Benefits & Compensation News

10 eye-opening stats about employees and their benefits

 

Employees are ill-prepared for a medical emergency, interested in expanded insurance offerings and willing to take pay cuts for better benefits.

These are just some of the highlights from the 2016 Aflac WorkForces Report, which was unveiled at ebn’s 29th Annual Benefits Forum & Expo in Nashville.

The findings in the report give HR pros some good insight into where their employees are likely to be financially, as well as what their employers can do to help.

The Top-10 Findings

  1. Wouldn’t be able to cover the deductible. More than half (65%) of employees would only be able to pay less than $1,000 for out-of-pocket expenses associated with an unexpected serious illness or accident.
  2. Unable to bounce back from a financial hit. Fifty-nine percent of workers said they wouldn’t be able to adjust to the large financial costs associated with a serious injury or illness.
  3. Satisfaction lacking. A third (33%) of employees are only somewhat satisfied with the benefits package offered to them at this time, and 9% are “not very” or “not at all” satisfied with their benefits.
  4. Would accept lower pay. More than half (60%) of employees are at least somewhat likely to take a job with slightly lower pay but better benefits.
  5. Better benefits would keep them from jumping ship. Forty-two percent of workers said improving their benefits package is one thing their employer could do to keep them in their current jobs.
  6. Low-quality benefits cost employers candidates and workers. Nearly one-fifth (16%) of employees have either left a job or turned down a job due to the benefits offered by the company.
  7. Would fill gaps themselves. Fifty-seven percent of employees said they’d purchase additional affordable insurance products to ensure adequate coverage if their employer didn’t provide adequate health coverage.
  8. See the potential in voluntary products. More than half (60%) of employees see a growing need for voluntary benefits because of the rising cost of medical services.
  9. Expect to shoulder more of the cost burden. The vast majority (81%) of employees think the medical costs they’re responsible for will increase moving forward.
  10. Have struggled paying medical bills. A quarter (25%) of employees have had trouble paying a medical bill due to high medical costs.
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