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Unlocking Employee Financial Security: The Impact of Supplemental Insurance on Recruitment and Retention – Aflac WorkForces Report 2023-2024 Insights


Unlocking Employee Financial Security: The Impact of Supplemental Insurance on Recruitment and Retention – Aflac WorkForces Report 2023-2024 Insights
Aflac Incorporated, a prominent provider of supplementary health insurance and products in the United States, has unveiled its 13th annual Aflac WorkForces Report, shedding light on pressing issues such as burnout and financial challenges impacting the American workplace. The report, tracking the state of the American workplace for the 2023-2024 period, reveals that employers across diverse U.S. industries and regions are struggling to meet the healthcare benefits needs of their employees, thereby jeopardizing employee satisfaction, well-being, and retention.
This annual report captures trends, attitudes, needs, and experiences in healthcare and benefits administration among both employees and employers. It particularly provides crucial insights into the Hispanic community, highlighting concerning aspects related to burnout and financial resilience.
The nationally representative survey emphasizes employees' mental health concerns and exposes a troubling trend of burnout among Hispanic workers. A substantial 66% of Hispanic workers report their inability to go more than a month without a paycheck, in stark contrast to the 51% reported by non-Hispanic workers.
The report also delves into the support systems employed by Hispanic workers when faced with unforeseen medical expenses. A notable 29% turn to family or friends for assistance, compared to 24% of non-Hispanic workers. Furthermore, 26% of Hispanic workers seek additional employment for supplemental income, a significant increase compared to the 18% reported among non-Hispanic workers. This heightened reliance on support systems is driven by the alarming reality that 54% of Hispanic employees express high levels of anxiety regarding healthcare costs exceeding their insurance coverage, underscoring the urgent need for accessible solutions.
Examining financial resilience in the Hispanic community, the report indicates that Hispanic workers are less likely than their non-Hispanic counterparts to draw from a checking or savings account to cover unexpected medical expenses (43% vs. 53%). Additionally, 57% of Hispanic workers cannot afford $1,000 in out-of-pocket expenses, compared to 50% of all employees surveyed.
“Our commitment to the Hispanic community goes beyond bridging gaps and breaking language barriers. It's about empowering individuals to take charge of their health, and this includes addressing the alarming statistics revealed in the Aflac WorkForces Report,” said Ines Rodriguez Gutzmer, senior vice president, Aflac. “We are driven to spread the critical message of early detection and regular screenings — cornerstones of a healthy, thriving community — and to raise awareness of available resources that can help protect one’s finances at a time they should be focused on their wellness.”
Supplemental insurance not only enhances financial security but also contributes to recruitment and retention efforts. Offering supplementary benefits that directly address employees' concerns about the future can be a compelling solution. The survey reveals that over half of employees express a keen interest in acquiring supplemental health insurance that covers serious illnesses or conditions, particularly if there is a family history. This interest is more pronounced among Hispanic workers (62%) compared to their non-Hispanic counterparts (50%).
The Aflac WorkForces Report for 2023-2024 underscores the vital role that benefits programs play in promoting the well-being and satisfaction of employees. Specifically, supplemental insurance continues to be a crucial component of a comprehensive benefits package.
According to the survey, a significant majority of Hispanic employees (90%) with supplemental insurance believe that these benefits add an extra layer of financial security. However, only 39% of employers indicate that they provide supplemental insurance options to their employees. Among those employers offering supplemental insurance, 80% believe these benefits aid in recruitment, while 82% assert that they contribute to employee retention.
For more detailed survey findings, demographic information, workplace trends, and additional insights, refer to the 2023-2024 Aflac WorkForces Report, available at Aflac.com/AWR.
To know more on Aflac's ongoing commitment to the Hispanic community, click here.