Running a successful business requires the right people. And those “right people” just might be women.
Companies that are in the top quartile for gender diversity in leadership positions are 25% likelier to have above-average profitability than other companies. And the higher the representation of women, the higher the performance: Businesses with an executive team of at least 30% women were likelier to outperform companies with lower percentages of female leadership.1
You might be aware of this phenomenon already, even if you don’t know the specific numbers – 87% of companies say they are highly committed to gender diversity. If you’re among them, you might intuitively understand that diverse teams drive innovation, and that women – and men – who work at companies committed to gender diversity are happier and plan to stick around longer.2
From there, your mission becomes clear: Create a workplace that supports women. Mentoring, a pipeline to management and fair pay are part of that. Employee benefits, particularly health care, are too.
Women face different challenges in the workforce
Women are likelier than men to have health insurance.4 But they’re also likelier to avoid health care because of cost – understandable, given that they spend more on health care than men ($3,402 per year for women ages 19 to 34, for example, compared with $1,891 for men).4 And it’s not just their own health care that they’re concerned about: 41% of mothers are the family breadwinners, placing the burden of family health care on their shoulders.5
But just because they’re in the workforce doesn’t mean they’re not working in the home too. Married American mothers disproportionately take on chores,6 caregiving for older adults7 and child care.8
And all of that was before Covid-19 changed everything. The pandemic saw women, particularly women of color, leaving the workforce in shocking numbers.9 A good portion of this job loss came from businesses eliminating positions – but not all. More than 2 million women have dropped out of the workforce because of the pandemic,10 and senior-level female executives were 1.5 times more likely than their male peers to consider reducing hours or leaving the workforce altogether because of Covid-19.11
Retain your female talent with the employee benefits women want
Supplemental coverage helps all your employees and puts money in the pockets of those who need it the most – which is likelier to be women. But your employees, regardless of gender, aren’t the only ones who come out ahead when you go above and beyond in benefits. Your business does too. Half of employers say that offering supplemental insurance helps them recruit, and 60% say that it helps them retain the people who are already there.12 That talent retention is crucial for cultivating women who can help your organization fix the “broken rung” of talent that keeps women in entry-level positions instead of promoting them.2
Everyone wants good benefits, of course. But women are likelier than men to value health, dental and vision insurance,13 making Aflac’s supplemental insurance particularly attractive.
No benefits package can compensate for larger social inequities that put women in a precarious financial situation. But as we work toward true equity, robust benefits can support the women who matter to your business most.
Aflac works for women
The business profitability fueled by diversity applies to your partnerships too. When you work with Aflac, you work with a carrier that values diversity. We’re in the top 5% of companies with more than 10,000 employees for gender and racial diversity, and 66% of our U.S. employees are women.
1 McKinsey & Company. “Diversity Wins: How Inclusion Matters.” Published 5.19.2020. Accessed 2.2.2021.
2 McKinsey & Company. “Women in the Workplace 2019.” Published October 2019. Accessed 2.2.2021.
3 Forbes. “Diversity Confirmed to Boost Innovation and Financial Results.” Published 1.15.2020. Accessed 2.2.2021.
4 Journal of the American Medical Association. “Barriers to Care Experienced by Women in the United States.” Published 6.11.2019. Accessed 2.19.2021.
5 Center for American Progress. “Breadwinning Mothers Continue to Be the U.S. Norm.” Published 5.10.2019. Accessed 2.2.2021.
6 The Atlantic. “Even Breadwinning Wives Don’t Get Equality at Home.” Published 5.12.2019. Accessed 2.2.2021.
7 AARP. “Caregiving in the U.S.” Published May 2020. Accessed 2.2.2021.
8 Center for American Progress. “The Child Care Crisis Is Keeping Women Out of the Workforce.” Published 3.28.2019. Accessed 2.2.2021.
9 CNN. “The US Economy Lost 140,000 Jobs in December. All of Them Were Held by Women.” Published 1.8.2021. Accessed 2.2.2021.
10 BenefitsPro. “The Economic Recovery Has a Child-Care Problem.” Published 1.29.2021. Accessed 2.2.2021.
11 McKinsey & Company. “Women in the Workplace 2020.” Published 9.30.2020. Accessed 2.19.2021.
12 Aflac WorkForces Report. “Workplace Benefits Trends Executive Summary.” Published September 2020. Accessed 2.2.2021.
13 Fractl. “Employee Benefits Study: The Cost and Value of Employee Perks.” Published 6.10.2020. Accessed 2.2.2021.
14 Comparably. “Diversity at Aflac.” Published 2019. Accessed 2.2.2021.
15 Aflac. “2019 Corporate Social Responsibility Report.” Published 2020. Accessed 2.2.2021.
Content within this article is for informational purposes.
Coverage is underwritten by Aflac. In New York, coverage is underwritten by Aflac New York.
WWHQ | 1932 Wynnton Road | Columbus, GA 31999