Employers who take action to enhance the financial security of their workers come in all shapes and sizes. Once a year, The Principal ferrets the landscape for such companies and shines a light on 10 of them.
The top 10 are chosen by an independent panel of judges who review the ways in which candidates for the 10 best support their employees’ financial security. Candidates can’t employ more than 1,000 people. This year, “The Principal’s 10 Best Companies for Employee Financial Security” list includes one with 14 employees and another with 543. The winners include a realty firm, a trade group, manufacturers, an insurance broker and a women-owned tech company.
The Principal said the investments made by this year’s group have paid off demonstrably in reduced voluntary turnover. The group’s average rate was less than 7 percent; the national average is 13 percent, according to the Society for Human Resource Management.
The 10 are:
- CoBiz Financial, Denver, Colo.; financial services
- Gibson, South Bend, Ind.; insurance/benefits
- Haviland Enterprises, Inc., Grand Rapids, Mich.; manufacturing
- Keller Williams Realty Inc., Austin, Texas; real estate
- National Pork Board, Clive, Iowa; agriculture/ trade association
- Ophthalmic Mutual Insurance Company (OMIC), San Francisco, Calif.; insurance/benefits
- Quick Left, Inc., Boulder, Colo.; technology
- Stellar Solutions, Inc., Palo Alto, Calif.; aerospace/defense
- Strategic Communications, Louisville, Ky.; technology
- The Sartell Group, Inc., Minneapolis, Minn.; information technology
The Principal said the winners share the following attributes:
Making saving for retirement easier by offering such benefits as automatic enrollment for eligible employees in their 401(k) plans and auto-escalation features to encourage their workforce to increase their contributions over time.
Offering financial education resources including a one-on-one financial guidance program for employees and “extensive financial planning resources” that include group seminars, online tutorials, phone help lines and educational materials.
Giving employees a stake in company’s success through profit-sharing bonuses and employee stock ownership plans.
Adding additional health and wellness benefits designed to maintain and improve employee health. “Half cover 100 percent of their workers’ health care premiums and many offer and fund dental, vision, accident, group life, critical illness, and/or long-term care insurance, as well as perks like paid health club memberships and on-site fitness coaches. Most offer health savings accounts or flexible spending accounts and many encourage employees to stay fit and healthy through wellness programs,” The Principal said.
“More and more business owners are observing that offering a comprehensive benefits package carefully designed to foster a culture of healthy living and financial preparedness is not only a good thing to do, but also it’s good for the company’s health,” said Luke Vandermillen, vice president at The Principal. “When employees are cared for and feel invested in their company’s success, they are healthier, happier, more productive, and less likely to leave.”