(TNND) — A new report from Aflac found that rising burnout is affecting workers.
The report also found more anxiety over health care costs not covered by insurance – a key finding as the annual open enrollment period for insurance plans approaches.
Around three-quarters of employees surveyed for the 15th annual Aflac WorkForces Report said they face moderate to high stress at work.
And Aflac found that Gen Z surpassed millennials as the most burned-out generation at work.
“Burnout at work has reached an all-time high, which is a significant issue that can affect productivity, health, and overall job satisfaction,” Aflac Chief Strategy Officer Matthew Owenby said via email. “But burnout is not only about having too much work, it’s also about a lack of support or even manifesting as a mismatch between employer and employee values. Employers need to listen to employees, provide mental health resources, offer flexible work arrangements, and regularly assess employee well-being.”
Owenby said they see economic uncertainty weighing on workers, which could be contributing to higher rates of burnout.
Amid a cooling jobs market, Owenby said they’re seeing more “job-hugging” taking place. Workers are staying where they are, because they don’t feel comfortable taking on the effort to find something new. Or they’re wary to break out of their shell, he said.
Aflac, a leading provider of supplemental health insurance, is tracking emerging trends in health insurance, voluntary benefits, employee well-being and workplace satisfaction through these annual reports, Owenby said.
The surveys continue to show gaps in how benefits are offered, communicated, accessed and personalized.
“This is especially persistent during open enrollment season, where misalignment on employee satisfaction can undermine the value of strong benefits offered by an employer,” Owenby said.
Fewer employees are confident that their employers care about their mental health, this year’s survey found.
Heavy workloads continue to be the top driver of stress.
And many workers are feeling medical cost anxiety, according to Aflac.
Over half feel anxious about health care costs not covered by their insurance.
Just under half have delayed treatment or medical care out of cost concerns.
Fifty-eight percent of employees are confident that they will be well-covered in the event of a serious illness, down from 64% a year ago.
Under half said they are confident that they understand everything about their health insurance policies.
And nearly 70% want their companies to provide more information about their benefits.
“We saw several important trends emerge, largely around financial security, burnout and employee retention,” Owenby said.
Companies should build a culture of belonging to boost employee satisfaction and engagement and reduce burnout, he said.
Aflac posted a “turnover cost calculator” for company leaders to use, showing the importance of keeping workers happy so they don’t look for greener pastures.
Aflac said it could take 50% of a worker’s salary to recruit, replace and train a new employee.
If a company has a staff of 100, and 37% look for a new job in the next year, that would saddle the organization with over $1 million in turnover costs.
Increased medical expenses and rising anxiety levels can contribute to reduced productivity and ultimately increased turnover, Owenby said.
“Managers should be upfront by having open dialogue with individual team members and embed a sense of belonging into team dynamics to encourage workers to feel seen, heard, supported and included,” he said.
