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The best way to futureproof your employer brand is to adapt to the preferences of Gen Z, the future of the workplace. One of the ways you can do this is to – wait for it – incorporate pets into your value proposition.
The pet industry is growing rapidly and shows no signs of slowing down. Consumer brands are already responding to these trends, and it’s time for employer brands to do the same. If you want to attract the best Gen Z and Millennial talent, your offer needs to align with their lifestyle choices. In 2023, two thirds (59%) of new pet owners were aged 16 – 34, aka Gen Z and Millennials.
Why is pet ownership increasing?
- Millennials and Gen Z are delaying parenthood compared to previous generations. An increase in single person households and couples without children is likely contributing to increased demand for pets.
- The cost of living is rising and it’s considerably cheaper to own a pet than to have children:
- the estimated cost of raising a child in the UK is £220,000
- the estimated lifetime cost of owning a dog is £10,000 – £16,000.
The pet economy is booming
Owners spend an estimated £10 billion a year on their dogs. Instagram ads promoting personalised pet accessories and premium pet food subscriptions are in abundance. The UK pet food market is now worth a total of £3.3 billion and in the last two years alone, Amazon pet food sales have increased by 67%.
The pet craze is also reflected in the advertising world. Ikea’s recent campaign, ‘Don’t worry you can afford it’ uses the messy realities of owning a pet to highlight the affordability of its products.
The travel industry is tapping into this trend too. Expedia promoted their ‘pet friendly’ search functionality via TV ads, while dog-first airlines, K9 Jets, and Bark Air, are stepping up to meet the growing demand for pet friendly flights. It’s also interesting to see that some airlines are considering child-free sections on planes. These consumer brands and products demonstrate a deep understanding of their target audience and show empathy for the challenges they face. Employers need to do the same.
Paws for thought
As Gen Z becomes more prominent in the workplace and starts to progress upwards over the next few years, employers need to understand what matters most to them. Child-free or unmarried individuals won’t care about health insurance products for spouses and children, or maternity/paternity leave. But they will feel excited, and likely more included, by leave policies that extend to cover pets, or a dog-friendly office.
Companies taking the lead
- Amazon’s programme, Dogs at Work, has over 10,000 dogs registered to visit their offices in a safe way across the US and Australia.
- Mars offers Pawternity leave, and Pets at Home offers a Pet-ernity day for new pet owners.
- Flexa helps job seekers find suitable employers with their pet-friendly search feature.
The Pet Value Proposition (PVP)
So, what’s the real value of a PVP?
Wellbeing
- Studies repeatedly show that companionship from an animal can help reduce blood pressure, lower stress levels, and reduce depression.
- 79% of Gen Z pet owners agree their pets offer emotional support.
Companionship
- In 2022, 50% of adults in the UK reported feeling lonely. Pets can ease the feeling of isolation, offer affection, and help build community.
- 82% of Gen Z and 88% of Millennials see their pets as family.
Purpose and fun
- As well as providing a sense of purpose and responsibility, pets can be a source of joy and make your days more fun!
Pet ownership can help make employees happier, healthier, and more productive. 60% of UK households currently own a pet, you can only strengthen your employer brand by targeting this demographic in your value proposition.
It’s time to start thinking about the pet-tential of your off-fur-ing for Gen Z and their four-legged friends. PVP not just EVP.
