As part of the 2013 Aflac WorkForces Report, 426 respondents were employers based in the Midwest region, and 1,130 of respondents were employees working in the Midwest region; key findings are:
- Offering robust benefits while staying within budget/cost constraints is a top benefits challenge for 75% of Midwest businesses. Understanding the changing health care landscape is second-largest benefits challenge for 42% of Midwest businesses.
- 70% of employees in the Midwest say they have not heard of the phrase “Consumer Driven Health Care;” and only 5% understand the concept of Consumer Driven Health Care extremely well.
- More than 3-in-4 (77%) of Midwest employees agree health care reform is too complicated to understand.
- 80% of Midwest employees say they are not very/not at all knowledgeable about State and Federal Exchanges.
- More than half of employees in the Midwest (54%) at least 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, 54% of employees agree “I believe I may not adequately manage my health insurance coverage, leaving my family less protected than we currently are.”
- 67% of Midwest businesses use a broker or benefits consultant to help determine benefits options, vs. 60% of companies overall.
Thinking of my company’s major medical/healthcare plans, we plan to implement the following in the coming year…
Midwest Company Benefits Offerings At-A-Glance
Which of the following benefits does your company offer?
The Role of Benefits in Key HR Outcomes
58% of Midwest employees say they are likely to accept a job offer with slightly lower compensation, but better benefits.
84% of workers say a benefits package is important to their willingness to refer a friend to their organization.
Only 13% of workers in the Midwest 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 insurance options (45%).
35% of workers say their current benefits package only meets their family’s needs somewhat, and 11% say their benefits package does not meet their needs.
When asked if they feel fully protected by their current insurance coverage, 46% of employees in the Midwest say they only somewhat agree, and 22% say they strongly/completely disagree.
Nearly half of employees in the Midwest (45%) are at least somewhat-to-extremely likely to look for a new job in the next 12 months.
47% of employees say that improving their benefits package is one thing their employer could do to keep them in their job.
78% 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:
|58% of employers strongly/somewhat agree that “Our workers are taking full advantage of the benefits we offer.”
||40% of employees completely/strongly agree with the statement “I am taking full advantage of my employee benefits.”|
|Believes benefits are extremely or very influential on:
- Job satisfaction – 57%
- Loyalty to employer – 49%
- Willingness to refer friends – 34%
- Work productivity – 32%
- Decision to leave company - 35%
|Believes benefits are extremely or very important to:
- Job satisfaction – 77%
- Loyalty to employer – 64%
- Willingness to refer a friend – 52%
- Work productivity – 62%
- Decision to leave company – 55%
|55% of Midwest regional companies strongly/somewhat disagree with the statement “our workers are not adequately informed about their benefit choices.”
||78% of workers at least somewhat agree with the statement “I would be more informed about my benefit choices if I sat with an insurance consultant.”|
|57% of companies strongly/somewhat agree they effectively communicate the value of their benefits to employees
||42% of workers say their HR department communicates extremely/very effectively about benefits offered by their employer.|
|Only 11% of companies named “educating our employees about health care reform” as an important issue for their organization.
||72% of workers agree “I believe my employer will educate me about changes to my health care coverage as a result of the health care reform.”|
|63% of companies named “having employees interested in purchasing voluntary insurance” as top challenge in offering voluntary insurance.
||59% would be likely to purchase voluntary insurance 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