Leading provider of wellbeing solutions acquires EAP business of the Veretis Group
RALEIGH, N.C., Nov. 01, 2022 (GLOBE NEWSWIRE) -- Workplace Options (WPO), a leading provider of holistic wellbeing solutions for more than 75 million people around the world, announced the company acquired the EAP business of the Veretis Group, a provider of wellness support across Australia. Prior to the acquisition, Veretis was WPO's local provider partner of employee assistance programs in Australia. WPO's decision to invest in the Australian market and launch WPO Australia points to the company's commitment in seeking new ways to propel WPO's services to the next level and help more people access immediate emotional, physical, and practical wellbeing care. The acquisition of the Veretis EAP business will further advance WPO's capabilities and expertise and will be a valuable complement to WPO's existing growth strategy.
"A person's holistic health is our top priority - our health impacts us all, every day, and everywhere - across countries, cultures, and communities," said Alan King, President, and CEO of WPO. "Our investment in Veretis and the Australian market will widen WPO's ability to lead innovative wellbeing solutions that drive positive outcomes for individuals and organizations while transforming people's lives for the better."
Veretis is a wellness company that currently supports the mental health and wellbeing of more than 200,000 people through its international network of more than 300 highly qualified and experienced psychologists and consultants. According to recent data from the Veretis EAP business, 53% of Australian employees are seeking help for personal problems. Specifically, emotional health and relationship concerns are the most common presenting issues. September was the busiest month for Veretis's EAP services, particularly around R U OK? Day, the annual suicide prevention day in Australia on the second Thursday of every September. A September report by Microsoft Work Trend Index showedthat Australian workers also suffered higher levels of burnout than other countries:
- 62% of Australians reported feeling burned out compared to a global average of 48%.
- 66% of managers in Australia also reported burnout, compared to a global average of 53%.
The Australian Productivity Commission in 2020 estimated that mental health conditions cost Australian workplaces $17 billion(US $13.6 billion) per year due to absenteeism, presenteeism, and other symptoms of poor psychological safety.
"Having our EAP business with WPO means that Veretis can help more people receive high-quality mental health care and ensure employers successfully address the psychological safety of their employees," said Veretis Managing Director Oliver Brecht. "WPO Australia will provide the resources of a global company while maintaining our local, personal touch. WPO truly stands apart from its competitors because WPO is a true human-centered wellbeing solution. Their services achieve positive outcomes because, when an individual connects to their support, they can immediately speak with an actual person."
WPO recognized the growing need for entering and investing in the cutting-edge Australian market. In terms of broader mental health issues across Australia, the recently released 2021 Census revealeda steep increase in mental health prevalence. Key data points:
- 43.7% of Australians had experienced a mental health disorder at some time in their life
- 21.4% had a 12-month mental disorder
- Anxiety was most common (16.8%)
- Followed by affective disorder (7.5%)
- Followed by substance use disorder (3.3%)
- Young people specifically were highly affected, with 39.6% of people aged 16 - 24 having a 12-month mental disorder
- Females experienced higher rates of anxiety and affective disorders than males (21% compared with 12.4%, and 8.5% compared with 6.2% respectively)
Watch videoto learn more about WPO's acquisition of the Veretis EAP business.
About Workplace Options (WPO)
Founded in 1982, Workplace Options(WPO) is the largest independent provider of holistic wellbeing solutions. Through customized programs, and a comprehensive global network of credentialed providers and professionals, WPO supports individuals to become healthier, happier, and more productive both personally and professionally. Trusted by 51 percent of Fortune 500 companies, WPO delivers high-quality care digitally and in-person to more than 75 million people across 116,000 organizations in more than 200 countries and territories.
About Veretis Group
Veretis Groupis an Australian wellness company that currently supports the mental health and wellbeing of more than 200,000 people through its international network of more than 300 highly qualified and experienced psychologists and consultants.
With more than 30 years' experience helping individuals, business teams, and elite sporting groups across Australia - we are more than just a performance psychology consultancy. We understand the importance of strong leadership and committed team players, and our highly experienced team continually delivers real results.
Contact:
Jennifer Dart, Senior Manager, Corporate Communications -
Jennifer.Dart@workplaceoptions.com
