How Investing In Pet Benefits Can Help Companies Win The Talent War

Cerys Goodall is the Founder and Principal at The Goods and advisor to Vetster.

There are currently five generations in the workforce, which makes it nearly impossible to find benefits that appeal to all. Benefits like childcare assistance typically resonate with Gen-X, but for the growing number of Millennials and Gen-Z choosing not to have kids, these family-centric benefits offer little to no value to an increasing portion of the workforce. As HR teams look for universally resonant benefits, one overlooked area can offer a cross-generational appeal: pet care.

According to recent research, 66% of American households own a pet. Given that over half of a company’s workforce is likely to fall into this category of pet ownership, HR teams can leverage this to offer financial and wellness benefits that appeal to a wider range of employees.

Easing Financial Burdens

With rising veterinary costs and unstable economic times, many people are struggling to cover unexpected pet expenses, which I’ve found makes employer support in this area especially appreciated. A recent study by our company found that Gen-X and Gen-Z would both happily spend nearly $6,000 if it meant providing life-saving care to their pet, but the resources available to them to fund the expense vary widely, from Gen-X tapping their savings to Gen-Z selling their car or crowdfunding.

Everyday pet expenses can add up quickly, even without factoring in emergency care situations that pop up. In our same study, pet parents who work from home reported saving an estimated $215 per month on pet care. Offering pet benefits is a remote-friendly option that can not only support employee well-being but also ease the financial pressures of modern pet ownership that all generations face.

Supporting Mental Health

Initiatives as simple and common as implementing a work-from-home model allow employees to spend more time with their pets, which can also help reduce anxiety. In fact, 51% of pet owners who work from home reported reduced stress levels, and 42% claimed they are “less worried about their pet’s well-being.”

When in-office days are required, consider allowing your employees to bring pets into the office. This can offer similar emotional benefits, helping employees feel more supported and relaxed throughout the workday. Coworkers who don’t have pets can reap the benefits, too, as we found that 73% of employees report having reduced stress when there are pets in the office. These mental health benefits can resonate across a multigenerational workforce, whether it’s Gen-Z employees managing early-career stress, Millennials balancing young families or Boomers navigating caregiving roles.

Implementing Pet Benefits

Knowing that more than three in five employees (registration required) would consider leaving their job for a new role that offers more robust benefits and potentially lower pay, there is pressure on HR teams to find a benefits solution that appeals to everyone, regardless of demographic. Moreover, according to a OnePoll survey of 1,800 pet-owning employees (done on behalf of our company), 60% of pet parents “would consider leaving their job if it conflicted with their ability to care for their pet,” and almost 10% already have.

If you want to begin offering benefits for pet owners in your workforce, consider options like stipends for veterinary care, access to pet insurance and pet-friendly office spaces. While it is not possible to please everyone, tailoring benefits to the pet owners can be an effective way to create a balanced benefits option that provides both financial and mental health support.

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?