Filed Under:Markets, Employee Benefits

Aflac workforce report highlights importance of voluntary benefits in workplace

Photo credit: Stuart Miles
Photo credit: Stuart Miles

A new report reveals a high correlation between satisfaction with one’s job and satisfaction with employer-provided benefits.

Aflac, Columbus, Ga., released this finding in its 2012 Aflac Workforces Report, which surveyed 1,876 benefits decision-makers and more than 6,100 U.S. workers. Conducted by Research Now, the report contains two components of research among the U.S. workforce: employer research and employee research.

Nearly three in four workers surveyed (73 percent) who say they are extremely or very satisfied with their benefits package also say they are extremely/very satisfied with their job. This compares to only 33 percent of workers who say they are extremely/very satisfied with their job but who also are dissatisfied with their benefits package.

According to the AFLAC study, nearly half (49%) of workers are at least somewhat likely to look for a new job in the next 12 months. And 27% are very or extremely likely.

The study also finds that workers who are extremely or very satisfied with their benefits program are six times more likely to stay with their employer, compared to those workers who are dissatisfied with their benefits program.

When asked how influential a benefits package is in their decision to leave a current employer, one-third (34%) say very or extremely influential. And when asked what their current employer could do to keep them in their job, 49% say “improve my benefits package.”

Most employers (60 percent) say they would be interested in purchasing voluntary insurance. And nearly one-third of workers (32 percent) say “maintaining my healthcare benefits” and 22 percent say “increasing out-of-pocket expenses” are the most important issues for them now.

At companies where the employer offers voluntary benefits, more than half of the respondents surveyed (55 percent) say they are satisfied with their benefits offerings. This compares with 41 percent of employees who express satisfaction at companies that don’t offer benefits packages.

Workers who enjoy voluntary benefits through their employer also respond affirmatively in higher percentages than workers who don’t receive such benefits when asked whether they agree with the following statements:

● My current benefits package meets my family’s needs” (60 percent versus 45 percent);

● “My employer takes care of its employees” (67 percent versus 59 percent);

● “I’m taking full advantage of my benefits offerings” (61 percent versus 46 percent);

● “A comprehensive benefits package safeguards my health and wellness (70 percent versus 59 percent).

Read the full report here.

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