COLUMBUS, Ga., Nov. 12, 2012 /PRNewswire/ -- As U.S. small
business owners review their year-end business performance and set
objectives for 2013, decision-makers should include an evaluation
of how well existing benefits programs address top fiscal concerns.
In fact, controlling health care costs is the most important human
resources issue for small businesses, according to the 2012 Aflac
WorkForces Report (AWR), an online survey of nearly 1,900 benefits
decision-makers and more than 6,100 U.S. workers conducted by
Research Now and released by Aflac, the No. 1 provider of
supplemental and guaranteed-renewable insurance in the United States.(1)
"Small businesses are at the heart of the American dream and the
engine of U.S. economic growth. Yet the 2012 Aflac WorkForces
Report reveals that 55 percent of small businesses find it
challenging to provide robust benefits while staying within tight
budget constraints," said Paul S. Amos
II, president and chief operating officer for Aflac U.S. "We
know that small business owners juggle many responsibilities,
including taking care of their employees – often with little or no
human resources expertise. The challenge comes down to company
resources, including what's available to business owners to provide
benefits and communicate with employees about their options and,
how they can best use benefits to improve their health and
well-being."
Managing Rising Health Care Costs
Similar to the Aflac study results, an annual small business
owner survey by the National Federation of Independent Business
revealed that the cost of health insurance remains small
businesses' number one problem, topping the list for 52 percent of
business owners.(2) As a result, business owners and benefits
decision-makers need creative solutions that can provide short- and
long-term cost advantages.
"Many small business owners and their employees are looking for
flexible benefits solutions to address rising health care
expenses," said Amos. "Small businesses that take a close look at
their benefits offerings can gain a competitive edge by providing
employees robust benefits options including voluntary insurance
without incurring additional cost to the company."
Voluntary insurance and wellness programs are two solutions that
can enhance traditional benefits and help protect employees' health
and financial well-being, while positively impacting a company's
bottom line.
Win-Win Solutions
Voluntary insurance expands benefits offerings by providing a
wide range of coverage choices, including short-term disability,
life, dental and vision without adding benefits costs to employers.
Other relevant insurance for small businesses include voluntary
critical illness, hospital indemnity and accident plans that can
provide much-needed cash benefits to policyholders faced with high
out-of-pocket expenses associated with an unexpected injury or
illness. Voluntary insurance benefits also can have a big impact on
a business's finances, with 30 percent of small businesses seeing
fewer workers' compensation claims after introducing voluntary
insurance plans.(1)
Wellness programs are currently offered by more than one-third
(36 percent) of small businesses as an effective cost-cutting
solution.(1) Among all businesses with a wellness program, the
Aflac study revealed that 44 percent agree they are able to offer
lower premiums as a result of their wellness program. In addition,
a review of the return on investment for wellness programs shows on
average a 28 percent reduction in sick days, a 26 percent reduction
in health costs, and a 30 percent reduction in workers'
compensation and disability management claims.(3)
Voluntary Insurance Provides Meaningful Benefit
Accent
Like other small businesses, Accent Computer Solutions, an
information technology support firm in San Bernardino County, California, seeks
creative benefits solutions that don't have a negative impact on
operating expenses. In Accent's case, executives realized they
needed to make changes to adjust their expenses and that the
company couldn't continue to provide employees the same level of
benefits. However, Accent's executives were determined to find
smart solutions that fit their budget so they could give employees
flexible insurance options.
"We couldn't afford everything we wanted to offer employees and
still run a profitable business," said Derek Woolf, Accent's vice president and general
manager. "When Aflac contacted us about their voluntary insurance
policies, we quickly discovered the solution was right in front of
us — our employees could get extra protection without adding
benefits costs to our company."
While Accent has a stable base of 30 employees with little
turnover, Woolf acknowledges that the voluntary insurance policies
they offer are important to employee retention and a good
complement to the company's additional benefits during a
candidate's recruitment process. He said, "We now have a solid
benefits package that makes us competitive with, if not ahead of,
other companies a candidate may be considering."
Complementary Articles and Infographic Downloads
To gain even more insight about voluntary insurance and
wellness programs, download articles on best
practices for businesses.
To see the 2012 study results, visit AflacWorkForcesReport.com
or follow @aflac on Twitter.
About the Aflac WorkForces Report
The Aflac WorkForces Report is an annual employee
benefits study examining the forces impacting the trends, attitudes
and utilization of employee benefits. Surveying both American
workers and business decision-makers, the Aflac WorkForces
Report reconciles the perceptions and realities of benefits in
the workplace. The insights aim to help businesses make informed
decisions about benefits to better protect their employees and
their bottom line.
Research Methodology
The 2012 Aflac WorkForces Report was conducted by Research Now
on behalf of Aflac. The research contained two components of
research among the U.S. workforce — employer research and employee
research.
The Employer Survey was conducted online within the United States between January 24, 2012, and February 7, 2012, among 1,876 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 between February 7, 2012, and February 23, 2012, among 6,151 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 3,151
interviews were nationally representative while the remaining 3,000
interviews were conducted among the Top 30 designated market areas
(DMAs) — 100 interviews per DMA. Results were weighted as needed
for household income. No estimates of theoretical sampling error
can be calculated; a full methodology is available.
About Research Now
Research Now is the leading global online sampling and online
data collection company. With over six million panelists in 38
countries worldwide, Research Now enables companies to listen to
and interact with real consumers and business decision-makers to
help them make key business decisions. Research Now offers a full
suite of data collection services, including social media sampling,
and operates the Valued Opinions™ Panel and e-Rewards® Opinion
Panel. The company has a multilingual staff located in 24 offices
around the globe and has been recognized for four consecutive years
as the industry leader in client satisfaction. For more
information, please visit researchnow.com.
About Aflac
When a policyholder gets sick or hurt, Aflac pays cash benefits
fast. For more than 55 years, Aflac insurance policies have given
policyholders the opportunity to focus on recovery, not financial
stress. In the United States,
Aflac is the number one provider of guaranteed-renewable insurance.
In Japan, Aflac is the number one
life insurance company in terms of individual policies in force.
Aflac individual and group insurance products provide protection to
more than 50 million people worldwide. For six consecutive years,
Aflac has been recognized by Ethisphere magazine as one of the
World's Most Ethical Companies. In 2012, FORTUNE magazine
recognized Aflac as one of the 100 Best Companies to Work For in
America for the 14th consecutive year. Also, FORTUNE magazine
included Aflac on its list of Most Admired Companies for the 11th
time in 2012. 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.
(1) 2012 Aflac WorkForces Report, a study conducted by Research
Now on behalf of Aflac, January 24–February 23, 2012.
(2) National Federation of Independent Business Report, "Small
Business Problems & Priorities," August
2012.
(3) Partnership for Prevention (2012), "Worksite Health,"
<prevent.org/Topics/Worksite-Health.aspx>, accessed on
September 25, 2012.
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http://photos.prnewswire.com/prnh/20100423/CL92305LOGO)
Media
Contacts:
|
|
Kip
Havel
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Cathleen
Bleers
|
Aflac
|
Hill
+ Knowlton Strategies
|
706.243.5543
|
312.255.3123
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mediarelations@aflac.com
|
cathleen.bleers@hkstratgies.com
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SOURCE Aflac