COLUMBUS, Ga., July 10, 2014 /PRNewswire/ -- While 84
percent of small-business leaders say they either maintained or
grew sales and revenue in 2013, they're tempering those positive
indicators with careful choices about hiring, compensation and
employee benefits according to the 2014 Aflac WorkForces Report for
Small Businesses. This study, released today by Aflac (NYSE: AFL),
the leading provider of voluntary insurance in the United States, revealed that as
small-business decision-makers adapt to a slowly growing economy
and health care reform regulations – they are still concerned about
taking care of employees and continuing their benefits options.
The study found that businesses with three to 99 employees took
these actions:
- Hired at a slower pace than medium or large companies with 45
percent of small businesses having hired full-time workers in 2013,
compared to 71 percent of mid-sized companies and 60 percent of
large organizations.
- 12 percent changed employee hours from full- to part-time in
2013.
- 34 percent said they gave employees smaller raises in 2013 than
in previous years, but only 24 percent said they plan to do the
same this year and only 18 percent plan to eliminate or delay
raises in 2014.
Job satisfaction does not guarantee company loyalty
The study also found that although 63 percent of employees at
small businesses are extremely or very satisfied with their job,
many think there's room for improvement when it comes to their
benefits packages. Only 12 percent are extremely satisfied with
their benefits and only 14 percent believe their benefits package
meets their current family needs extremely well.
And, for small-business employees, benefits can be the deciding
factor in staying with their employer or not. With half (50
percent) of employees at small companies saying they're likely to
look for new jobs in the next 12 months, the Aflac study highlights
how critical benefits are to keeping workers in their jobs and
demonstrates that job satisfaction alone does not always guarantee
company loyalty.
- Nearly 6 in 10 (57 percent) small-business workers said they're
likely to accept jobs with slightly lower compensation but better
benefits.
- Nearly half (47 percent) of small-business employees said
improving their benefits packages is one thing their employers
could do to keep them in their job.
"Employees at a small business might be satisfied with their
pay, enjoy their company environment, their colleagues and the work
itself, but that doesn't mean better benefits offerings elsewhere
won't entice them to leave," said Teresa
White, executive vice president and chief operating officer,
Aflac Columbus. "These findings
should alert small-business decision-makers that robust benefits,
including voluntary insurance, are an important way to keep
employees engaged, productive and loyal."
Benefits are important to small-business employees
Preserving benefits offerings can go a long way toward keeping
employees at the company. More than one-third (38 percent) of
small-business employees said maintaining their health care
benefits is their most important benefits concern right now.
Solutions that can help small businesses reduce and manage their
employees' health care costs while still delivering the coverage
that their workforce demands include employee-paid
policies such as voluntary benefits.
Additionally, the Aflac study found that 85 percent of
small-business employees consider voluntary benefits to be part of
a comprehensive benefits program. In fact, 62 percent of workers at
small companies see a growing need for voluntary insurance benefits
today compared to year's past, driven by:
- Rising medical costs (71 percent).
- Increasing price of medical coverage (63 percent).
- Increasing deductibles and copays (58 percent).
- Reduced number of benefits and/or amount of coverage by their
employers (29 percent).
To learn more about the latest benefits trends visit
AflacWorkForcesReport.com, Aflac Small Business Blog or follow
@aflac on Twitter.
About the Aflac WorkForces Report
The 2014
Aflac WorkForces Report is the fourth annual Aflac employee
benefits study examining benefit trends and attitudes. The study,
conducted by Research Now, captured responses from 1,856 benefits
decision-makers and 5,209 employees across the U.S. To learn more
about the Aflac WorkForces Report, visit
AflacWorkForcesReport.com.
Methodology
Conducted by Research Now on behalf
of Aflac, the research contained two components – employer research
and employee research. The Employer Survey was conducted online
within the United States from
Jan. 7-23, 2014, among 1,856 benefits
decision-makers. Results were representative of U.S. companies with
at least three employees based on company size (number of
employees) and industry. No estimates of theoretical sampling error
can be calculated; a full methodology is available.
The Employee Survey was conducted online within the United States from Jan. 7-27, 2014, among 5,209 employed adults ages
18 and older who are employed full or part time at a company with
three or more employees and not retired. The first 3,124 interviews
were nationally representative while the remaining 2,085 interviews
were conducted among the top 20 designated market areas (DMAs) –
100+ interviews per DMA. Results were weighted as needed to match
U.S. demographics and to enable year over year trending. No
estimates of theoretical sampling error can be calculated; a full
methodology is available.
As part of the 2014 Aflac WorkForces Report, 596 benefits
decision-makers and 1,467 employees at small companies, with
between three and 99 employees, were surveyed.
For complete survey methodology, including weighting variables,
please contact Aflac Media Relations at mediarelations@aflac.com or
706.243.5543.
About Research Now
Research Now is the leading
global online sampling and online data collection company. With
more than six million panelists in 38 countries worldwide, Research
Now offers a full suite of data collection services. For more
information, please visit researchnow.com.
About Aflac
When a policyholder gets sick or
hurt, Aflac pays cash benefits fast. For nearly six decades, Aflac
insurance policies have given policyholders the opportunity to
focus on recovery, not financial stress. In the United States, Aflac is the leading
provider of voluntary insurance at the worksite. In Japan, Aflac is the number one life insurance
company in terms of individual policies in force. Aflac individual
and group insurance products help provide protection to more than
50 million people worldwide. For eight consecutive years, Aflac has
been recognized by Ethisphere magazine as one of the World's
Most Ethical Companies. In 2014, Fortune magazine recognized
Aflac as one of the 100 Best Companies to Work For in America for
the 16th consecutive year. Also, in 2014, Fortune magazine
included Aflac on its list of Most Admired Companies for the 13th
time, ranking the company number one in the life and health
insurance category. Aflac Incorporated is a Fortune 500
company listed on the New York Stock Exchange under the symbol AFL.
To find out more about Aflac, visit aflac.com or
espanol.aflac.com.
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Media contact – Kip Havel,
706.243.5543 or mediarelations@aflac.com
SOURCE Aflac