A recent survey conducted by Aflac has identified a growing epidemic of burnout among workers, coupled with increasing anxiety regarding healthcare costs that are not covered by insurance. This finding is particularly timely as the annual open enrollment season for insurance plans is just around the corner.
The survey revealed that approximately 75% of employees reported experiencing moderate to high levels of workplace stress. Alarmingly, Gen Z has now overtaken millennials as the most burned-out generation in the workforce.
Matthew Owenby, Aflac’s Chief Strategy Officer, emphasized the seriousness of the situation in an email, stating, “Burnout at work has reached an all-time high, which is a significant issue that can affect productivity, health, and overall job satisfaction.” He added, “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.”
Owenby urged employers to take proactive steps to combat burnout by listening to employees, providing mental health resources, offering flexible work arrangements, and continuously assessing employee well-being. The economic uncertainty facing workers appears to be contributing to the rise in burnout, according to Owenby. He noted a trend of “job-hugging,” where employees choose to stay in their current roles due to concerns about the job market, expressing discomfort with the idea of searching for new opportunities.
Aflac, known for its supplemental health insurance offerings, has committed to tracking trends related to health insurance, voluntary benefits, employee well-being, and workplace satisfaction through these annual surveys. Owenby pointed out that there remains a significant gap in how benefits are communicated, accessed, and personalized for employees.
“This is especially persistent during open enrollment season, where misalignment on employee satisfaction can undermine the value of strong benefits offered by an employer,” he said.
The survey findings indicate a decline in employee confidence regarding their employer’s commitment to mental health care. Heavy workloads continue to be the leading source of stress for workers. Moreover, Aflac’s findings highlighted that over half of the respondents are anxious about healthcare costs that their insurance does not cover. Nearly half of participants admitted to delaying necessary medical treatments out of concern for costs.
A concerning 58% of employees expressed confidence in their insurance coverage should they face a serious illness, a drop from 64% the previous year. Furthermore, fewer than half of the respondents felt assured that they fully understood their health insurance policies. A striking 70% of employees indicated a desire for more comprehensive information about the benefits provided by their companies.
Owenby commented, “We saw several important trends emerge, largely around financial security, burnout, and employee retention.” He highlighted the importance of fostering a culture of belonging within organizations to enhance employee satisfaction and engagement, ultimately mitigating burnout.
Aflac has also provided a resource for company leaders that underscores the importance of keeping employees satisfied to reduce turnover. According to Aflac, replacing and training a new employee can cost up to 50% of their salary. For instance, in a company with 100 staff members, if 37% of them seek new job opportunities within a year, the organization would face over $1 million in turnover costs.
Owenby noted that spikes in medical expenses and rising anxiety levels could lead to diminished productivity and increased turnover rates. He advised that, “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.” This proactive approach could be key in addressing the challenges outlined in the Aflac survey and improving the overall workplace environment.
