HR Word of the Day – Collectivism Collectivism is a political theory which states that power should be distributed in the hands of people as a whole and not in … Continue reading HR Word : Collectivism
Employee Assistance Program (EAP) definition
A service that helps mitigate the effects of employees’ personal problems on their workplace engagement, happiness and overall productivity. From a business point-of-view, EAPs help reduce the economic costs of absence and low productivity.
Some of the issues that EAPs seek to address include bereavement, addiction, marital stress, financial problems, stress, mental health concerns and chronic and acute health conditions.
Employee assistance programs typically provide employees with access to key services, including debt management advice, counselling, management referrals and legal guidance. From the employer’s point of view, EAPs provide expert case management and advice on dealing with a range of employee issues. Some will also help businesses develop a strategy for preventing and dealing with employees with problems.
Most employees accessing EAP services will refer themselves – awareness-raising by the employer is therefore an important task. However, EAPs will also accept referrals from other key stakeholders, such as HR department or line managers, who may be able to see that an employee needs assistance before the employee can themselves.
Good employee assistance programs work proactively, helping both employees and employers to identify potential issues and take steps to nip them in bud or mitigate their effect. They will also address the wider effects of problems on the workforce as a whole – i.e. one worker’s drug problems may bring stresses on colleagues and managers.
– Cognitive Dissonance
Cognitive dissonance is the feeling of discomfort on holding contradictory cognitions or different ideas in the mind simultaneously. Cognitive dissonance results in tension often when what a person believes is different how he acts. However, this is known to be a strong psychological motivator where in a person tries to change one or the other beliefs so that the beliefs are no longer conflicting.
How strong cognitive dissonance is is directly related to how important the subject/decision in question is to the person and to what extend the person is unable to rationalize the situation and explain the conflict.
Early Return to Work Program (ERTW)
Internal or external initiatives designed to help employees on long-term absence return to work earlier than anticipated by offering them a position that cuts down on the demands of their previous role, such as with reduced hours or responsibility. Alternatively, early return to work programs may provide equipment needed so that staff can return to the same role, which they wouldn’t be able to perform without the new equipment.
The reasoning behind early return-to-work programs is that the longer an employee has off work, the harder it is for them to return in terms of rebuilding confidence, motivation, abilities and knowledge.
ERTW programs are often provided by external suppliers and may offer access to occupational health experts, such as psychologists and physiotherapists, to help identify what is stopping the employee returning to their previous position and what would help them return to work in a reduced capacity.
Due Diligence definition
Investigating and assessing a business or person’s suitability for contractual agreements in specific time period. Commonly used to refer to the process by which large businesses considering an acquisition evaluate the nature of a smaller company in order to judge whether the acquisition would be worthwhile. The process is also used during mergers between two similar firms.
This process may be conducted by a third-party, such as a professional services firm, and can be further broken down by the part of the business being scrutinised.
Operational due diligence (ODD), for example, will look at the firm’s business plan and capital expenditure and whether efficiencies in operation can be achieved post-acquisition.
Financial due diligence (FDD) looks at the company’s financial health and future financial potential,
commercial due diligence (CDD) looks at the company’s market position and the strength of its offering, while intellectual capital due diligence (ICDD) looks at the value and strength of the company’s intellectual assets.