One in Three U.S. Employees Would Quit If Current Employer Failed to Sponsor Health Benefits, Accenture Finds
June 15 2015 - 7:03AM
Business Wire
Employers who fail to fully sponsor their employees’ health
benefits would face widespread employee dissatisfaction, lower
employee productivity and the loss of nearly a third of their
employees within one year, according to new research by Accenture
(NYSE:ACN).
This Smart News Release features multimedia.
View the full release here:
http://www.businesswire.com/news/home/20150615005501/en/
The Accenture research, which included a survey of more than
2,700 U.S. workers, found that three-fourths (76 percent) of
workers see health insurance as a vital factor to continue working
at their current employer. While less than 1 percent of respondents
said they expect to lose employer-sponsored health insurance in the
future, roughly one-third (31 percent) said that, if they did lose
their insurance, they would leave their job within 12 months, with
half of those (15 percent) saying they would quit immediately.
Not surprisingly, the impact of employers not sponsoring health
insurance would have a significant negative impact on workforce
productivity, including widespread employee dissatisfaction (cited
by 64 percent of respondents), less motivation to work hard (32
percent) and increased absenteeism (21 percent). For a company with
1,000 employees who earn an average salary of $50,000, these
turnover costs could climb to more than $3 million in the first
year alone.
Even after an employer dropped heath benefits, three-fourths of
employees (76 percent) still preferred that employers help them
find health insurance and manage their selections. In fact, an
employer’s involvement in the distribution channel, such as in an
employee-curated marketplace, mattered as much, if not more than,
the cost of the health insurance plan. Even when left at a
comparable financial position, in terms of the employer
contribution, more than half (58 percent) remained dissatisfied
with their employer discontinuing their role in facilitating health
benefits.
“When exploring alternatives to employee health benefits,
employers must carefully consider whether the health-insurance cost
savings outweigh the projected impact to turnover and productivity
losses,” said Rich Birhanzel, managing director for Accenture
Health Administration Services. “When it comes to employee
satisfaction, our findings show that maintaining a relationship
with employees may be just as important to companies – if not more
important – than the cost of providing those employees with health
insurance.”
Methodology
Accenture’s research combined extensive market analysis with
insights from an online survey of 2,709 U.S. consumers between the
ages of 18 and 64 who receive employer-sponsored group health
insurance. The research explored employee preferences and sentiment
during a variety of scenarios depicting changes to their health
insurance benefit. The research was conducted in March 2015.
About Accenture
Accenture is a global management consulting, technology services
and outsourcing company, with more than 323,000 people serving
clients in more than 120 countries. Combining unparalleled
experience, comprehensive capabilities across all industries and
business functions, and extensive research on the world’s most
successful companies, Accenture collaborates with clients to help
them become high-performance businesses and governments. The
company generated net revenues of US$30.0 billion for the fiscal
year ended Aug. 31, 2014. Its home page
is www.accenture.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150615005501/en/
Media:Accenture HealthJenn Francis, + 1
630-338-6426jennifer.francis@accenture.com
Accenture (NYSE:ACN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Accenture (NYSE:ACN)
Historical Stock Chart
From Apr 2023 to Apr 2024