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The study found that businesses with three to 99 employees took these actions:
- Hired at a slower pace than medium or large companies with 45 percent of small businesses having hired full-time workers in 2013, compared to 71 percent of mid-sized companies and 60 percent of large organizations.
- 12 percent changed employee hours from full- to part-time in 2013.
- 34 percent said they gave employees smaller raises in 2013 than in previous years, but only 24 percent said they plan to do the same this year and only 18 percent plan to eliminate or delay raises in 2014.
Job satisfaction does not guarantee company loyalty
The study also found that although 63 percent of employees at small businesses are extremely or very satisfied with their job, many think there's room for improvement when it comes to their benefits packages. Only 12 percent are extremely satisfied with their benefits and only 14 percent believe their benefits package meets their current family needs extremely well.
And, for small-business employees, benefits can be the deciding factor in staying with their employer or not. With half (50 percent) of employees at small companies saying they're likely to look for new jobs in the next 12 months, the Aflac study highlights how critical benefits are to keeping workers in their jobs and demonstrates that job satisfaction alone does not always guarantee company loyalty.
- Nearly 6 in 10 (57 percent) small-business workers said they're likely to accept jobs with slightly lower compensation but better benefits.
- Nearly half (47 percent) of small-business employees said improving their benefits packages is one thing their employers could do to keep them in their job.
"Employees at a small business might be satisfied with their pay, enjoy their company environment, their colleagues and the work itself, but that doesn't mean better benefits offerings elsewhere won't entice them to leave," said
Benefits are important to small-business employees
Preserving benefits offerings can go a long way toward keeping employees at the company. More than one-third (38 percent) of small-business employees said maintaining their health care benefits is their most important benefits concern right now. Solutions that can help small businesses reduce and manage their employees' health care costs while still delivering the coverage that their workforce demands include employee-paid policies such as voluntary benefits.
Additionally, the Aflac study found that 85 percent of small-business employees consider voluntary benefits to be part of a comprehensive benefits program. In fact, 62 percent of workers at small companies see a growing need for voluntary insurance benefits today compared to year's past, driven by:
- Rising medical costs (71 percent).
- Increasing price of medical coverage (63 percent).
- Increasing deductibles and copays (58 percent).
- Reduced number of benefits and/or amount of coverage by their employers (29 percent).
About the Aflac WorkForces Report
The 2014 Aflac WorkForces Report is the fourth annual Aflac employee benefits study examining benefit trends and attitudes. The study, conducted by Research Now, captured responses from 1,856 benefits decision-makers and 5,209 employees across the U.S. To learn more about the Aflac WorkForces Report, visit AflacWorkForcesReport.com.
Conducted by Research Now on behalf of Aflac, the research contained two components – employer research and employee research.
As part of the 2014 Aflac WorkForces Report, 596 benefits decision-makers and 1,467 employees at small companies, with between three and 99 employees, were surveyed.
For complete survey methodology, including weighting variables, please contact Aflac Media Relations at email@example.com or 706.243.5543.
About Research Now
Research Now is the leading global online sampling and online data collection company. With more than six million panelists in 38 countries worldwide, Research Now offers a full suite of data collection services. For more information, please visit researchnow.com.
When a policyholder gets sick or hurt, Aflac pays cash benefits fast. For nearly six decades, Aflac insurance policies have given policyholders the opportunity to focus on recovery, not financial stress. In
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