10 best companies for employee financial health

Award-winning companies invest in their employees. And the winners of a program initiated by the Principal Financial Group to recognize companies that do more for their employees’ financial security are not just the employees.

The companies themselves do better, too, according to the program, which honors growing companies (five–1,000 employees) for their commitment to employee financial security through outstanding employee benefits.

Now in its 14th year, the program has recognized this year’s 10 companies that, it says, are investing serious time and money into their employees’ financial futures.

So what pays off for the companies, you may ask? Winning companies are able to better attract and retain top talent, according to the program.

Seventy percent of this year’s winners report voluntary turnover rates of 5 percent or lower, with two reporting rates of just 1 percent.

That’s way lower than the national average of 11 percent. Executives at the winning firms also say that their benefit strategies also are critical to maintaining high levels of employee engagement, motivation, and productivity.

With only one exception, these companies offer and fund financial wellness programs and one-to-one financial guidance.

Here’s a look at the 10 winning companies and the things they do that make them so special.

1. Alterman Group, Inc.

San Antonio, Texas

Construction business Alterman Group offers and funds:

• a 401(k) and defined benefits plan;

• profit-sharing bonus and employee-stock ownership plans for its 750 employees;

• comprehensive health insurance (100 percent of premiums);

• short- and long-term disability;

• dental, group life, vision, accident, and critical illness insurance.

The 401(k) includes a 50 percent match up to a max of $8,500. The retirement plan includes extensive educational and guidance tools and resources.

2. Atrion, Inc.

Warwick, Rhode Island

IT firm Atrion not only offers and funds 401(k) and profit-sharing bonus plans for its 273 employees, it automatically enrolls newly hired eligible employees and sets the default asset allocation in a lifecycle fund.

The plan also provides extensive educational and guidance tools and resources, and a 3 percent 401(k) match. In addition, Atrion offers:

• comprehensive health insurance (for which it pays 100 percent of premiums);

• short- and long-term disability;

• dental, group life, vision, accident, and critical illness insurance.

See also: Is there a link between physical and financial health? Survey says, “yes”

3. Customized Energy Solutions

Philadelphia, Pennsylvania

With 115 employees, energy/renewables firm Customized offers and funds:

• 401(k), profit-sharing bonus, and employee-stock ownership plans;

• comprehensive health insurance (and pays 80 percent of premiums);

• short- and long-term disability;

• dental, group life, vision, accident, critical illness, and long-term-care insurance.

The retirement plan features automatic enrollment of newly hired eligible employees, auto escalation, extensive educational and guidance tools and resources, dollar-for-dollar 401(k) match up to a maximum of $10,500 or 4 percent of employee’s gross salary, and fixed employer contribution of $6,000.

4. Fishbowl

Orem, Utah

Technology firm Fishbowl offers and funds for its 103 employees:  

• 401(k), defined benefit, profit-sharing bonus, and employee-stock ownership plans;

• comprehensive health insurance (for which it pays 75 percent of premiums);

• short- and long-term disability;

• dental, group life, long-term care, vision, accident, and critical illness insurance.

 The retirement plan features auto-escalation, extensive educational and guidance tools and resources, and dollar-for-dollar 401(k) match up to a maximum of 5 percent of gross salary.

See also: 12 cool and unusual company benefits