As we finish up the first half of 2024, the landscape of pet benefits continues to evolve. This reflects a growing recognition from top employers of the profound impact on pet ownership for both employees and employers alike. In this blog, we’re rounding up some of the top stories from 2024 so far: from the escalating demand for pet benefits to their pivotal role in keeping employees healthy.
Join us as we share significant news stories and research from 2024 and explore the future of pet benefits for this year and beyond.
More companies are seeing the value in providing pet benefits. Heart.org acknowledged that as organizations search for ways to attract and retain employees, offering pet-friendly benefits is proving to be an effective tool to boost recruitment, increase morale and encourage healthy habits.
At Airvet, we know the majority of pet parents view pets as family. While it’s hard to put a value on the human-animal bond and what it means for so many of us, the Human Animal Bond Research Institute (HABRI) commissioned a new economic impact report in 2024 which gives a partial answer – pet ownership saves the U.S. health care system $22.7 billion every year.
Early in the year, Employee Benefits News (EBN) acknowledged the shift to working from home has solidified pets as essential emotional support systems for many employees, influencing the Great Resignation and highlighting the importance of pet benefits in job retention. Pet benefits are highly valued, especially among Gen Z and Millennials, and is seen as a crucial job perk. EBN concluded that pet-related perks help with employee retention, productivity, and satisfaction, marking them as essential components of modern employee benefits packages.
The New York Times recently covered the rising cost of vet care and its impact on pet parents in the United States. Veterinary care costs have risen 60% in the past decade, creating significant financial challenges for pet owners. While pet insurance exists, only about 4% of owners have it, and it often requires upfront payment with uncertain reimbursement. Additionally, pet insurance typically excludes pre existing conditions and may increase rates for older pets. Even those with coverage aren’t always protected, as rising costs have led to some plans being discontinued, leaving owners to shoulder expenses on their own. So, where does this leave pet parents?
Listen to more from The New York Times.
WorkLife reported that supporting employees through major life events, like offering pet bereavement leave, is becoming essential for companies looking to enhance retention and loyalty. Pet-friendly policies not only show that employers care but also foster a sense of connection and well-being, leading to greater psychological safety and overall life satisfaction among staff.
In the competitive modern workplace, the team at Airvet knows that attracting and retaining top talent necessitates innovative benefits that cater to employees’ needs. We delved into the research and found highly engaged employees are more productive and less stressed, with pet interactions significantly lowering cortisol levels and blood pressure.
At the end of Q1, groundbreaking research came out from the American Psychiatric Association (APA) about the huge impact pets have on our mental health. Polling revealed that pets offer significant mental health benefits, with nearly two-thirds of pet owners citing companionship, friendship, and unconditional love from their animals. 84% of pet owners report a positive impact on their mental health, with pets helping to reduce stress and anxiety and providing a calming presence. Given these benefits, it’s crucial for employers to provide pet benefits, as they can significantly enhance employee well-being and satisfaction.
Research revealed to Employee Benefits News (EBN) that nearly one in five U.S. households adopted a pet during the pandemic, with 41% of pet owners considering their pets like children. Pet care benefits, such as pet insurance and pet-friendly workplaces, are now strategic tools for enhancing employee retention and engagement. EBN found that offering pet benefits not only addresses these concerns but also fosters a positive work environment, reduces stress, and strengthens bonds between employers and pet-parent employees, ultimately leading to a more fulfilled and productive workforce.
At Airvet, we know recognizing pets as part of the family is essential in today’s workplace. By implementing thoughtful pet policies and benefits, companies can provide meaningful support, ensuring pets live healthy and happy lives. In a conversation with Jeff Horvath, VP P&O at BluePearl Veterinary Partners, Billy Schultz, Global VP of Total Rewards at Mars, and Brandon Werber, CEO & Founder of Airvet we heard from top leaders about the impact pets and pet benefits have on employee well-being.
As companies strive to attract young workers, many are offering pet benefits like “pawternity leave,” pet health insurance, and pet bereavement leave. A growing trend locally and nationally, pet insurance is particularly popular, with about one-third of large employers offering it. This trend reflects a broader shift in employee priorities, with pet perks becoming a key recruitment and retention tool.
Mental Health Awareness Month revealed to Airvet the growing recognition of pets’ profound impact on mental wellbeing, a factor often overlooked in corporate strategies. Employers are increasingly integrating pet-friendly policies and benefits like pet insurance and telehealth services from Airvet to support employee mental health and foster a more engaged and productive workforce, demonstrating a progressive approach to holistic employee wellbeing.
