Just take a moment to consider this: every employee under the age of 35 leaving your business in less than four years. Well, it is dreadful!
Today’s workforce undergoes several changes, and millennials play a significant role, as they represent the numerous groups of adults that comprise 75% of working people by the end of 2025.
Mostly, employers perceive this latest generational cohort as self-oriented, addicted to their portable devices, and having a difficult time passing further in life. Still, to make them justice, you should view these people as digital experts who graduated with a lot of student debts, only to face the worst economic environment ever.
On top of that, almost every millennial, you will stumble upon, will have high aspirations and a completely positive outlook on life, despite the tedious and challenging workforce environment that says otherwise:
- They perceive businesses with a lot of doubtfulness, especially if it is the case of those focusing solely on profit. And it shouldn’t be a surprise for anyone that millennials feel this way. The Great Recession caused a lot of troubles and feelings of resentment.
- They prefer owning a pet, rather than forming a family. Studies show that only 27% of millennials are married, which is quite low if we consider 48% of boomers when they were the same age. And most of them opt for tending for a pet’s needs to prepare for something more serious in life.
- They cherish loyalty beyond the feelings of reassurance and stability. Their perception of the world encompasses the idea that employers have to earn their loyalty by preaching similar values. And this is a piece of valuable information, as millennials are willing to make an impact within a business only if they believe in the company’s values.
Use Pet insurance plans as your ally
Pet insurance is part of the millennial approach, and it is quite frequent in employee benefits nowadays. And we believe it is an excellent tool for making your employees stay longer within your organization.
A pet health plan is meant to act as a means of receiving reimbursements for pet owners, and it covers costs for medical expenses that are a direct result of injury or health problems. Millennials view this as a big plus to their working contract, as their financial background is not as lenient as it is in the case with their older colleagues.
Overall, pet plans offer security to employees, as several studies found that one in three pets will need at some point in their lives some type of emergency care. Moreover, research shows that every six seconds, a pet owner receives an expensive veterinary invoice that is impossible to be covered with an employee’s income.
Specialists predict that in the U.S., only pet owners will spend an impressive $15 billion on vet care. And almost all of those who have a pet honestly admit they go into financial distress if an emergency occurs. So, pet healthcare plans are great to have around for your employees, as they offer easy access to the best care for any pet.
Of course, employers that offer such benefits come to another advantage. They appear trustworthy and that they value their employees more than other priorities within an organization. It is time allocated for their personal needs, and millennials perceive it as a humane gesture for the well-being of their pets. And the best thing is that such insurance is rather affordable for companies, and it can do a lot in terms of gaining employees’ loyalty.
Selecting the best package
The truth is that choosing a particular provider for this type of insurance can be a challenging task. The right partner needs to offer qualitative services, and at the same time, to become a credible addition to an organization. To make the best decision, you can assess PetInsuranceFinder, where you will see the most popular pet insurance companies and choose the one based on what your employees might expect. And you can select between the following interests:
- Coverage for chronic health issues – the main factor you should consider when choosing a provider is whether or not its policy covers problems like allergies, pancreatic disorders, or diabetes. These conditions are quite frequent when pets age and pet owners usually ask for them. Overall, more than 35% of pet insurance companies offer coverage for such health issues, but keep in mind that some companies cease the coverage after a specific time.
- The benefits program – another thing you should get informed about is the value of reimbursement and its benefit program. Also, some companies offer repayments depending on the cost of a veterinary bill, which is the best option for your employees. Always remember that a company offering a benefit schedule is not reliable, as such providers aim to make pet owners pay more than they were initially told. Focus on reimbursement caps as they gather payments in the same way.
- Vet restrictions – some companies might request a pet owner to choose from specific veterinary clinics for pet care. If you want to keep your employees happy, you should avoid policies that prevent pet owners from choosing their favorite clinic.
- Easy access to customer representatives – it is essential to opt for the services of a company that comes with 24/7 customer support. Emergencies happen no matter the time of the day, so this is a vital feature for any responsible pet owner.
- Resilience – well, pet owners want easy access to a flexible insurance plan. This refers to payments, deductibles, and overall coverage.
It is best to choose wisely the pet insurance company that will cover your employee’s pets. The quality of the services received can impact directly how an employee perceives your business.