A Defining Time: Pivotal Choices That Will Define Future Success
•Download as PPTX, PDF•
1 like•291 views
Recommended
More Related Content
More from Aflac
More from Aflac (20)
Recently uploaded
Recently uploaded (20)
A Defining Time: Pivotal Choices That Will Define Future Success
- 1. 1 A F L A C | W O R K F O R C E S R E P O R T 2013 Aflac WorkForces Report A Defining Time: Pivotal Choices That Will Define Future Success 95
- 2. 2 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
- 3. 3 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 Source: Kaiser/HRET Survey of Employer-Sponsored Health Benefits, 2003-2013 Average Annual Health Insurance Premiums and Worker Contributions for Family Coverage, 2003-2013
- 4. 4 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)
- 5. 5 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
- 6. 6 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 • Groundbreaking research designed to uncover timely benefits trends that stand to impact companies – now and in the future • 3rd annual study includes responses from nearly 5,300 workers and 1,900 HR-decision makers & business owners surveyed in January 2013 • Nationally representative sample of employees and employers, conducted by Research Now
- 7. 7 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
- 8. 8 A F L A C | W O R K F O R C E S R E P O R T EMPLOYER PERSPECTIVES
- 9. 9 A F L A C | W O R K F O R C E S R E P O R T Today’s employers: • Concerned about rising costs • Lack understanding about reform • Have done little to prepare for changes • Don’t plan to communicate and engage
- 10. 10 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 34% Retaining employees 37% Improving worker productivity 55% Controlling health care costs
- 11. 11 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 40% Understanding the health care landscape 19% Understanding what benefits employees want 68% Offering robust benefits while staying within budget
- 12. 12 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
- 13. 13 A F L A C | W O R K F O R C E S R E P O R T EMPLOYEE PERSPECTIVES
- 14. 14 A F L A C | W O R K F O R C E S R E P O R T Today’s workforce: • Financially unprepared and not protected • In denial about health realities • Aren’t engaged in benefits decisions • Fear changes to health system
- 15. 15 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 Only 31% feel confident in financial future 26% have less than $500 to pay for out-of-pocket expenses Workers Financially Unprepared
- 16. 16 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 72% want more benefits options 35% are just SOMEWHAT SATISFIED with benefits; 11% NOT AT ALL satisfied Workers Not Feeling Protected
- 17. 17 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 they/family will be diagnosed with a serious illness 6% say they/family will likely be in a car accident 56% say they/family will NOT require a long-term hospital stay 55% say they/family will NOT be diagnosed with a chronic illness Workers Not Facing Health/Accident Realities
- 18. 18 A F L A C | W O R K F O R C E S R E P O R T 84% satisfaction 75% decision to leave 80% refer a friend 81% loyalty Benefits matter 59% of employees are likely to accept a job with lower pay, but better benefits INFLUENCE OF BENEFITS PACKAGE
- 19. 19 A F L A C | W O R K F O R C E S R E P O R T BEST PRACTICES
- 20. 20 A F L A C | W O R K F O R C E S R E P O R T Best practices Benefits Options Wellness Total Health Benefits Marketing Engagement Best Practices
- 21. 21 A F L A C | W O R K F O R C E S R E P O R T THE VOLUNTARY ADVANTAGE
- 22. 22 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. 33% say to “give me more comprehensive insurance coverage.” 30% say “to meet my needs.”
- 23. 23 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 46% 53% 34% 48% 55% 65% 46% 62% 58% 73% 53% 69% Believe employer is a great place to work Feel benefits package meets family needs Benefits package is more competitive than other companies Satisfied with benefits package Job Satisfaction Not offered Offered Enrolled
- 24. 24 A F L A C | W O R K F O R C E S R E P O R T THE ROAD AHEADPATH FORWARD
- 25. 25 A F L A C | W O R K F O R C E S R E P O R T • Understand employee expectations • Assess benefits options and implications • Weigh long-term impacts of decisions • Plan for implementation and integration • Engage workers early and often Crucial steps: Companies
- 26. 26 A F L A C | W O R K F O R C E S R E P O R T • Aflac.com/Insights • GetTheRealCost.com • Twitter: @Aflac @KipHavel Learn more:
Editor's Notes
- Goal: Discuss top challenges for clientsTime: 30 seconds When we surveyed more than 2,100 employers, we asked them to name their top two human resources challenges. Not surprisingly, 49 percent said “controlling health care costs.” With the economy struggling, it’s only natural that employers would want to control their mounting benefits expenses – expenses that have been increasing steadily over the years and show no signs of slowing down. Business leaders are also starting to worry about employee retention. That’s no surprise, given that many employees are simply waiting for the economy to improve and the job market to loosen up before moving on to other employers. Benefits play an important role in determining whether an employee will stay or go, which puts employers in a bind: They’re trying to control costs by passing a greater share of health care costs on to employees – costs such as higher deductibles and co-pays – but employees say the quality and cost of benefits are a big employer differentiator. The third concern cited by employers is the need to increase worker productivity. With the economy struggling, cubicles are remaining empty. That means existing employees must carry a heavier burden in the form of increased productivity. As you’ll see, the WorkForces Study revealed a great deal about the effects of benefits on worker motivation, which is so crucial to productivity and, in turn, business success.
- Goal: Discuss top challenges for clientsTime: 30 seconds When we surveyed more than 2,100 employers, we asked them to name their top two human resources challenges. Not surprisingly, 49 percent said “controlling health care costs.” With the economy struggling, it’s only natural that employers would want to control their mounting benefits expenses – expenses that have been increasing steadily over the years and show no signs of slowing down. Business leaders are also starting to worry about employee retention. That’s no surprise, given that many employees are simply waiting for the economy to improve and the job market to loosen up before moving on to other employers. Benefits play an important role in determining whether an employee will stay or go, which puts employers in a bind: They’re trying to control costs by passing a greater share of health care costs on to employees – costs such as higher deductibles and co-pays – but employees say the quality and cost of benefits are a big employer differentiator. The third concern cited by employers is the need to increase worker productivity. With the economy struggling, cubicles are remaining empty. That means existing employees must carry a heavier burden in the form of increased productivity. As you’ll see, the WorkForces Study revealed a great deal about the effects of benefits on worker motivation, which is so crucial to productivity and, in turn, business success.
- \.