In 2020, workplaces are evolving and changing to become more competitive. Millennials, those between the ages of 23 to 38, are dictating their futures by demanding companies provide more benefits and perks. In fact, a study by MetLife stated that 54% of Millennials chose their place of work depending on what benefits the company offered.
Not only do benefits increase the quality of employees you receive, but they help retention rates that can save you millions in the long run. In 2017, a survey conducted by Gallup showed that one-third of all workers in the U.S. stated that people would leave their current employer for another company if they had better benefits or perks.
How Are Employee Benefits Changing in 2020?
The benefit packages our parents received are not the same as the ones Millennials are interested in today. In place of pensions are 401k matching, and health insurance now includes your furry, family friend as well. This new and changing atmosphere can be intimidating for companies who have outdated benefit packages. The value of expanding your employee benefits comes with quality recruits, increased employee retention, and even more positive reviews after the employee has left the company.
In every sector, companies are seeing a significant gain by offering “out of the box” perks that Millennials really care about. You may be shocked to learn that Aflac surveyed people who said that 59% of employees would consider accepting a job with lower pay, but with high benefits. Understanding what the Millennial employee wants is the first step towards learning what benefits they truly desire. We examine how offering innovative, Millennial-focused benefits like pet insurance, can put you ahead in the game.
Why Are Companies Offering Pet Insurance Benefits Now More Than Ever?
The majority of pets are no longer given a dog house or chain to sleep outside. Instead, they are often welcomed into our own king-sized beds or given a therapeutic one of their own. An Associated Press poll found that half of all pet owners in the U.S. consider their pets a full member of their household. Employees now have to consider their pet’s health in addition to their family’s healthcare costs. In fact, the care of dogs and cats costs are growing at an alarming rate of over seven percent annually, which outpaces normative salary increases (American Pet Products Association). It’s evident that people value benefits that can help lower the costs of protecting their beloved pet pals.
Pet Business Magazine reported that seven in 10 Millennials own a pet— 56% are dog owners while 36% are cat parents. When you consider those numbers and the fact that people are spending more on their pets than ever before, you can see how crucial offering pet insurance can be for a company in 2020.
Increased Loyalty for Dog-Friendly Companies
Not only do people appreciate the worth of saving money through pet insurance, but they feel a greater sense of loyalty with pet-friendly companies. When polled by the Society for Human Resource Management (SHRM), 83% of employees said they would rather work for a company that was outwardly pet-friendly, than a company that was not. Many employers are capitalizing on the Millennial’s love for their four-legged friends. It has become “trendy” and “innovative” to offer pet insurance to show employees their company is going above and beyond for all members of their family.
Unique Perks May Help You Be More Competitive
Companies have to constantly evaluate their perks and packages in order to understand how they can benefit from offering their employees more. In 2018, over 34% of U.S. employers are currently offering pet insurance as a regular benefit (Willis Towers Watson). Whether you’re a small company in a big pond or a large company with many competitors stacked against you, it’s time to realize that the best recruits will be choosing the companies that have unique, tangible benefits.
Expanded Benefits Increase Company Ratings
Every company dreads when an employee leaves on bad terms. However, it can be hard to judge when an employee is disgruntled about the lack of benefits but doesn’t come forward with their concerns. Thankfully, there is an easy solution to avoid those poor reviews. Offering increased, unique benefits like pet insurance can drastically raise employee satisfaction.
Even when employees part ways, they will feel their company had their best interest at heart. If you’re wondering if positive company reviews really matter, Glassdoor posted on their website that boosting employee satisfaction by one rating point (the score is on a scale from one to five) raises a company’s market value to over 7.9%.
How to Choose a Pet Insurance Carrier for Your Company
If you are interested in offering pet insurance as an employee benefit, there are few factors you should consider before choosing a carrier:
- Is this a reputable company with a good rating?
- Does the pet insurance work with all vets nationwide, or just certain vets in a specific area?
- Do they offer policy discounts for group enrolling?
- Are they able to cover a wide range of health conditions, treatments, and visits?
- Do they have breed or age restrictions?
- How competitive are their rates compared to other pet insurance carriers?
These questions ensure you will enroll with pet insurance that has your company’s interests and needs in mind.
Prudent Pet Insurance for Business
If you’re thinking about enrolling in company-wide pet insurance, Prudent Pet has your back. Prudent Pet is a comprehensive health insurance carrier that not only has one of the most competitive group rates nationwide but also has one of the quickest reimbursement periods. Some benefits to consider about Prudent Pet include:
- We offer customizable plans to fit any budget
- Fast claims process and one of the quickest reimbursement periods
- We cover a wide range of health conditions, alternative therapies, exam fees, and behavioral health visits
- You can choose any licensed vet in the U.S., we work with all of them
- We don’t have any age or breed restrictions
- A 30-day money-back guarantee is available to all policyholders when they enroll
- There are no exclusions for hereditary or congenital conditions
- If you have multiple pets, you’re eligible for a discount
- We have the best-in-class discount for employees
- Our customers have rated us 4.6/5 via TrustPilot
Prudent Pet was created by pet parents for pet parents. We are a company passionate about helping lower the cost of vet bills, while also getting the best healthcare possible for your furry friend. When you enroll, you are guaranteed to receive top-notch customer service so you know you’re in the right hands.