Wouldn’t life be so much better if you could bring your pet to work with you every day? Well, employers aren’t offering that (yet) but they are offering something that pet owners can get excited about. Pet insurance is becoming a common employee benefit. This perk is being added to the long list of benefits that the millennial generation enjoy seeing when searching for a job, including catered lunches, free gym memberships, and unlimited vacation days. More and more start-ups have been adding pet insurance to benefit packages in an effort to hire more millennial talent, and it just might be working.
Many companies, including Sprout Social, Tempus Labs, Trunk Club and ActiveCampaign The CPO of Sprout Social told Crain’s Chicago Business that the perks they offer are popular among the candidates that they interview. The millennial generation looks for companies to make them feel like they are more than just a number, and offering perks that apply to the life they have outside of work gives them that validation. Acknowledging that they have pets with pet insurance or an active lifestyle with a free gym membership appeals to this generation- so employers, take notes!
However, pet insurance may be becoming a need for millennials rather than a perk. Many millennials are opting to adopt a pet over having children. With the generation delaying milestones in their life, such as buying a home, getting married, and starting a family, they are adopting more pets than past generations. Over 57% of millennials have a pet in their household, compared to 51% of all U.S. households. The cost of raising a pet is significantly less than raising a child, there is more freedom to owning a pet than having a child, and raising a pet is great parenting practice for when they’re ready for the real thing.
Is pet insurance the new thing you’ll be looking for in your next job? Let us know!