7 reasons why employers should invest in pet-related benefits

January 12, 2021 9:00 AM

If the coronavirus pandemic can be credited with one positive thing, it’s that more animals in need have found homes. Indeed, the crisis has caused a boom in pet adoptions and purchases as people spend more time at home.

Employees have long appreciated when employers provide animal-related benefits like insurance and daycare. While only 15% of employers offer a pet insurance benefit, the need for these programs will likely grow too. Investing in a pet insurance benefit is a key way to attract and retain talent.

As 2021 gets underway and companies consider what benefits to offer employees, take a look at some ofEmployee Benefit News’ best pet-related stories to learn what benefits are in demand and how employers can better support workers and their animals.

Hush Puppies parent adds dog day care benefit

Shoe manufacturer Wolverine Worldwide has teamed up with Dogtopia, a day care, boarding and spa franchise for dogs, to offer an onsite doggie day care facility.

The employer’s Michigan-based corporate campus, which was already dog friendly, now provides employees with a centralized location where they can drop off their dog before work and visit during the day. The dogs are walked, fed, played with, groomed, and cared for in a variety of ways.

“There are so many competing demands on our employees, and they are only increasing,” says Jodie Kelley, vice president of global total rewards at Wolverine Worldwide. “It became a passion project for all of us to truly try to add benefits to our campus that were the most impactful.”

Read More: Hush Puppies parent adds dog day care benefit

3 reasons why employers should prioritize pet insurance

Employers should consider how they can support pet parents in their organization through pet insurance or other benefits as they welcome these new family members into their homes. What’s more, rising employee pet parenting is actually good news for companies: 50% of employees who work with their pets report being more productive.

Pet insurance and other pet-related benefits can help employers support their employees as they adjust to pandemic-induced lifestyle changes. With many Americans still working from home and the majority preferring to do so even after the pandemic, benefits packages need to evolve and shift away from in-office benefits and toward offerings that meet the new needs of an at-home workforce.

Read More: 3 reasons why employers should prioritize pet insurance

Progressive teams with PetsBest for new pet insurance benefit

Insurance provider Progressive has entered into the voluntary benefits marketplace to offer employer clients a pet insurance benefit through its partnership with PetsBest.

“Most people know Progressive as a large auto insurer. What we find is when we talk to consumers and we ask them what is the most important for them to protect in their household, we're hoping that we get answers back about their vehicles and their property because those are the main products that we insure,” says Drew Purcell, business development leader at Progressive. “But what we often hear is stories about their pet, and how important their pets are to them and how they want to protect their pet.”

Read More: Progressive teams with PetsBest for new pet insurance benefit

SAP teams with Petco to offer expanded employee pet insurance benefits

Recognizing the unique bond that employees have with their pets, enterprise application software SAP has expanded its pet insurance and bereavement programs to offer comprehensive pet health and wellness benefits to full-time employees in North America.

“We had a workshop over the summer, where we were really looking at our work-life policies,” says Jason Russell, SAP’s head of North America total rewards. “The feedback from that session was we should have a bereavement leave for pets. It really got us thinking about pet wellness and offering more in that space, and that led to the conversation with Petco.”

Read More: SAP teams with Petco to offer expanded employee pet insurance benefits

Working from home has improved employees’ connections to their pets

Pets have played a huge role in improving a person’s physical and mental health, both pre-pandemic and throughout the coronavirus crisis. Owning a pet can reduce depression and improve a person’s mood, as well as lower cortisol, heart rate and blood pressure, according to the Human Animal Bond Research Institute.

For employees now working from home, those who are doing so with a pet have said they feel a greater bond with their pet and have felt more positive since the start of the pandemic, according to a survey by Banfield Pet Hospital.

Being able to work alongside a pet has “really helped create a sense of well being [during] this pandemic,” says Melissa Marshall, vice president of people and organization at Banfield Pet Hospital. “Pets actually being by our side creates a decompressive environment and it's been very positive.”

Read More: Working from home has improved employees’ connections to their pets

Employees are demanding pet insurance benefits as COVID-19 continues

On average, it can cost an employee between $700 and $2,000 per year in veterinary bills to care for a healthy pet, according to the Spruce Pets, an online resource for pet owners. Factoring in emergency care, food, toys and grooming and employees will be spending a good chunk of their salaries on their furry friends.

“As employee benefit packages become more customized and in service of the individual employee, versus the homogenous employee base, you'll find that the people who do take advantage of the pet insurance offering are especially passionate about the availability of pet insurance and the access that they have to to a pet insurance programs,” says Katie Blakeley, vice president of pet insurance at MetLife.

Read More: Employees are demanding pet insurance benefits as COVID-19 continues

Employees in the veterinary field are underserved by mental health and financial well-being benefits

Every day, veterinarians are tasked with making emotional decisions, while working in a sometimes thankless field. With high rates of student loan debt, a lack of employer-offered benefit options, and a relentless 24/7 workload, veterinarians are facing mental health challenges that can go undetected and have tragic consequences.

“Because of the passion veterinary professionals have for helping pets and the lengths they go to do so, they are faced with rewarding opportunities but also unique challenges,” says Brian Garish, president of Banfield Pet Hospital. “Veterinarians have some of the highest rates of student debt and debt-to-income ratio — they also encounter extremely emotional situations every day, many of which include heartbreaking life-or-death decisions involving beloved pets.”

Organizations that employ veterinarians, like Banfield Pet Hospital, and other small independent practices, have a unique opportunity to provide benefits that address and improve employee mental health. In 2019, Banfield launched its ASK program, which stands for Assess, Support, Know, and is designed to help veterinary professionals recognize and address emotional distress and suicidal thoughts in themselves and others.

Read More: Employees in the veterinary field are underserved by mental health and financial well-being benefits