Hispanic employees make up the fastest-growing segment of the American workforce, representing nearly 16 percent, and this trend is expected to continue.* That’s why the Aflac WorkForces Report not only identifies benefits trends and issues influencing today’s employees overall, but also specifically Hispanic employees.
Visit aflac.com to get takeaway strategies for each of these five key findings, and consider tailoring your benefits to meet Hispanic employees’ needs. Hispanic employees:
1. Are looking for opportunities for growth — even if it means considering a new job. More Latino employees say they’re extremely or very satisfied in their jobs compared to non-Hispanic employees (65 percent vs. 59 percent), but that doesn’t mean they aren’t looking for the opportunity to advance. Nearly 53 percent are at least somewhat likely to look for a job in the next 12 months, slightly more than the non-Hispanic workforce (49 percent). Opportunities for growth may be a key to enticing them to stay. In fact, 36 percent say providing new growth opportunities is one thing their employer could offer to keep them in their job, and 29 percent say a promotion could persuade them.
2. Value employer-provided benefits and see a growing need for voluntary insurance options. Latino employees place a high value on their employee benefits, which may influence how happy they are at work. More than half (63 percent) say their employee benefits package is extremely or very influential in their job satisfaction. Similarly, 43 percent say improving their benefits package is one thing their employers could do to keep them in their jobs, while just 37 percent of non-Hispanic employees say the same. Latino employees also value voluntary benefits: 91 percent at least somewhat agree voluntary benefits options are part of a comprehensive benefits program, and 67 percent see a growing need for voluntary insurance compared to previous years.
3. Appreciate benefits communications in both English and Spanish. The survey found that the majority (87 percent) of Hispanic-origin employees at least somewhat agree that a well-communicated benefits program would make them less likely to leave their jobs, compared to 79 percent of non-Hispanic employees. What’s more, 98 percent of Latino employees say they prefer benefits communications to be in English, but 10 percent also prefer these materials to be available in Spanish. Though 41 percent of all employers said they offer benefits communications in multiple languages, fewer small and medium-sized businesses (31 percent and 37 percent, respectively) offer this, compared to large businesses (54 percent).
4. Are likely to make benefits decisions for their household. Latino employees are much more likely to say they’re the sole benefits decision-maker in their household (76 percent) rather than sharing the responsibility, for example, with their spouse/partner (just 24 percent). Despite having the benefits decision-making responsibility, 46 percent of Hispanic employees completely or strongly agree they need to be more engaged with their health insurance decisions, and 78 percent admit they spent less than an hour researching their benefit options during their last open enrollment (49 percent spent less than 30 minutes).
5. Are concerned about stress, health issues and medical costs. Fully 1 in 3 Latino employees (33 percent) describe themselves as stressed-out, compared to fewer non-Hispanic employees (25 percent). Nearly 1 in 5 Latino employees (17 percent) are dealing with serious health issues. A similar percentage (20 percent) agrees they’ve been to the emergency room in the past year. Both are higher than non-Hispanic employees (11 percent and 14 percent, respectively). The majority (76 percent) of Latino employees at least somewhat agree they regularly underestimate the total cost of illness or injury, more than non-Hispanic employees (67 percent). A quarter (25 percent) say high medical costs have negatively impacted their credit scores and/or they’ve been contacted by collection agencies about outstanding medical bills — this is higher than with non-Hispanic employees (16 percent).
* National Council of La Raza. Economy and Workforce. Accessed July 14, 2015.