Petco Creates New Partner Assistance Fund to Support Employees
Petco rolled out an employee relief fund to provide ongoing support to its 27,000+ partners as they face the effects of COVID-19 as well as future hardship in other times of need.
The new Petco Partner Assistance Fund has an initial $2 million investment from Petco, plus additional donations from the company's private equity sponsors at CVC Capital Partners, and personal donations from every member of its board of directors and executive leadership team, including CEO Ron Coughlin.
"Now more than ever, our Petco partners are playing an invaluable role in helping to provide vital products and services for pets and families across the U.S. and beyond," said Coughlin. "This is our way of lending a collective helping hand when they may need it most. Whether it's now, related to the unprecedented and still undetermined effects of COVID-19, or other times of need they face, this fund is intended to provide necessary support to the partners who fuel Petco's work to improve the lives of pets, pet parents and our own people every day."
The Petco Partner Relief Fund will be administered by E4E Relief and is open for donations; partners will be able to apply for support beginning later this week. All donations will go directly to support Petco Partners in need. The fund will provide financial assistance to active Petco Partners, their spouses/domestic partners, dependents, and other household members who are experiencing financial hardship resulting from an emergency, hardship or qualified disaster. Financial assistance will be issued based on application review and funds available to support basic needs for Petco partners, including evacuation or quarantine expenses, housing, utilities, transportation, childcare, insurance deductibles, household contents, medical or funeral expenses or necessary counseling.
The new fund is in addition to other measures Petco has taken to support partners related to COVID-19, including temporarily waiving its standard attendance policy and introducing a new paid "COVID leave" policy for those directly impacted.