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© 2010 Yankelovich, part of The Futures Company Preparing for uncertainty March 26, 2010 Prepared for: CIGNA.

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Presentation on theme: "© 2010 Yankelovich, part of The Futures Company Preparing for uncertainty March 26, 2010 Prepared for: CIGNA."— Presentation transcript:

1 © 2010 Yankelovich, part of The Futures Company Preparing for uncertainty March 26, 2010 Prepared for: CIGNA

2 © 2010 Yankelovich, part of The Futures Company 2 Table of contents Study objectives and methodology3 Key takeaways5 The workplace - revisited10 Workplace attitudes19 Preparing for uncertainty22 Employer offerings29 Sample characteristics / Occupation type definitions32

3 © 2010 Yankelovich, part of The Futures Company 3 Study objectives and methodology Yankelovich, a part of The Futures Company, conducted a survey among U.S. full- and part-time employees on behalf of CIGNA, in order to: –Determine whether the meaning of work as it relates to wellbeing (whether employees live to work or work to live) has changed over time –Understand whether employees believe injury or illness are a risk that can be managed –Learn what steps, if any, consumers have taken to prepare for the possibility of being out of work either through job loss or unexpected illness or injury –Understand employee awareness of programs and services that are available –Survey results were obtained through phone interviews among a national sample of 956 full and part-time employed Americans, aged 18 and over. Interviews were conducted March 4 th through March 8 th, This random-digit-dial sample was fully replicated and stratified by region. Only one interview was conducted per household. All sample numbers selected were subject to up to four attempts to complete an interview. The sampling error for this study is +/- 3.1 percentage points.

4 © 2010 Yankelovich, part of The Futures Company 4 Study objectives and methodology (continued) For tracking purposes two questions used in this years study were also asked in Those questions are: Which of the following most closely fits with how you would describe your view of your job? And a follow up question: Can you tell me why you think thats the case? (among those who described their view under live to work) In 2009 the study was conducted among full-time employees only (N = 742); therefore, the year-over-year comparisons are made with those full-time employees surveyed in 2010 (N = 762). Statistically significant differences between 2009 and 2010 are denoted by an asterisk (*) or are contained in a red box ( ). (Significant at the 90% confidence level)

5 © 2010 Yankelovich, part of The Futures Company 5 Key takeaways

6 © 2010 Yankelovich, part of The Futures Company 6 Key Takeaways - The recession continues to take its toll People continue to value the role that work has in their lives How people relate to their jobs is a shifting landscape (Findings among full-time employees only) Today, fewer full-time employees say they are primarily working for the paycheck Last year, more women than men said they lived to work – today that gap has closed – More women say they feel stuck because of the economy or that they are working for the benefits Among those living to work, their reasons for holding that view have also changed – Today, men are more likely to say they enjoy their job and live to work so they can provide for their family, and because it is the responsible thing to do – Of those women who continue to say they live to work, they are more likely to say they feel accomplished, proud, and needed

7 © 2010 Yankelovich, part of The Futures Company 7 Key Takeaways - Employees say they can balance work with their personal lives, but they still want help While 92% of full- and part-time employees say they are successful in balancing their work responsibilities with their personal lives, nearly two-thirds (64%) admit they would find it valuable to learn more about what they can do to strike a good balance Younger workers are more likely than their older counterparts to want help striking a good balance Most employees give their employers high marks: Seven in ten employees say their employer does a good job in helping them strike a balance

8 © 2010 Yankelovich, part of The Futures Company 8 Key Takeaways - A sizeable portion of the workforce is taking steps to prepare for an uncertain future Half of all employees say they have prepared for one or both of two scenarios: (1) the possibility of getting laid off from their job, and (2) the possibility that an illness or injury could keep them from work for a prolonged period of time More than a third of all employees say they have prepared for the possibility that they could be laid off from their jobs – The overwhelming means of preparation: saving money – And more than a third of all employees say they have prepared for the possibility that an illness or injury could keep them away from work for a prolonged period of time – The overwhelming means of preparation: saving money and/or buying new or additional disability insurance Nearly nine in ten employees say an injury or illness is a risk that can be managed The two most common ways to prepare: saving more money and purchasing new or additional disability insurance Yet, fewer say they have actively taken steps in the past 6 months to prepare for an illness or injury that could keep them out of work for a prolonged period of time

9 © 2010 Yankelovich, part of The Futures Company 9 Key Takeaways - Four in ten employees say their employer does not offer a program or service to help them prepare for the possibility of an illness or injury A third of those who say their employer does offer such services say short-term and/or long-term disability insurance is available White collar workers are more likely than blue collar or service workers to say such programs or services are available to them The reported availability of services also differs by occupation type: – White collar workers are more likely to say they have short term disability coverage – Blue collar workers are more likely to say they have wellness programs or other types of supplemental insurance – Service workers are more likely to say they have sick time or paid sick leave

10 © 2010 Yankelovich, part of The Futures Company 10 The workplace - revisited

11 © 2010 Yankelovich, part of The Futures Company 11 Overall, nearly two-thirds of employees enjoy their job and say they live to work Which of the following most closely fits with how you would describe your view of your job? 33% You like your job, you get a sense of satisfaction from going to work each day 18% You love your job, you would do it even if you won the lottery 12% Your job is great, it gives your life structure and purpose 15% Your job is okay, you primarily work for the paycheck 8% You'd rather be doing something else, but right now you feel stuck because of the economy 8% Your job is okay, you primarily work for the benefits, like health insurance 6% You'd rather be retired, but you just need to save a little more money first 1% Dont know/refused Nearly one in five say they would stay at their job if they won the lottery (2010 Data Only)

12 © 2010 Yankelovich, part of The Futures Company 12 Which of the following most closely fits with how you would describe your view of your job? Full-time employees are more likely than part-time employees to say they live to work 67% of full-time employees live to work vs. 50% of part-time employees (2010 Data Only)

13 © 2010 Yankelovich, part of The Futures Company 13 Reasons for living to work differ by employment type Percentages are among those who say they Live to work Unaided responses, multiple responses accepted. Why do you think you enjoy your job and live to work? (2010 Data Only) Full-time employees are more likely than part-time employees to say they live to work because they feel a sense of accomplishment, get to work with interesting people, and are proud of their work

14 © 2010 Yankelovich, part of The Futures Company 14 27% say they primarily work for the paycheck compared to 12% of full-time employees Part-time employees are more likely to say they work to live Which of the following most closely fits with how you would describe your view of your job? 50% of part-time employees work to live vs. 33% of full-time employees (2010 Data Only)

15 © 2010 Yankelovich, part of The Futures Company 15 People continue to value the role that work has in their lives While fewer say they primarily work for their paycheck (11% in 2010 compared to 17% in 2009) Which of the following most closely fits with how you would describe your view of your job? (2010 Data Only) * * *Statistically significant difference from 2009 at the 90% confidence level.

16 © 2010 Yankelovich, part of The Futures Company 16 This year, those full-time employees who say they live to work show an even greater appreciation for their jobs Compared to last year, more full-time employees say they live to work because it gives them a sense of accomplishment, they feel needed, and can provide for their family Percentages are among those who say they Live to work Unaided responses, multiple responses accepted. Why do you think you enjoy your job and live to work? *Statistically significant difference from 2009 at the 90% confidence level. * * * * *

17 © 2010 Yankelovich, part of The Futures Company 17 In 2009, women were more likely than men to say they live to work (71% vs. 59%, respectively); while today, the gap has closed – both are equally as likely to say they live to work. Today two-thirds (66%) of both men and women say they live to work. Fewer men say they primarily work for the paycheck Over the past year, the gap has closed between men and women on whether they live to work or work to live Full-Time Employees ONLY Which of the following most closely fits with how you would describe your view of your job? Men (2010) Men (2009) Women (2010) Women (2009) Base: Live to work (Net) 66%59%66%71% You like your job, you get a sense of satisfaction from going to work each day 33%29%37%31% You love your job, you would do it even if you won the lottery 22%20%15%23% Your job is great, it gives your life structure and purpose 11%10%14%17% Work to live (Net) 33%40%32%28% Your job is okay, you primarily work for the paycheck 13%19%10%13% You'd rather be doing something else, but right now you feel stuck because of the economy 8%9%7%3% Your job is okay, you primarily work for the benefits, like health insurance 6%7%10%6% You'd rather be retired, but you just need to save a little more money first 6%5% 6% Dont know/Refused 1% 2%1% (2010 and 2009 Data) Contains statistically significant differences from 2009 at the 90% confidence level. Percentages are among those who say they Live to work Unaided responses, multiple responses accepted.

18 © 2010 Yankelovich, part of The Futures Company 18 Men are more likely to say they live to work because they can provide for their family and its the responsible thing to do While women are more likely to say they are proud of their work, feel accomplished and needed, and get to see/do interesting things Reasons for living to work are changing - both for men and women Full-Time Employees ONLY Why do you think you enjoy your job and live to work? (Top 10 reasons shown) Men (2010) Men (2009) Women (2010) Women (2009) Base: I feel a sense of accomplishment/Like to get things done 27%25%34%26% I like the people I work with/Meet interesting people 23%21%32%33% I am proud of my work 28%26%23%17% My work makes a difference in the community/world/Etc 9%12%20%19% I feel needed/Important 11%9%15%8% I get to see/Do interesting things 12%11%12%6% I can provide for my family 14%7%8%6% Values/Work ethic 11%8%11%6% I enjoy my job, it's a good fit 11%10%9% It's the responsible thing to do 10%2%8%5% (2010 and 2009 Data) Percentages are among those who say they Live to work Unaided responses, multiple responses accepted. Contains statistically significant differences from 2009 at the 90% confidence level.

19 © 2010 Yankelovich, part of The Futures Company 19 Workplace attitudes

20 © 2010 Yankelovich, part of The Futures Company 20 And yet two-thirds say they would find it valuable to learn more about things they can do to better strike that balance – indicating that people may not be as successful as they claim Nearly all employees say they are successful in balancing their work responsibilities with their personal life Please tell me how much you agree or disagree with the following statements. Do you agree strongly, agree somewhat, disagree somewhat or disagree strongly? (% who Agree Strongly / Somewhat)

21 © 2010 Yankelovich, part of The Futures Company 21 And men are more interested than women. Younger workers are more interested in learning about how to balance work with their personal lives GenderAge* Total MaleFemale ** Base: Agree (Net)64%68%60%74%67%57%51%48% Agree strongly28% 30%31%26%23%24% Agree somewhat36%40%32%44%36%31%28%24% Disagree (Net)35%32%39%26%33%43%47%49% Disagree somewhat19%17%21%15%17%26%20%28% Disagree strongly16%14%18%11%16%17%27%22% Don't know/Refused1%0 0002%3% Please tell me how much you agree or disagree with the following statement. Do you agree strongly, agree somewhat, disagree somewhat or disagree strongly? (% who Agree Strongly / Somewhat) I would find it valuable to learn more about things I can do to better balance my work life with my personal life **Small base.

22 © 2010 Yankelovich, part of The Futures Company 22 Preparing for uncertainty

23 © 2010 Yankelovich, part of The Futures Company 23 In the past 6 months, half of all employees have prepared either for getting laid off or for an illness/injury that would prevent them from being at work 53% have prepared for one, the other, or both Have you taken any steps in the past SIX MONTHS to prepare for the possibility that you might be laid off from your job? AND Have you PERSONALLY taken any steps in the PAST 6 MONTHS to prepare for the possibility that an illness or injury could keep you from being able to work for longer than just a few days?

24 © 2010 Yankelovich, part of The Futures Company 24 Nearly four in ten employees have taken steps in the past 6 months to prepare for the possibility of being laid off Among all employees (full- and part-time): Have you taken any steps in the past SIX MONTHS to prepare for the possibility that you might be laid off from your job? **Small base.

25 © 2010 Yankelovich, part of The Futures Company 25 Can you tell me what you did? (Among those who have taken steps in the past 6 months) Seven in ten of those who have taken steps for the possibility of being laid off say they are saving more money Far fewer say they are taking other steps, like cutting expenses, looking for new opportunities, or working harder Have you taken any steps in the past SIX MONTHS to prepare for the possibility that you might be laid off from your job? Saved more money Cut family expenses/Budget/Down-sized my home Looked for new job/Career opportunities Considered or began side work/A second job to bring in extra money Worked harder/Tried to advance at work Started new career/Job training/Sought an advanced degree Paid/Paying off debt Expanded my professional network Investments Consulted financial advisor/planner Stockpiling food/household supplies Not using credit cards/only for emergency Something else Don't know/Refused Unaided responses, multiple responses accepted.

26 © 2010 Yankelovich, part of The Futures Company 26 Nearly nine in ten employees believe something can be done to prepare for the possibility of an illness or injury that could keep them out of work 86% Believe there is something they can do What can a person do to prepare for the possibility that an illness or injury could keep them from being able to work for longer than just a few days? Saving money and/or purchasing new or additional disability insurance are the two most commonly mentioned ways to prepare for the possibility of such an illness or injury Unaided responses, multiple responses accepted. Save more money so there's a financial cushion Purchase new or additional disability insurance Try to be healthier or stay well Try to be safer - Don't do things where I might get hurt Have insurance/different types of insurance Get out of debt/live within your means Don't abuse sick time/save sick time Something else Nothing, accidents and illnesses are unavoidable Don't know/Refused

27 © 2010 Yankelovich, part of The Futures Company 27 And about a third of all employees say they have personally taken steps in the past 6 months to prepare for the possibility of an illness or injury that could keep them out of work Among all employees (full- and part-time): Have you PERSONALLY taken any steps in the PAST 6 MONTHS to prepare for the possibility that an illness or injury could keep you from being able to work for longer than just a few days?

28 © 2010 Yankelovich, part of The Futures Company 28 Can you tell me what steps you took? (Among those who have taken steps in the past 6 months) A third of those who said they have taken steps in the past 6 months for illness/injury say they have purchased new or additional disability insurance Half say they have saved more money for a financial cushion Have you PERSONALLY taken any steps in the PAST 6 MONTHS to prepare for the possibility that an illness or injury could keep you from being able to work for longer than just a few days? Saved more money so there's a financial cushion Purchased new or additional disability insurance Tried to be healthier/Stay well Tried to be safer - Don't do things where I might get hurt Accumulated sick/vacation days Have insurance/different types of insurance Paid/Paying off debt Go back to school/continuing education Something else Don't know/Refused

29 © 2010 Yankelovich, part of The Futures Company 29 Employer offerings

30 © 2010 Yankelovich, part of The Futures Company 30 Six in ten employees say their employer has some type of program or service that can help them prepare for an illness or injury that could keep them out of work Four in ten say they do not have such programs or services available to them. Among all employees (full- and part-time): Does your employer have any programs or services that help you to prepare for the possibility that an illness or injury could keep you from being able to work for longer than just a few days?

31 © 2010 Yankelovich, part of The Futures Company 31 Can you tell me what kind of programs your employer offers? (Among those who said their employer offers a program) A third of those who say their employer offers a program say short-term and/or long-term disability insurance is available Sick time or paid sick leave is the next most commonly mentioned program. Does your employer have any programs or services that help you to prepare for the possibility that an illness or injury could keep you from being able to work for longer than just a few days? Short term disability coverage/Leave Long term disability insurance Sick time/Paid sick leave Wellness programs at work Family medical leave Employee assistance program Pension with disability provision Workplace safety programs Supplemental insurance or voluntary service Health insurance/insurance Workers' compensation Disability coverage (unspecified) Flexible work options/work from home Counseling programs Personal time/vacation time 401(k)/retirement plan Something else Don't know/Refused

32 © 2010 Yankelovich, part of The Futures Company 32 Sample characteristics / Occupation type definitions

33 © 2010 Yankelovich, part of The Futures Company 33 Sample characteristics Total Employees (N=956) Gender Male50% Female50% Age % % % % 65+3% Refused/no response1% Region Northeast20% North Central22% South35% West23% Type of City Metro75% Non-Metro25% Education High School or less27% Some College, but no degree18% Associates degree11% College Degree or more42% Refused/No response2% Total Employees (N=956) Employment Status Employed Full-time80% Employed Part-time20% Occupation (see definitions on slide 37) White collar60% Blue collar23% Service worker14% Other/not reported3% Annual Household Income Less than $50k32% $50k to less than $100k35% $100k or more23% I dont know/Prefer not to answer10% Marital Status Married59% Single/never married24% Separated/Divorced/ Widowed13% Living as married3% No response1%

34 © 2010 Yankelovich, part of The Futures Company 34 Sample characteristics (continued) Total Employees (N=956) Race White/Caucasian72% Black/African American13% Asian/Asian-American2% Some other race12% Refused/No response2% Spanish, Hispanic or Latino Yes14% No85% Refused/No response1% Political Affiliation Democrat26% Republican31% Independent37% Other Party2% Dont know/Refused4% Own or Rent Dwelling Own72% Rent22% Not reported6% Total Employees (N=956) Head of Household Yes84% No15% Refused/No response1% Number in Household One10% Two29% Three21% Four24% Five or more16% No response- Children under 12 years (asked among those with 2+ HH members) Yes, have kids under 12 years36% No, no kids under 12 years54% Dont know/no response- Children years (asked among those with 2+ HH members) Yes, have kids % No, no kids % Dont know/no response1%

35 © 2010 Yankelovich, part of The Futures Company 35 Occupation Definitions Occupation The occupation classification refers to the occupation of the respondent. The types of positions included in each category are: –Professional/Manager/Owner: Executives, Professionals, Technical and Kindred Workers, Managers, Officials, and Proprietors –White Collar Sales/Clerical: Clerical, Office and Secretarial Workers, and Sales Agents and Workers –Blue Collar - Craftsmen/Foremen: Craftsmen, Foremen, Kindred Workers, Carpenters, Plumbers, Electricians, Mechanics, and Bakers –Blue Collar - Semi-Skilled/Unskilled: Apprentices, Laborers, Assembly Line Workers, Motormen and Fishermen –Service Workers: Housekeepers in Private Households, Police, Beauticians, Barbers, Security Guards, Waitresses and Waiters


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