Explosion in pet ownership reshaping benefits landscape

Employee benefits are ever-changing, and the pandemic ushered in a profound shift in priorities for both employers and their workforces in more ways than one. As companies work to adapt to the evolving needs and expectations of new recruits and tenured employees, pet care benefits have emerged at the forefront of this landscape. 

Nearly one in five U.S. households, a staggering 23 million, adopted a pet during the pandemic according to the ASPCA. Those furry friends are considered members of the family, with 41% of pet owners considering their pet to be "like my child." Now, pet care benefits are increasingly recognized as a strategic tool for enhancing both employee retention and engagement.

In a Wag! poll of 1,001 new dog "parents" returning to the workforce post-COVID, an astounding nearly half of respondents said that they would miss their dog more than they would miss their kids or their spouse and three-quarters were nervous about the pet-care challenges they would face upon returning to work. 

Read more: Pets are helping employees sit and stay in a job

Pet insurance is the single biggest challenge for these dog parents, with more than 60% surprised by the cost and effort required to get their pets properly insured. Traveling with a pet is increasingly more popular as well, with nearly a third of dog owners traveling frequently with their dogs, and another third claiming they would travel more if they could bring their pets.

With the financial and time commitment required of owning a pet, it may be surprising that so many Americans have jumped feet first into pet parenthood, but 93% of those new pet parents claim that their dog has provided mental health support in some way. As many as 48% even went so far as to say that it has decreased their anxiety.

An increase in pet parenthood, the need for pet care solutions and society's growing love for pets provide the perfect opportunity for forward-thinking organizations to offer novel but increasingly in-demand pet care benefits for their recruits and employees. With the growth and convenience of the gig economy, it is also easier than ever for employers to facilitate pet care such as dog walking and pet sitting as a benefit, and it is worthwhile to consider additional opportunities for investing in pet-parent employees. 

A pet-friendly workplace has been shown to not only reduce stress, but also increase engagement, retention, positive relationships and even attendance in the workplace. Additionally pet insurance can cost as little as $30 to $50 per pet, and can give employees peace of mind that sudden illnesses or injuries are reimbursed or even totally covered for their furry family members. 

Read more: At Manulife, pet parents save time, money with Airvet's virtual vet visits 

As the workforce landscape continues to evolve amid societal changes and shifting priorities, the addition of pet-care benefits stands out as a strategic move for employers aiming to bolster employee retention and engagement. The surge in pet ownership during the pandemic underscores the importance of acknowledging pets as integral members of the family for those one in five-plus families who adopted a pet. 

By offering pet-care solutions, such as insurance coverage and pet-friendly workplaces, organizations demonstrate their commitment to supporting the holistic well-being of their employees and attract a wider pool of talent. Embracing pet-friendly policies not only fosters a positive work environment, but also cultivates stronger bonds between employers and their pet-parent employees, ultimately contributing to a more fulfilled and productive workforce.