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Standing by Employees during Tough Times

Growing companies share benefits strategies in new guide from The Principal

January 11, 2011 (Des Moines, IA) - Despite a brutal recession and slow recovery, a group of special growing companies made the decision to stand by employees by not only maintaining but also improving their benefits.

A new best practices guide showcases how and why this select group—The Principal® 10 Best Companies for Employee Financial Security—2010 remained committed to employee benefits in good times and bad.

“The need for good employee benefits doesn’t go away during a recession,” said Byron Boslau, chairman and CEO, Farmers Mutual Insurance Company of Nebraska and winner of The Principal 10 Best Companies—2010.

Selected by an independent panel of renowned benefits experts, The Principal® 10 Best Companies—2010 demonstrate that a solid employee benefits strategy generally pays off for the business—as well as for employees. The Principal 10 Best Companies collectively boast turnover rates of less than half their industry peers[1].

“You could think of this as a recession survival guide for companies,” said Luke Vandermillen, vice president, the Principal Financial Group. “Many winners credit their employee benefit strategies with helping them survive tough times as an organization. The guide provides an inside look at how they did it.”

Available at no charge at www.principal.com/bestguide, the guide offers:

  • A benchmarking chart for comparing benefits with those of The Principal 10 Best Companies and national averages
  • Compelling case studies that describe how the winning companies stood by employees during the downturn
  • Easy-to-use checklists that can help companies fine-tune their benefits programs

The guide also showcases how the winners work with financial professionals to design, manage and maximize their benefit investments.

“This annual guide is fundamental to benchmarking,” Angelo Nardi, executive vice president, Gallagher Benefits Services, Inc., and one of the judges for The Principal 10 Best Companies for Employee Financial Security. “Most employers would like to know where their benefit programs stand compared to other employers. The best practices of The Principal 10 Best Companies reflect some of the highest levels you can hope to achieve.”

Profiles of the 2010 winners are available at www.principal.com/10best .

About The Principal 10 Best Companies Program

The Principal 10 Best Companies is a national program that recognizes small- and medium-sized companies that excel at giving their employees a financial edge. Entries for the 2010 recognition will be accepted beginning February 1, 2011. For more information, visit www.principal.com/10best.

For more news and insights from The Principal, connect with us on Twitter at: http://twitter.com/ThePrincipal.

About the Principal Financial Group

The Principal Financial Group® (The Principal®)[2] is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $305.7 billion in assets under management[3] and serves some 18.9 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.

[1]
The average voluntary turnover rate of The Principal 10 Best Companies—2010 is 7.1 percent—significantly lower than the average voluntary turnover rate of 23.6 percent among all U.S. companies (Bureau of Labor Statistics).
[2]
"The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
[3]
As of Sept. 30, 2010.

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