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A Defining Time: Pivotal Choices That Will Define Future Success

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A Defining Time: Pivotal Choices That Will Define Future Success

  1. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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. 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:

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