The Aflac WorkForces Report Reveals Workforce Retention on the Line As Employers Battle Employee Burnout
Originally published on Aflac Newsroom |
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
“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
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
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1 LIMRA 2022 US Supplemental Health Insurance Total Market Report
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