Best Companies Increase Focus on Keeping Employees Well
Announcing The Principal 10 Best Companies for Employee Financial Security – 2012.
August 21, 2012 (Des Moines, Iowa) – With a notable increase in wellness programs, 10 growing businesses have earned national recognition for linking employee health to employee long-term financial security. The winning companies recognize the critical tie between physical health and future financial health and have expanded the range of benefits designed to keep employees well.
An independent panel of judges selected The Principal® 10 Best Companies for Employee Financial Security – 2012, which include:
- American National Bank of Texas, Terrell, Texas; bank
- Arizona State Credit Union, Phoenix, Ariz.; credit union
- Cypress Creek Emergency Medical Services, Spring, Texas; health care
- Dunmore Corporation, Bristol, Pa.; manufacturing
- Flow Science, Inc., Santa Fe, N.M.; software development
- M3 Insurance, Madison, Wis.; insurance
- nLogic, LLC, Huntsville, Ala.; information technology/software
- The United States Pharmacopeial Convention, Rockville, Md.; nonprofit
- Vantage West Credit Union, Tucson, Ariz.; credit union
- WHR Architects, Inc., Houston, Texas; architecture
“These 10 Best Companies are really doing extraordinary things to improve the financial security of their employees and serve as inspiring examples to other growing businesses, ” said David Wray, president, Plan Sponsor Council of America. “As an example, when the program began 11 years ago, we saw some companies attempting wellness, but today all winners offer wellness programs in some meaningful way.”
“Winning companies recognize the immense impact wellness can have not only on health, but on retirement security – healthier employees spend less on medical care leaving more to save,” said Luke Vandermillen, vice president at the Principal Financial Group®. “Beyond physical health, these companies offer a number of ways to impact the long-term financial health of their employees through income protection and retirement programs with generous employer matches and contributions.”
Companies see the results of great benefits with turnover rates well below others in their industry and significantly lower than the national average. The Principal 10 Best Companies’ average voluntary turnover rate is 9.8 percent, compared to the national average of 24 percent. This marks the eleventh year The Principal has sponsored the program, which honors growing companies (five - 1,000 employees) for their commitment to employee financial security through outstanding employee benefits.
A diverse group, the 2012 winners range from the oldest, a 192-year-old nonprofit organization, to the youngest company, a 7-year-old software development company. Winning companies range in size from 29 to 687 employees.
Vandermillen added, “A common thread among winners is they all consult with financial professionals on their programs.”
Growing Business Trends
Judges noted top trends among this year’s winners:
- Expanded wellness programs. All of the winning companies offer some type of wellness program with many enhancing their strategy to include incentives, health screenings or assessments. One company delivers formal wellness results by having employees meet with a physician and a psychiatrist to discuss health concerns.
- Intersection of retirement and wellness. As companies put a greater emphasis on wellness, they recognize healthier employees spend less on health care which allows them to contribute more to their retirement savings. Many winning companies offer health reimbursement arrangements or health savings accounts to engage employees in their own health care.
- Increasing engagement. Winning companies take a proactive approach to communicating the value of benefits through one-one meetings with benefit specialists and financial professionals. One judge noted every company had a well-thought-out communications strategy.
- Tailored benefits. One size does not fit all for employees at winning companies. Winners actively design programs to engage workers and meet specific needs. Companies report offering younger workers investing 101 and debt management classes. Another company offers a retirement readiness program for employees over the age of 55.
Learn more about The Principal 10 Best Companies for Employee Financial Security at www.principal.com/10best.
About the Principal Financial Group
The Principal Financial Group® (The Principal®) is a global investment management leader including retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $367.1 billion in assets under management and serves some 18.2 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.
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.
- “The Principal Financial Group” and “The Principal” are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.
- As of June 30, 2012.