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Welcome to HR 101. The course is now in session. Today’s discussion will focus on the history of pet insurance and how employers can use this benefit to attract and retain talent.
The story. Pet insurance became a more common benefit in the early 2000s, according to BNCbut the first pet insurance policy was written in 1982 by Veterinary Pet Insurance, an organization founded by a California veterinarian who said he wanted to offer pet parents an affordable way to care for their sick pets .
At the time, this insurance was an out-of-pocket expense, costing pet parents about $5 a month, with the plan covering 80 percent of medical costs. Of course, insurance being insurance, prices differed depending on the age and sex of the animal. , and reproduce.
Pop quiz! Can you name the first dog to get pet insurance? It was none other than the 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 high 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 offers pet insurance, according to In all the countries (and younger employees want these benefits even more than their older counterparts: 49% for Gen Z and 45% for millennials), only 19% of employers offer pet insurance, reported SHRM.
But it’s not 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 Generation X), as well as maternity leave to care for them. for a new pet (14% for Gen Z, 23% for Millennials and 12% for Gen X), according to Nationwide.
“Thanks to research with our friends at Human-Animal Bonds Research InstituteWe’ve learned that when pet benefits are offered at work, pet owners feel appreciated and satisfied with their employer. Jules Benson, Nationwide’s chief veterinarian, said in the report. “This is a benefit that employers should consider.”