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 leadership1
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 longer2
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.3 But they’re also likelier to avoid health care because of cost—understandable, given that women in their 20s, 30s and early 40s spend more on health care than their male counterparts.4 And it’s not just their own health care that they’re concerned about: More than 40% of mothers are the family breadwinners, placing the burden of family health care on their shoulders5
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, childcare6 and caregiving for older adults.7
And all of that was before COVID-19 changed everything. The pandemic saw women, particularly women of color, leaving the workforce in shocking numbers.8 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,9 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-19.2
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.10 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,11 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,12 and 66% of our U.S. employees are women.13
Are you ready to help increase retention among your female employees? Contact your Aflac benefits advisor or visit Aflac.com/business.
Companies choose to make Aflac policies available to increase benefits options without impacting their bottom line.
1 McKinsey & Company. “Diversity Wins: How Inclusion Matters.” Published 5.19.2020. Accessed 2.21.2022.
2 McKinsey & Company. “Women in the Workplace 2021.” Published 9.27.2021. Accessed 2.21.2022.
3 Kaiser Family Foundation. “Women’s Health Insurance Coverage.” Published 11.8.2021. Accessed 2.21.2022.
4 KFF Health System Tracker. “How do health expenditures vary across the population?” Published 11.12.2021. Accessed 2.21.2022.
5 University of Texas. “CCF Brief Report: Mothers Are the Primary Earners in Growing Numbers of Families with Children.” Published 11.2.2021. Accessed 2.21.2022.
6 U.S. Bureau of Labor Statistics. “Economic News Release.” Modified 7.22.2021. Accessed 2.21.2022.
7 AARP. “Caregiving in the U.S.” Published May 2020. Accessed 2.21.2022.
8 CNN. “The US Economy Lost 140,000 Jobs in December. All of Them Were Held by Women.” Published 1.8.2021. Accessed 2.21.2022.
9 BenefitsPro. “The Economic Recovery Has a Child-Care Problem.” Published 1.29.2021. Accessed 2.21.2022.
10Aflac WorkForces Report. “Workplace Benefits Trends Executive Summary.” Published September 2020. Accessed 2.21.2022.
11 Fractl. “Employee Benefits Study: The Cost and Value of Employee Perks.” Published 6.10.2020. Accessed 2.21.2022.
12Comparably. “Diversity at Aflac.” Accessed 2.21.2022.
13 Aflac. “2019 Corporate Social Responsibility Report.” Published 2020. Accessed 2.21.2022.
Content within this article is for informational purposes.
Coverage is underwritten by Aflac. In New York, coverage is underwritten by Aflac New York.
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