5 findings on Hispanic employee benefits needs

3 minute read

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.