Quick-to-read HR news & insights
From recruiting and retention to company culture and the latest in HR tech, HR Brew delivers up-to-date industry news and tips to help HR pros stay nimble in today’s fast-changing business environment.
Welcome to HR 101. Class is now in session. Today’s discussion will be all about the history of pet insurance and how employers can utilize this benefit to attract and retain talent.
The history. Pet insurance became a more common benefit in the early 2000s, according to NBC, but the first pet policy was written in 1982 by Veterinary Pet Insurance, an organization founded by a California veterinarian who said he wanted to provide pet parents with an affordable way to care for their sick animals.
At the time, this insurance was an out-of-pocket expense, costing pet parents around $5 a month, with the plan covering 80% of medical costs—of course, insurance being insurance, prices would differ based on the pet’s age, gender, and breed.
Pop quiz! Can you name the first dog to receive pet insurance? It was none other than that famous canine hero Lassie, according to a 1982 UPI article (recommended reading if you need a serotonin boost).
Fast forward. Pet insurance and other animal-focused benefits are in demand. Some 23 million American households have acquired a pet during the Covid-19 pandemic, according to the ASPCA. While 32% of pet parents say they would stay with an employer that offered a pet insurance benefit, according to Nationwide (and younger employees want these benefits even more than their older counterparts: 49% for Gen Z and 45% for millennials), just 19% of employers offer a pet insurance benefit, reported SHRM.
But it isn’t just pet insurance that employees want: Workers also want paid time off to care for a pet (28% for Gen Z, 36% for millennials, and 32% for Gen X), as well as pawternity leave to care for a new pet (14% for Gen Z, 23% for Millennials, and 12% for Gen X), according to Nationwide.
“Through research with our friends from the Human Animal Bond Research Institute, we’ve learned that when pet benefits are offered at work, pet owners feel appreciated and satisfied with their employers,” Jules Benson, Nationwide’s chief veterinary officer, said in the report. “It’s a perk that employers should consider.”