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Employee burnout is on par with levels at the height of the COVID-19 pandemic; job performance impacted

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Aflac Study Finds Persistent Stress and Anxiety Affect the Mental Health and Productivity of the American Workforce

COLUMBUS, Ga., November 16, 2022 /PRNewswire/ — Due to ongoing concerns over COVID-19, a sluggish economy and fear of a potential recession, there is a critical need for mental health care and resources to support employees, according to the national representative 12e Annual report on Aflac’s workforce. The study – published by Aflac Incorporated, a leading provider of supplemental health insurance and products in the United States – captures trends and attitudes regarding the state of workplace benefits.

According to the recently released report, more than half (59%) of American workers are experiencing at least moderate levels of burnout, a notable increase from 2021 (52%) and on par with levels reported in 2020 at most. strong from the COVID -19 pandemic, according to the Aflac 2022-2023 workforce report.

Mental health and wellness rise to the top

The study reveals the lasting effect of stress and uncertainty on Americans, making mental health care a top priority for employers. Stress not only impacts the home lives of American workers, but also their working lives and, therefore, their productivity. The survey found that employees are asking for mental health care in greater numbers than ever before and that employers are looking for new ways to provide it. Key statistics:

  • Mental health has negatively impacted the job performance of nearly half (46%) of the U.S. workforce over the past year – a significant increase from 2021 (34%).

  • More than half (51%) of employers agree that employee mental health issues have affected their business in the past year.

  • Nearly 80% of employees say mental health coverage is essential, but only 61% have access to mental health care as part of their benefits package.

Burnout is having a negative impact on the American workforce

Survey responses show that burnout is associated with job satisfaction and loyalty. Employees who suffer from high levels of burnout report lower job satisfaction (55%), lower confidence that their employers care about them (47%), negative perceptions of work-life balance (55%) and a higher probability of looking for another job in the following year (56%). According to the report:

  • The populations most financially affected – Gen Z (71%), multi-jobbers (66%), Hispanic (65%), multi-jobbers (66%), millennials (65%) and women (62%) are seriously affected by burnout.

  • Yet 45% of employers are no more likely this year than last year (43%) to see burnout as a problem for their organization.

  • More than half (56%) of employees believe that their organization is at least moderately concerned about their well-being. This feeling is strongest among those with a hybrid work pattern (70%).

“A major concern of employee burnout is the impact on their well-being and how it affects engagement and retention,” said Matthew Owenby, Director of Human Resources, Aflac Incorporated. “Employers are looking for new ways to deliver benefits that help improve the mental health balance of their employees. At Aflac, we help our customers access mental health benefits, which are available through our individual health products. short-term and group disability against critical illnesses.2

Employees and employers have divergent views on financial stability

According to the survey, many American workers are struggling financially and are even more vulnerable to unexpected medical expenses not covered by health insurance. While employers have always been slow to understand the financial instability facing workers, this year the gap is wider than ever.

  • More than half (58%) of Americans say they cannot pay $1,000 in disbursements. This is most concerning for Gen Z (78%), African Americans (72%) and Hispanics (65%).

  • About 3 in 5 workers (57%) say they suffer from high levels of anxiety about health care costs exceeding what their insurance covers. This is most prevalent among Hispanics (69%), including Gen Z and Millennials (65%).

  • Three-quarters (76%) of employers think their employees understand their healthcare costs well, while only 52% of employees agree.

  • Around 57% of employees believe they will be very well covered in the event of a serious illness, and only 1 in 5 think they will be extremely well covered.

  • Hispanic workers (46%) – including Gen Z and Millennials (44%) – are the hardest hit by inflation, with nearly half saying rising costs have affected their ability to afford medical treatment or a prescription.

“Rising health care costs, lack of understanding of the benefits of health insurance policies and the economic downturn have contributed to employee anxiety about their insurance coverage,” Owenby said. “Hispanics and younger workers have been hit hard by inflation, with nearly half saying rising costs have caused them to choose between paying medical or other bills.”

Supplemental insurance can help provide an extra layer of financial protection

  • About half (48%) of U.S. employees consider fringe benefits a core part of a comprehensive benefits package.

  • Nine out of 10 employees believe the need for additional insurance such as dental, life and vision is increasing.

  • Nearly 77% of employers who offer supplemental insurance believe these benefits help recruitment and 80% say they help retention.

The COVID-19 pandemic has brought about sweeping changes in the workplace, workforce, and benefits enrollment and administration, while spurring a period of benefits innovation. However, even with advances in key areas such as telemedicine and other online resources, employees made it clear in 2022 that they value the human side of their benefits just as much. Providing strong mental health resources, flexible work hours and one-on-one support rise to the top this year as ways for employers to attract and retain top talent in today’s competitive work environment. ‘today.

To learn more, read the Aflac WorkForces 2022-2023 report on AflacWorkForcesReport.com.

About the Aflac 2022-2023 Membership Report

The Aflac WorkForces 2022-2023 report, produced by Kantar on behalf of Aflac, is the 12th annual study examining benefits trends, attitudes and use of benefits within the workforce American work in various industries and company sizes. The employer survey was conducted online between August 31, 2022and September 20, 2022, and collected responses from 1,200 employers. The online employee survey gathered responses from 2,001 employees between August 31, 2022and September 20, 2022. Throughout this report, some percentages may not add up to 100% due to rounding of some responses.

About Aflac Incorporated

Aflac Incorporated (NYSE: AFL) is a Fortune 500 company that helps provide protection to more than 50 million people through its subsidiaries in Japan and the United States, which pays cash quickly when policyholders become ill or injured. For more than six decades, Aflac Incorporated subsidiary insurance policies have given policyholders the ability to focus on recovery, not financial stress. In the United States, Aflac is the leading provider of supplemental health insurance products.1 Aflac Life Insurance Japan is the leading provider of medical and cancer insurance in Japan, where it provides 1 in 4 households. In 2021, the company was included in the Dow Jones Sustainability North America Index and became a signatory to the Principles for Responsible Investment (PRI). In 2022, Aflac Incorporated was proud to be named one of the World’s Most Ethical Companies by Ethisphere for the 16th consecutive year, Fortune’s World’s Most Admired Companies for the 21st time, and Bloomberg’s Gender Equality Index for the third consecutive year. To find out how to get help with expenses not covered by health insurance, get to know us at aflac.com or aflac.com/español. Investors can learn more about Aflac Incorporated and its commitment to ESG and social responsibility at investor.aflac.com under “Sustainability”.

(PRNewsfoto/Aflac)

(PRNewsfoto/Aflac)

Media contact – Jon A. Sullivan, 706.763.4813 or JSullivan@aflac.com

Contact analysts and investors – David A. Young, 706.596.3264, 800.235.2667 or DYoung@aflac.com

1 LIMRA 2021 U.S. Supplementary Health Insurance Total Market Report
2 Mental health benefits may not be available in all states, including but not limited to ID, NJ, NM, NY, or VA. Individual short-term disability policies: In Idaho, policy A57600IDR. In Oklahoma, Policies A57600OK & A57600LBOK. In Virginia, Policies A57600VA and A57600LBVA. Refer to the exact plans and riders for benefit details, definitions, limitations and exclusions. Plans and riders may also contain a waiting period. For availability and costs, please contact your local Aflac agent/producer. Individual coverage is underwritten by Aflac. In New York, individual coverage is underwritten by Aflac New York. Group coverage is underwritten by Continental American Insurance Company (CAIC), a wholly owned subsidiary of Aflac Incorporated. The CAIC is not authorized to solicit business in New York, Guam, Porto Ricoor the The Virgin Islands. For groups located in California, coverage is underwritten by Continental American Life Insurance Company. For groups located in New York, group coverage is underwritten by Aflac New York. Continental American Insurance Company | Columbia, South Carolina.

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