Employees are looking for benefit offerings that touch every aspect of their lives outside of work, and that includes their pets.
Forty-eight percent of Gen Z employees see their pets as their children, according to a survey from Talker Research and veterinary services provider Vetster and 13% of millennials see them as siblings. Among older generations, 37% of Gen X and 39% of baby boomers see their pets as support systems.. However, 98% of all ages agree that pets make their lives better, and they want their organization's help in caring for them.
"The ultimate challenge that HR leaders are facing is how to create something that is tailored and valuable to every employee without having something that is so diverse or costly that it's difficult to manage," says Cerys Goodall, COO at Vetster. "The common thread happens to be pets."
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Pet care can be expensive, but owners are more than willing to pay the price by whatever means necessary. According to Vetster, Gen X would happily drop an average of nearly $6,000 to save their pet's life and Gen Z is close behind with an average of $5,957.90. Older generations are most likely to have the money on hand, but 43% of Gen Z would ask for the money from family and friends. Another 24% of Gen Zers would drain all of their bank accounts and 18% would even sell an organ to cover the cost. Similarly, 36% of millennials would willingly take out a loan and go into debt.
Even when pets are perfectly healthy, owners are spending upwards of $200 dollars per month on supplies such as food, treats, accessories and boarding. Many of these expenses are exacerbated by the return to the office movement, with respondents saying they would save up to $215 by staying home. To make that sacrifice worth it, they want better pet-related benefits from their employer.
"People's relationship with work has fundamentally changed, so how do you keep someone engaged? How do you make them feel valued? How do you see them as whole people?" Goodall says. "There's a wide range of needs, and employers have the opportunity to tell them there's something they can do to help — and it doesn't have to be expensive to make it possible."
Investing in the right solutions
Vetster partners with organizations as a supplementary benefit option for pet owners who are looking for more comprehensive support. The platform, which can be downloaded as an app on employees' phones, has a premium subscription option that gives its users access to unlimited local vet appointments, a 24/7 live chat with an expert and a prescription medication service. But not every company has the budget or bandwidth for that option, which is why Vetster also offers discounted models where organizations cover the cost of the live chat but employees pay out of pocket for appointments.
Read more: Explosion in pet ownership reshaping benefits landscape
"It's about creating benefits that are considerate without catering because priorities are going to change," Goodall says. "Some people have children, some people don't. Some people are thinking about retirement, others aren't. The idea that you're going to have a one-size-fits-all approach isn't working for anyone."
Vetster's client base includes Samsung, Hyundai and Amazon. So far, the organization has a 100% retention rate. Goodall attributes much of that success to the fact that unlike traditional perks like retirement, which affect mostly older generations, employees are demanding benefits that suit them throughout every stage of life.
"You can't do everything for every individual," Goodall says. "But you can create a flexible benefit offering that will give people enough choice that they can see themselves [using] it."
