What do a premium dog food manufacturer, a custom thermoplastics extruder, a marine towing and transportation company, an independent petroleum refiner, and a manufacturer of silica sand and other aggregates have in common? They are all past winners of The Principal 10 Best Companies for Employee Financial Security.
This national program recognizes small and mid-sized companies (5 – 1,000 employees) that excel at giving their employees a financial edge. An independent panel of experts selects the winners. Companies do not have to be clients or have any other affiliation with The Principal.
Some key insights from winning companies include:
- Winning companies connect employee financial security and company performance. Retention rates easily outpace industry average; in most cases winning companies had a mere 3-4 percent voluntary turnover rate compared with the national average of 21 percent.
- Winning Companies rely on experts. Winners work closely with financial advisors to design programs to engage workers and meet specific needs.
- Winning companies focus on employees’ long-term financial well-being as evidenced by their high participation rates in their defined contribution retirement plans. They were likely to include by plan design features such as automatic enrollment and automatic escalation, as well as host of financial education and counseling resources.
- Winning companies value comprehensive health coverage and wellness programs. Winning companies are intently focused on offering comprehensive health insurance coverage and offer a host of wellness options, ranging from free gym memberships to smoking cessation programs to on-site nutrition counseling.
- Winning companies tailor their benefits to their workforces. Many of the winners continuously refine their benefits offerings in direct response to employee surveys and other forms of communication.
- Winning companies know that little things mean a lot and that the benefit program can reinforce their culture.
Winners receive national and local media attention and a donation in the company’s name to the charity of their choice. In addition, companies that are named one of The Principal 10 Best are considered employers of choice and can use the recognition in efforts to attract and retain talented employees. As a result, the recognition increases employees’ awareness and appreciation of the benefit programs offered by the employer.
If you are a business that would like to be considered, please complete the simplified entry form. It will take just a few minutes of your time.
If you know a company that you believe has what it takes you can nominate them here.
Who knows, maybe next year’s list will include someone in the <insert your industry here> category. Will it be you?
In addition to blogging here, I also tweet regularly about topics of interest to ESOPs. Click to follow me on Twitter – @jlripperger.
While this communication may be used to promote or market a transaction or an idea that is discussed in the publication, it is intended to provide general information about the subject matter covered and is provided with the understanding that none of the member companies of The Principal are rendering legal, accounting, or tax advice. It is not a marketed opinion and may not be used to avoid penalties under the Internal Revenue Code. You should consult with appropriate counsel or other advisors on all matters pertaining to legal, tax, or accounting obligations and requirements.
Insurance products and plan administrative services are provided by Principal Life Insurance Company a member of the Principal Financial Group® (The Principal®), Des Moines, IA 50392.