Melbourne, Australia (PRWEB) November 09, 2013
With low unemployment rates and a tight labour market in Australia over most of the past five years, many companies are implementing employee assistance programs (EAPs) to help 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 Employee Assistance Program Services industry. According to IBISWorld industry analyst Alen Allday, companies in the industry are increasingly offering a wider range of services to more clients in an attempt to gain an advantage in the market. These services include telephone support for workers and their immediate family 24 hours a day; online support for staff and immediate family where appropriate; on-site and off-site counselling services; and other services, such as financial and legal advice.
The industry has grown strongly over the past five years due to increased demand and high pricing, says Allday. Due to the large number of well-educated and experienced staff working in the industry, particularly psychologists and counsellors, industry wages are high, resulting in high industry revenue. In the five years through 2013-14, industry revenue is estimated to increase at annualised 6.1% as service levels and demand have increased. The industry has a medium level of market share concentration, with the four largest companies Davidson Trahaire Corpsych Pty Limited, PPC Worldwide Pty Ltd, Ingeus Limited and Converge International Ltd accounting for a significant share of industry revenue.
Over the next five years, the Employee Assistance Program Services industry is expected to continue to grow at a strong rate. More client companies will be looking to implement EAP services to assist staff with problems, which will help to retain existing workers and attract potential new employees. More new companies are expected to enter the industry, resulting in lower profit margins as competition increases.
For more information, visit IBISWorlds Employee Assistance Program Services report in Australia industry page.
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IBISWorld Industry Report Key Topics
Firms involved in this industry provide wellbeing services to employees aimed at early identification and resolution of work and personal problems that affect professional performance.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Technology & Systems
Regulation & Policy
About IBISWorld Inc.
Recognised as the nations most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Melbourne, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.au or call (03) 9655 3886.