Pet care costs have increased by 8.5%, making pet insurance a critical advantage for companies looking to create a unique way to connect with employees who own pets and retain talent.
For pet owners, the cost of everything, including veterinary care, is rising these days. Consumer The cost of animal health services increased by 8.5 percent. Between July 2021 and July 2022, and a recent survey found that two-thirds of pet owners reported inflation.
Caring for pets is expensive – a $999 pet fee It can put half of pet owners into debt – which makes pet insurance popular with owners. That’s why companies that offer pet insurance on a voluntary basis can take advantage of this trend and better connect with employees.
Since voluntary benefits have no upfront costs, they are easy and inexpensive to offer as part of a benefits package. After all, pet insurance is a way to personally connect with pet owners, from Baby Boomers to Gen X to Millennials and beyond. At a time when unemployment is at historic lows, organizations can use pet insurance to help retain and recruit talent.
“We found that pet insurance is at the top of employees’ wish lists for 69 percent. Pet insurance reporting as an important benefit,” says director of sales at Nationwide Voluntary Benefits and Member Special Groups. “And the importance of this benefit cuts across all generations, from Gen Xers to Boomers.”
Subtitle: The Intergenerational Impact of Pet Ownership
A recent study found that 36% of Gen X respondents owned pets, followed by millennials at 44%; Baby Boomers came in at 15%. While feelings and attitudes about pets vary across generations, one thing is consistent for all pet workers: they value their animals highly.
The latest Report He got it.
Gen Zers and Millennials They are waiting a long time to start a family. As a result, they see their pets as “beginners.” They are more likely to bring a new pet into their home during the Covid-19 season.
Gen Xers and Baby Boomers Adults who leave the home are more likely to have children, and pets help fill the void in the nest and provide additional human-animal bonding and companionship.
Employees who have strong relationships with their pets benefit from emotional bonding and stress reduction. Studies show For example, petting a dog lowers the stress hormone cortisol and increases the feel-good hormone oxytocin. And of course, reduced stress and improved emotional well-being will have a positive impact on the workplace.
Subheading: Enhancing Employee Engagement, Attraction and Retention
Providing pet insurance supports employee safety, but it comes down to the bottom line. Registered benefits include::
- more engaged workers; Employees who work for a company with pet insurance have a higher participation rate (76%) than companies without this benefit (68%).
- Superior employee attraction; They are more likely to have pet insurance (56%) than employees at companies who are more likely to recommend their employer to others (71%).
- Improved presentation; Employees with pet insurance are less likely (74%) to miss work due to physical or mental health concerns (76%). Additionally, those with pet insurance are more likely to say the level of stress in their lives is acceptable – 57% compared to 44%.
“Our research staff is not just about buying pet insurance. “They’re using it frequently — an average of two claims a year,” Hurley says. “And people are passionate about their pets, which is why pet insurance is engaging them more than any other type of insurance — it’s a huge asset for companies.”
Data shows that companies that offer pet insurance as a voluntary benefit are better equipped to connect with employees across generational gaps. Pet insurance offers an innovative way to attract and retain talent, improving their competitiveness in a tight marketplace.
Nikki Howell is a freelance writer with over a decade of experience writing about benefits, insurance and technology trends.
Learn more at PetsVoluntaryBenefits.com • 855-874-4944.