Diversity & Inclusion
The one thing we each have in common is that each of us is different. That's why we look for diversity in the talent we hire.
We foster an inclusive environment at Principal so each employee can contribute to the best of their ability. We celebrate the differences present in our workforce and encourage employees to share and learn from each other to enrich their lives and broaden their view.
We also focus on diversity within our customer base and our communities so that we can better anticipate and meet their specific needs in ways they prefer to interact with us. And through our supplier diversity program, we’re connected with minority- and women-owned suppliers to help us conduct business.
Embrace differences. Empower everyone.
We believe in providing the tools and opportunities to help our employees achieve their full potential. These are just a few of the dozens of opportunities we offer employees to create an environment of learning, sharing and excelling:
- Flexible work schedules
- Pay equity
- Events celebrating our diversity
- Prenatal care programs
- Onsite childcare center
- Formal development programs
- Domestic partner benefits
- Employee resource groups
Our commitment to fairness in the workplace.
We continue to develop and shape our attraction, retention and engagement strategies to support a diversified population. We emphasize behaviors that build a culture of inclusion where all employees feel valued and talent is maximized. Our Connected Community includes employee resource groups (ERGs) and women’s networks. The ERGs represent areas of focus that matter both to our employees and to our customers such as gender equality, LGBT issues, racial equality, enabling all abilities and valuing military experience. These ERGs are a critical foundation to support all employees. We have more than 3,700 employees engaged in our ERGs and women’s networks. With approximately 70 events each year, these offer opportunities to increase the capabilities and connection within our employee population. Find out more about our Connected Community.
Principal also offers experiences to college students, including the Principal Leadership Conference, the Women in Asset Management Conference and the Principal Scholars diversity mentoring program. Principal’s senior management and the Human Resources Committee of the Board of Directors make diversity and inclusion a priority and are updated regularly on Principal’s progress.
Principal is committed to providing a workplace for employees that is built on principles of fairness and equity. We obtain external survey market data through annual participation in salary surveys administered by unaffiliated consulting firms. This information is used to ensure positions at Principal are appropriately aligned in the markets where we compete for talent. Human Resources uses this information to establish base salary and incentives for each job. Employees receive an annual compensation statement that explains the components of their pay and how their performance influences the awards they receive. Find out more about our global pay philosophy.
We review our pay practices each year for any potential unexplained differences in pay by gender or race. To this end, Principal has internal processes, analyses and monitoring in place to assist in identifying and addressing any gender, or race, pay gap issue. We are confident that these robust processes and analyses are an important guard against any statistically significant pay gap issue.
In addition, an annual internal employee survey includes pay-related questions which allow employees to raise concerns and issues about their compensation. Employees also can raise concerns regarding pay equity by use of an Ethics Hotline, or directly with Principal’s Human Resources Department or their leader.
Our attention to diversity and inclusion is recognized.
Of all the accolades we’ve received at Principal, we’re proudest of being recognized as a top workplace for employees by a variety of publications and associations. Principal has been recognized repeatedly for our work in many areas that help create a healthy workplace. You can view the complete list of honors; included of particular note for diversity purposes:
- Named one of the World’s Most Ethical Companies for the 7th time in 2017;
- Earned the 2017 Military Friendly Employer designation by Victory media;
- Earned a 100 percent score on the Human Rights Campaign’s 2017 Corporate Equality Index and was honored as one of America’s top companies for lesbian, gay, bisexual and transgender equality;
- Named a Top Company for Executive Women for the 17th time in 2018 by the National Association for Female Executives;
- Named a World at Work Employer of Choice in 2017
- First recipient in the State of Iowa to receive Employer Support of the Guard and Reserve’s Extraordinary Employer Support Award, recognizing Principal’s sustained employer support of service members;
- Received a 2017 LGBTQ Business Equality Excellence Award from BEQ Magazine;
- Named a Best Company for Diversity in the Workplace and a Best Company for Women to Work For by the Des Moines Business Record in 2017.
Our supplier diversity efforts are grounded in Principal’s culture of diversity and inclusion.
Through our supplier diversity program, Principal actively supports and facilitates the purchase of services from diverse businesses. Our approach supports the growth and development of the communities in which we serve, and also delivers value to shareholders by tapping into the widest possible selection of qualified suppliers, innovative solutions, and creative thinking. Principal recognizes value in doing business with diverse suppliers. We strive to include diverse suppliers in all bidding opportunities and seek partners that contribute to our strategic business objectives and financial performance. You can find out more about our supplier diversity program.
We work with our communities to foster diversity and inclusion.
When you give, you get. It's through charitable giving, volunteer efforts and sponsorships that we're able to educate our neighbors and promote topics of diversity where we do business. We support programs that increase awareness and help everyone develop a greater appreciation and understanding for wide-ranging backgrounds and cultures.
So, we'll keep making opportunities for all of our customers, our business partners and our employees. Because at the end of the day that’s the right thing to do.