What are Employee Benefits?
Employee benefits are a form of non-wage compensation provided to employees in addition to salary or wages. Employee benefits can improve overall workplace satisfaction and strengthen employee retention rates. Traditional employee benefits include health insurance, a retirement plan, and paid time off (PTO).
Many companies have started offering new, innovative employee benefits - such as flexible hours, gym memberships, and pet insurance - to recruit top talent in the Millennial workforce.
How Employee Benefits Works
Employee benefits work differently at every company, because employers decide which benefits to offer and how to structure them. For example, some might provide unlimited time off while others accrue PTO on an annual basis. Human Resource departments find that benefits packages work best in terms of recruitment and retention when they address practical needs.
In light of the growing number of pet owners - especially in the wake of COVID-19 - and the rising cost of veterinary care, pet insurance has become an increasingly popular benefit to offer employees.
Pawlicy Advisor offers free employee benefit services, so employers and their employees can receive pet insurance discounts.
By partnering with Pawlicy Advisor, you get the flexibility to choose between popular insurance providers so you can find a plan that fits your unique business budget, with enrollment options for accident-only, accident-illness, and pet wellness plans. We want you, your employees, and your pets to have the best pet insurance policies available, so we analyze thousands of quotes from top providers to find you a plan with the best rate, customized to your pet’s breed-specific risks.
Similar to traditional benefit packages, one-size-fits-all insurance policies are becoming a thing of the past. Build your company’s future with young, innovative employees by offering sought-after perks from Pawlicy Advisor - the pet insurance marketplace veterinarians recommend.
Key Takeaways
- Employee benefit packages add value to workers’ base compensation rate and the company’s bottomline.
- Employees are generally more motivated to work for employers who demonstrate care in their personal lives, including potential family obligations, health and fitness, and pet companions.
- The majority of Americans have at least one pet, so pet insurance can be a significant HR benefit that offsets veterinary care costs.
