Published on February 22, 2014
95 2013 Aflac WorkForces Report A Defining Time: Pivotal Choices That Will Define Future Success 1 A F L A C | W O R K F O R C E S R E P O R T
Current realities • Unprecedented change ahead • Crucial year for employers • Confusion levels and costs rising • Employee expectations evolving 2 A F L A C | W O R K F O R C E S R E P O R T
Current realities: Rising insurance costs Average Annual Health Insurance Premiums and Worker Contributions for Family Coverage, 2003-2013 3 Source: Kaiser/HRET Survey of Employer-Sponsored Health Benefits, 2003-2013 A F L A C | W O R K F O R C E S R E P O R T
Current realities: Rising health care costs • Mean charge for a hospital stay for a heart attack is $65,427 (U.S. Department of Health & Human Services) • Some new cancer treatments can cost $10,000 per month (American Cancer Society) 4 A F L A C | W O R K F O R C E S R E P O R T
Current realities: Low savings rate Source: Bureau of Economic Analysis 5 A F L A C | W O R K F O R C E S R E P O R T
About the Aflac WorkForces Report • • 3rd annual study includes responses from nearly 5,300 workers and 1,900 HR-decision makers & business owners surveyed in January 2013 • 6 Groundbreaking research designed to uncover timely benefits trends that stand to impact companies – now and in the future Nationally representative sample of employees and employers, conducted by Research Now A F L A C | W O R K F O R C E S R E P O R T
Latest findings • Workers not ready for changes to health care • Benefits represent a competitive advantage • Engagement and communications are crucial • Voluntary insurance in demand 7 A F L A C | W O R K F O R C E S R E P O R T
EMPLOYER PERSPECTIVES 8 A F L A C | W O R K F O R C E S R E P O R T
Today’s employers: • • • • 9 Concerned about rising costs Lack understanding about reform Have done little to prepare for changes Don’t plan to communicate and engage A F L A C | W O R K F O R C E S R E P O R T
Top HR challenges for employers 55% 37% Controlling health care costs 10 34% Retaining employees Improving worker productivity A F L A C | W O R K F O R C E S R E P O R T
Top benefits challenges for employers 68% 19% Offering robust benefits while staying within budget 11 40% Understanding the health care landscape Understanding what benefits employees want A F L A C | W O R K F O R C E S R E P O R T
Health care reform: Confusion • 27% understand health care reform • 13% say educating employees about health care reform is a concern 12 A F L A C | W O R K F O R C E S R E P O R T
EMPLOYEE PERSPECTIVES 13 A F L A C | W O R K F O R C E S R E P O R T
Today’s workforce: • • • • 14 Financially unprepared and not protected In denial about health realities Aren’t engaged in benefits decisions Fear changes to health system A F L A C | W O R K F O R C E S R E P O R T
Financially unprepared 57% have NO financial plan or goals in place 43% NOT prepared to pay for out-of-pocket expenses Workers Financially Unprepared Only 31% feel confident in financial future 15 26% have less than $500 to pay for out-of-pocket expenses A F L A C | W O R K F O R C E S R E P O R T
Not protected 27% dealing with personal or family health issue Only 31% feel well protected by their current insurance coverage Workers Not Feeling Protected 72% want more benefits options 35% are just SOMEWHAT SATISFIED with benefits; 11% NOT AT ALL satisfied 16 A F L A C | W O R K F O R C E S R E P O R T
In denial Only 13% think 6% say they/family will they/family will be diagnosed with a serious illness likely be in a car accident Workers Not Facing Health/Accident Realities 56% say they/family will NOT require a long-term hospital stay 17 55% say they/family will NOT be diagnosed with a chronic illness A F L A C | W O R K F O R C E S R E P O R T
Benefits matter 84% satisfaction 59% 81% loyalty INFLUENCE OF BENEFITS PACKAGE 75% decision to leave of employees are likely to accept a job with lower pay, but better benefits 80% refer a friend 18 A F L A C | W O R K F O R C E S R E P O R T
BEST PRACTICES 19 A F L A C | W O R K F O R C E S R E P O R T
Best practices Engagement Benefits Marketing Best Practices Wellness Total Health Benefits Options 20 A F L A C | W O R K F O R C E S R E P O R T
THE VOLUNTARY ADVANTAGE 21 A F L A C | W O R K F O R C E S R E P O R T
Desire for voluntary benefits 59% of employees would be likely to purchase voluntary insurance benefits if they were offered 37% say because “it offers me more options. 30% say “to meet my needs.” 33% say to “give me more comprehensive insurance coverage.” 22 A F L A C | W O R K F O R C E S R E P O R T
Impact of voluntary benefits Job Satisfaction Not offered Offered Enrolled 73% 69% 58% 55% 65% 53% 62% 46% 46% Believe employer is a great place to work 23 53% 48% 34% Feel benefits package meets family needs Benefits package is more competitive than other companies A F L A C Satisfied with benefits package | W O R K F O R C E S R E P O R T
THE ROAD AHEAD PATH FORWARD 24 A F L A C | W O R K F O R C E S R E P O R T
Crucial steps: Companies • Understand employee expectations • Assess benefits options and implications • Weigh long-term impacts of decisions • Plan for implementation and integration • Engage workers early and often 25 A F L A C | W O R K F O R C E S R E P O R T
Learn more: • Aflac.com/Insights • GetTheRealCost.com • Twitter: @Aflac @KipHavel 26 A F L A C | W O R K F O R C E S R E P O R T
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