The Principal has named 10 growing businesses (selected by an independent panel of judges) as the 10 Best Companies for Employee Financial Security in 2011. These companies have provided stability to employees by remaining comitted to benefits, keeping employees both financial secure and physically sound.
The 2011 companies are:
- Associates for International Research, (AIRINC), Cambridge, Mass.; global mobility consultant
- Consolidated Federal Credit Union, Portland, Ore.; credit union
- Educational Commission for Foreign Medical Graduates, Philadelphia, Pa.; medical education testing
- Greeley and Hansen, Chicago, Ill.; environmental civil engineering
- Home Builders Institute, Washington, D.C.; construction education association
- Postal Credit Union, Woodbury, Minn.; credit union
- RED F Marketing, Charlotte, N.C.; advertising agency
- Veridian Credit Union, Waterloo, Iowa; credit union
- Water Environment Federation, Alexandria, Va.; technical educational organization
- Western National Mutual Insurance Company, Edina, Minn.; property and casualty insurance
"These winning companies are taking a comprehensive approach to workplace benefits in order to reduce financial and physical stress of employees at all levels and demographics," said Dallas Salisbury, president and CEO, Employee Benefit Research Institute, who was on the judging panel.
"The Principal 10 Best Companies understand the direct connection between well-rounded benefits, a healthier, happier workforce and a better bottom line," said Luke Vandermillen, senior vice president at the Principal Financial Group. "That's what sets them apart from other companies in both the best and worst economic times. These winners prove that when companies help their best and brightest with their financial dreams, they win too."
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The winning companies have much lower turnover rates than industry average, proving that there is a strong link between benefits and turnover — the winners' average annual voluntary turnover rate is 9.3 percent, compared to the national average of 21.2 percent.
This is the tenth consecutive year The Principal has sponsored the program. It honors growing companies (five – 1,000 employees) for their commitment to employees' financial security through outstanding benefits. The 2011 winning companies range from 39 to 829 employees.
The program mirrors the changing benefits landscape across America: over of the past decade the best companies have adapted their benefits offerings to meet changing employee needs. According to some of the longest standing judges of The Principal 10 Best program, trends among this year's winners exemplify three major transformations that have taken place over the last decade:
- A shift from do-it-for-them to do-it-with-them. As benefit programs have shifted from the employer making most decisions to employees facing more choices and personal financial responsibility, The Principal 10 Best Companies continue to share significantly in the cost. They engage employees through collaboration and strong education to help them make the best use of their benefit dollars.
- From cookie cutter to customized. The last decade witnessed a significant trend toward customized benefit programs tailored to specific employee needs and demographics. The Principal 10 Best Companies actively engage employees in helping to shape benefit programs.
- Security is financial and physical. Judges say the biggest change of the decade is the significant expansion of wellness programs. The Principal 10 Best Companies use a holistic approach to financial security with an increase focus on wellness as a way to lower healthcare costs for both the company and the employee.
"While we've certainly seen an evolution in benefits over the last ten years, what hasn't changed is the winners'commitment to the people who made them successful," said David Wray, president of the Profit Sharing/401k Council of America and one of the 10 Best judges. "Taking care of employees is good for business but these companies believe it is also the right thing to do."
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