Principal Financial Group today released its annual list of the nation's best companies for employee financial security, noting several trends that the companies have in common.
"These Principal 10 Best Companies often view their employees as an extended family, but most also recognize there is a return on their investment in employee financial security," said Paul Spiegelman, chief culture officer at Stericycle and a judge in the contest. Some commonalities are:
Employees' financial security can affect company performance. Businesses whose employees who feel they have financial security have lower staff turnover rates than the national average.
Several winning companies worked closely with financial advisers to design benefits programs that engage workers and meet their specific needs. Many of the companies continuously survey their workforce to determine which benefits are valued most and change benefits accordingly.
All companies had a high level of employee participation in defined contribution savings plans. Many of those were bolstered by features that auto enroll employees and automatically increased their contributions at various times.
Winning companies offer comprehensive health and wellness programs and many extend the benefit to spouses as well. Several companies paid the total cost of health insurance for their employees.
None of the companies, which ranged in size from five to 1,000 employees, are based in Iowa.
They include: American Institute of Certified Public Accountants, Durham, N.C.; Aurora Electric Inc., Jamaica, N.Y.; Capital District Physicians' Health Plan, Inc., Albany, N.Y.; CORE Engineering & Construction, Inc., Winter Park, Fla.; Diamond Pet Foods, Meta, Mo.; Groupware Technology, Campbell, Calif.; Integrated Project Management Company, Inc.; Burr Ridge, Ill.; Medicus Solutions, Inc., Alpharetta, Ga.; The Nyhart Company, Indianapolis, Ind.; the Starr Conspiracy, Fort Worth, Texas.
Read a Harvard Business Review article with conclusions derived from a decade of Principal's 10 Best companies study.