Workforce retention on the line as employers battle employee burnout

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Jan 10, 2024, 07:30 ET

2023-2024 Aflac WorkForces Report: Alarming burnout trend revealed — 66% of Hispanic workers unable to go a month without a paycheck

COLUMBUS, Ga., Jan. 10, 2024 /PRNewswire/ -- Aflac Incorporated, a leading provider of supplemental health insurance and products in the U.S., has released its 13th annual Aflac WorkForces Report shedding light on the critical issues of burnout and financial challenges that affect the American workplace. The Aflac WorkForces Report reveals that employers across various U.S. industries and regions are grappling with meeting their employees' health care benefits needs, placing employee satisfaction, well-being and retention at risk.

The 2023-2024 Aflac WorkForces Report has been tracking the state of the American workplace, capturing trends, attitudes, needs and experiences in health care and benefits administration among both employees and employers. In particular, the report provides essential insights into the Hispanic community.

Burnout among Hispanic workers

The nationally representative survey underscores employees' concerns about mental health, highlighting an alarming trend in burnout among Hispanic workers, with a staggering 66% of Hispanic workers reporting that they cannot go more than a month without a paycheck. In contrast, this figure stands at 51% for non-Hispanic workers.

Support systems for unexpected medical expenses

Hispanic workers demonstrate a higher reliance on support systems when confronted with unforeseen medical costs. A notable 29% turn to family or friends for assistance, as opposed to 24% of non-Hispanic workers, and 26% seek additional employment for supplemental income, a significant increase compared to 18% among non-Hispanic workers. This heightened reliance on support systems is a response to the alarming reality that 54% of Hispanic employees report high levels of anxiety about health care costs surpassing their insurance coverage, emphasizing the urgent need for accessible solutions.

Financial resilience in the Hispanic community

Hispanic workers are less likely than their non-Hispanic counterparts to be able 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 helps provide financial security and boosts recruitment, retention

Supplemental benefits that help directly address employees' anxieties about the future can be a compelling solution. According to the survey, more than half of all employees express a high degree of interest in purchasing supplemental health insurance that helps cover serious illnesses or conditions — if they have family history. This interest is higher among Hispanic workers (62%), compared to their non-Hispanic counterparts (50%).

The 2023-2024 Aflac WorkForces Report highlights the important role benefits programs play in employees' well-being and satisfaction. For instance, supplemental insurance remains a core component of a comprehensive benefits package.

According to the survey, the majority of Hispanic employees (90%) who have supplemental insurance say those benefits provide an added layer of financial security, yet only 39% of employers indicate that they offer supplemental insurance options to their employees. Of employers who offer supplemental insurance to their employees, 80% believe these benefits help with recruitment, and 82% say they help with retention.

Additional survey findings, demographic information, workplace trends and more can be found in the 2023-2024 Aflac WorkForces Report at Aflac.com/AWR. For more information on Aflac's ongoing commitment to the Hispanic community, visit Aflac.com/Español.

ABOUT THE 2023-2024 AFLAC WORKFORCES REPORT
The 2023-2024 Aflac WorkForces Report, conducted by Kantar on behalf of Aflac, is the 13th annual study examining benefits trends, attitudes and use of employee benefits in the U.S. workforce in various industries and business sizes. The employer survey took place online June 2-25, 2023, and the employee survey took place online June 2-27, 2023. Throughout this report, some percentages may not add up to 100% due to rounding of some responses. The surveys captured responses from 1,201 employers and 2,000 employees across the United States. For more information, visit Aflac.com/AWR.

ABOUT AFLAC
Aflac Incorporated (NYSE: AFL), a Fortune 500 company, has helped provide financial protection and peace of mind for more than 68 years to millions of policyholders and customers through its subsidiaries in the U.S. and Japan. In the U.S., Aflac is the No. 1 provider of supplemental health insurance products.1 In Japan, Aflac Life Insurance Japan is the leading provider of cancer and medical insurance in terms of policies in force. The company takes pride in being there for its policyholders when they need us most, as well as being included in 2023 in the World's Most Ethical Companies by Ethisphere for 17 consecutive years, Fortune's World's Most Admired Companies for 22 years and Bloomberg's Gender-Equality Index for the fourth consecutive year. In addition, the company became a signatory of the Principles for Responsible Investment (PRI) in 2021 and has been included in the Dow Jones Sustainability North America Index (2023) for 10 years. To find out how to get help with expenses health insurance doesn't cover, get to know us at aflac.com or aflac.com/espanol. Investors may learn more about Aflac Incorporated and its commitment to corporate social responsibility and sustainability at investors.aflac.com under "Sustainability."

Media contacts: Darcy Brito, [email protected]; Paige Presley, [email protected]

Analyst and investor contact: David A. Young, 706-596-3264, 800-235-2667 or [email protected]

¹LIMRA 2022 US Supplemental Health Insurance Total Market Report

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SOURCE Aflac