Fact Sheet

New York City Trends

As part of the 2013 Aflac WorkForces Report, 96 respondents were employers based in New York City, and 245 of respondents were employees working in New York City; key findings are:

  • Offering robust benefits while staying within budget/cost constraints is a top benefits challenge for 39% of New York City businesses. Understanding the changing health care landscape is second-largest benefits challenge for 23% of New York City businesses.
  • Slightly more than three-quarters (76%) of employees in New York City say they have not heard of the phrase “Consumer Driven Health Care”; and only 6% understand the concept of Consumer Driven Health Care extremely well.
  • 72% of New York City employees agree health care reform is too complicated to understand.
  • 76% of New York City employees say they are not very/not at all knowledgeable about State and Federal Exchanges.
  • 44% somewhat agree that “I would prefer not to be more in control over my health care expenses and options because I will not have the time or knowledge to effectively manage it.”
  • Additionally, 52% of employees agree “I believe I may not adequately manage my health insurance coverage, leaving my family less protected than we currently are.”
  • 66% of New York City businesses use a broker or benefits consultant to help determine benefits options, vs. 61% of companies overall.

Thinking of my company’s major medical/healthcare plans, we plan to implement the following in the coming year…

New York City Company Benefits Offerings At-A-Glance

Which of the following benefits does your company offer?

The Role of Benefits in Key HR Outcomes

Talent Attraction

60% of New York City employees say they are likely to accept a job offer with slightly lower compensation, but better benefits.

81% of workers say a benefits package is important to their willingness to refer a friend to their organization.

Satisfaction

Only 10% of workers in the New York City say they are extremely satisfied with their overall benefits package.

When employees are offered voluntary insurance they are much more likely to say their current benefits package meets their needs extremely/very well (60%), compared to those not offered voluntary benefits options (45%).

Employee Well-being

36% of workers say their current benefits package only meets their family’s needs somewhat, and 8% say their benefits package does not meet their needs.

When asked if they feel fully protected by their current insurance coverage, 53% of employees in New York City say they only somewhat agree, and 18% say they strongly/completely disagree.

Retention

Half of employees in New York City (51%) are at least somewhat-to-extremely likely to look for a new job in the next 12 months.

48% of employees say that improving their benefits package is one thing their employer could do to keep them in their job.

80% of employees agree that a well-communicated benefits program would make them less likely to leave their jobs.

Disconnects on Key Benefit Issues

Employers respond that: Employees say:
62% of employers strongly/somewhat agree that “Our workers are taking full advantage of the benefits we offer.” 34% of employees completely/strongly agree with the statement “I am taking full advantage of my employee benefits.”
Employers believe benefits are extremely or very influential on:
  • Job satisfaction – 52%
  • Loyalty to employer – 55%
  • Willingness to refer friends – 30%
  • Work productivity – 36%
  • Decision to leave company – 28%
Employees believe benefits are extremely or very important to:
  • Job satisfaction – 69%
  • Loyalty to employer – 52%
  • Willingness to refer a friend – 46%
  • Work productivity – 55%
  • Decision to leave company – 53%
22% of employers strongly/somewhat disagree with the statement “our workers are not adequately benefit choices if I sat with an insurance consultant.” 43% of workers at least somewhat agree with the statement “I would be more informed about my informed about their benefit choices.”
63% of employers strongly/somewhat agree they effectively communicate the value of their benefits to employees. 40% of workers say their HR department communicates extremely/very effectively about benefits offered by their employer.
Only 16% of employers named “educating our employees about health care reform” is an important issue for their organization. 69% of workers at least somewhat agree “I believe my employer will educate me about changes to my healthcare coverage as a result of the health care reform.”
26% of companies named “having employees interested in purchasing voluntary benefits as top challenge in offering voluntary benefits. 61% of workers would at least somewhat be likely to purchase voluntary benefits if offered.

About the Aflac WorkForces Report

The 2013 Aflac WorkForces Report is the 3rd annual Aflac employee benefits study examining benefit trends and attitudes. The study, conducted by Research Now in January 2013, captures responses from 1,884 benefits decision-makers and 5,299 employees across the U.S. To learn more about the Aflac WorkForces Report, visit AflacWorkForcesReport.com