A new survey shows more employees aren’t willing to leave a job out of fear they will lose health benefits. The findings released by the West Health Gallup Center show 24 percent of Americans- that’s about 23 million adults feel trapped in their occupations – stuck by the rising cost of healthcare
The phenomenon, which the analysts called “job lock,” impacts almost one in 4 Americans and is more prevalent in workers faced with medical expenses
Business Expert Andrew Lamb says people are the most important asset in a company. “I think from an employer perspective we’ve got to build retention not on fear, but on true retention. If we look at great companies their employees stay through culture and purpose and leadership- not just benefits.” He said
Employees with chronic health conditions were also more likely to report job lock. Twenty-nine percent of those with at least one chronic condition said they remained in an unwanted job for health benefits, compared with 17 percent of those without such a condition
“Job lock” brings inefficiency. Employers have to focus on engagement, trust and loyalty. “When we’re in compliance, we just get what we got, but if you build trust and loyalty- people go the extra mile and we all win when trust is built and there are loyalties within the company.” Lamb said
He says when employees believe in the organization- everyone wins. When they stay because they’re afraid to leave- it’s a warning sign for both parties. Leaders need to build an organization that’s transparent and supportive of everybody
The findings come as other surveys show anxiety among Americans over the cost and reliability of health coverage
According to the report, an April poll by health policy research group KFF found that 64 percent of U.S. adults were worried about being able to afford healthcare. This tied gasoline and transportation costs as the public’s leading financial concern and outranked worries about food, housing, and utilities
