Benefits for pets:

Your pet is able to stay in their home and familiar environment
Your pet is able to follow a regular routine of exercise and diet
They receive TLC & attention when you are unable to be there
Prevents stress by not having to travel or having to stay in an unfamiliar environment

Benefits for pet owners:

Peace of mind knowing your pet is well taken care of when you are unable to be home
Confidence in knowing someone will be checking on your pet in case of an emergency or if they need to be taken to the vet
Knowing your home is more secure since someone is there multiple times per day. This can also deter crime by lights being turned on/off, and mail /newspapers being brought in.