Amid the economic uncertainty of 2023, HR talent managers face the challenge of offering competitive benefits packages while keeping costs in check. In such unpredictable times, it's crucial to quantify the impact of benefits on employees and focus on key offerings that provide the most value. This article explores the historical performance of various benefits and explains why Wagmo Wellness is the perfect addition to your voluntary benefits portfolio.
Historically Strong-Performing Benefits: Over the years, certain employee benefits have consistently proven their value by positively impacting employee satisfaction, retention, and overall well-being. Providing comprehensive health insurance for employees and their families has long been a cornerstone of competitive benefits packages, especially during economic downturns when health becomes a top priority. Offering retirement savings options, such as 401(k) plans, demonstrates a commitment to employees' long-term financial security, while flexible work arrangements have become increasingly important, allowing employees to balance their work and personal lives more effectively.
Why Pet Wellness is the Perfect Addition: As pet ownership continues to rise, pet-related benefits have become an essential component of employee benefits packages. The Human Animal Bond Research Institute (HABRI) revealed that 81% of employees felt that having pet-friendly benefits would make their workplace feel more welcoming, and 91% of employees whose workplace offered pet-friendly policies believed those policies improved their well-being.
Here's why Wagmo Wellness is the perfect addition to your voluntary benefits portfolio:
- Broad Impact: With over 70% of employees being pet parents, offering a pet wellness plan like Wagmo Wellness has the potential to positively impact a significant portion of your workforce. Inclusion of such a benefit demonstrates an understanding of employees' needs and fosters a supportive work environment.
- Cost-Effectiveness: Unlike traditional pet insurance, Wagmo Wellness is a 100% guaranteed issue product offering with no restrictions for age, breed, or health of the pet. This makes it an affordable and inclusive option, allowing more pet parents to benefit from the program.
- Focus on Everyday Needs: While pet insurance covers unexpected accidents and illnesses, Wagmo Wellness emphasizes everyday preventive care. By providing an end-to-end ecosystem for pet health and prevention services, Wagmo Wellness helps employees afford essential pet care, ultimately easing their financial burden.
- Increased Employee Satisfaction: Wagmo Wellness's simple enrollment process and seamless integration with benefits platforms make it easy for employees to access and use the plan. With a high satisfaction rate and 24-hour reimbursement through their app, Wagmo Wellness offers a user-friendly experience that keeps employees happy.
With economic uncertainty in 2023, it's crucial for HR talent managers to focus on employee benefits that provide the most value and impact. By incorporating pet wellness plans like Wagmo Wellness into your voluntary benefits portfolio, you'll be addressing the everyday needs of a significant portion of your workforce, ultimately leading to increased employee satisfaction, retention, and productivity. As the world continues to change, embracing innovative benefits like Wagmo Wellness will help your organization stay competitive and demonstrate a commitment to employee well-being.