To sum up the workplace changes we’ve all experienced over the last 2+ years would be nearly impossible, but here at Pets Best and in the pet insurance space in general, there is one word that comes to mind: growth. We’ve grown into our new roles and hybrid schedules. Many of us have grown our families by bringing home a new puppy or kitten during lockdown. We’ve grown in the way we communicate and empathize with one another during these trying times. And for an entire generation of young adults, Generation Z has grown up and entered the workforce during a remarkably challenging time.
Born between the late 90’s through 2012, Gen Z’s formative years were shaped by the effects of several world events, and the eldest members of this generation likely celebrated their tenth birthday the same year that the original iPhone was released.
According to the U.S. Census Bureau, Gen Z makes up 20.3% of the U.S. population today, which is slowly approaching millennials, at 22% of the U.S. population. By 2025, Gen Z is expected to account for 27% of the workforce.
Because of the climate in which Gen Z has grown up, it’s no wonder their desire for transparency and trust is translated into their job search criteria. With the internet — and an open marketplace for ideas and connection — at their fingertips, traditional hiring processes and benefit options may not cut it as the Gen Z population enters the workforce.
Recent studies show that Gen Z values career passion and company value above compensation, and more than 42% of Gen Z consider work-life balance a priority over other job benefits. At Pets Best, we work closely with companies nationwide to offer pet health insurance as a voluntary benefit to employees, and we’ve also found the pet parenthood experience among Gen Z to be very different from other generations. Gen Z is redefining what the future of being a pet parent means in how they approach things like pet care, shared experiences with a pet, and costs of care in new ways. These considerations help shape decisions we make at Pets Best when it comes to our plans for the customer experience and product offerings. It should factor into your company’s voluntary benefit strategy as well.
We’ve recently announced the results from a comprehensive, national pet parenthood research study. The study, entitled Pet Parenthood Today, highlights key emotional benefits, financial considerations and generational attitudes felt by today’s pet parents. Some key findings about Gen Z that are particularly relevant to companies that are considering adding pet health insurance to their benefits package include:
- Gen Z is experiencing the highest levels of anxiety about pet care costs, specifically 87%. And the #1 source of anxiety for pet parents across every generation is unexpected vet bills. However, those with pet health insurance are 50% less likely to worry about a high vet bill.
- 60% of Gen Z pet parents cite a business’ pet-friendliness as a priority. They are more likely than older counterparts to say their pet impacted their employment decisions.
- 57% of pet parents “prefer to work for an employer who values pet ownership” and 23% consider it a must.
Pet insurance is clearly resonating with Gen Z. It tops job seekers’ voluntary benefit wish lists, and has over the past 5 years. When it comes to implementing new company policies that speak to the new generation’s desire for work-life balance, I urge HR professionals to look outside the box as a way to stand out, but additionally, to not stray far from what really matters.
Read more: Pet benefits may be a key to retaining talent
Given that 70% of U.S. households own a pet, considering traditional and non-traditional pet-related voluntary benefits is a good idea. Pet Parenthood Today also finds that 83% of pet parents say they are happier as a result of being a pet parent.
From paid time off for veterinary appointments, to giving employees more freedom to walk their dog during the day and providing proactive financial solutions like pet health insurance plans, there are many potential benefits that can be offered to gain trust and increase positive sentiment with new employees of all ages.
Melissa Gutierrez, Pets Best senior vice president & general manager
