:
MoodRx only shares anonymized data with employers, illustrating the genuine need for support in various areas while maintaining individual confidentiality.
4. Comprehensive Employee Education Toolkit:
MoodRx provides HR and managers with a toolkit for educating employees about available benefits, eliminating the lack of awareness and misconceptions.
5. Third-Party Audits:
To ensure transparency, MoodRx allows third-party audits for utilization data. This demonstrates its commitment to integrity and accountability.
6. Two Levels of Services:
MoodRx offers two levels of services. Option 1 includes assessments, analytics, and access to optional self-pay MTN licensed therapists. Option 2 expands on Option 1 by providing employer-paid access to these therapists, enhancing employee support.
Workplace burnout is a critical issue that impacts individuals and organizations alike. Traditional EAPs have proven ineffective in addressing the diverse needs of employees. Instead, MoodRx’s Targeted Benefit Plan emerges as a more effective and comprehensive solution. By offering personalized support, ensuring confidentiality, and promoting utilization through education, MoodRx enables companies to support the psychological health of their employees. By aligning workplace policies with mental health, businesses can foster a healthier, more engaged, and productive workforce.
*Citations: APA, National Business Group on Health