class=”Dialogue” align=”left”> According to a press release about The Principal 10 Best Companies for Employee Financial Security competition, the 2007 winning companies have turnover rates significantly lower than others in their industries, with an average annual voluntary turnover rate of 7.7%, compared to the national average of 21.6%.
This year’s companies range in size from 21 to more than 750 full- and part-time employees:
- Badger Mining Corporation , Berlin, Wisconsin.;
- Business Roundtable ,Washington , D.C. ;
- Cobb Strecker Dunphy & Zimmermann , Inc.,Minneapolis , Minnesota. ;
- LMI ,McLean , Virginia;
- National Futures Association , Chicago, Illinois.;
- Placid Refining Company, LLC ,Dallas , Texas ;
- PMSLIC Insurance Company ,Mechanicsburg , Pennsylvania ;
- ProAssurance Corporation ,Birmingham , Alabama ;
- Society Insurance ,Fond du Lac , Wisconsin.; and
- The Surplus Line Association of California ,San Francisco , California
“These companies face the same challenges as any other business today-skyrocketing health care costs, stiff competition for recruiting the best employees, and the ever-present pressure to do more with fewer resources,” said Renee Schaaf, vice president at the Principal Financial Group, in the press release. “But through wise investments in employee benefits they’ve faced those challenges-and are helping to ensure their employees’ financial security. We are proud to showcase them as role models for other growing companies.”
Some of the trends among the top ten were: significant attention to wellness programs; more one-on-one benefit guidance; and a continued commitment to automatic retirement savings tools.
The Principal 10 Best Companies-2007 Benefits Snapshot
100% of The Principal 10 Best Companies 2007 offer medical insurance.
All 10 companies pay at least 70% of an employee’s medical insurance, and more than half pay 85% or more of the premium.
8 of the 10 companies pay 70% or more of dependents’ premium.
5 of the 10 companies offer medical insurance and/or prescription drug coverage to their retirees.
All 10 companies offer 2 or more retirement plans, including 401(k), Profit Sharing and Money Purchase Plans.
Half offer a defined benefit pension plan.
Among the 401(k) or 403(b) retirement plans offered;
Average employee participation rate was 92.4%, and the average deferral rate is 8%.All 10 provide an employer match.
All of the companies pay for group life insurance.
90% of the companies pay 100% premiums for long-term disability coverage.
Nearly allpay for accidental death and dismemberment insurance.
Benefit Communication and Education
All of the firmsprovide one-on-one meetings with financial planners or benefit specialists paid by the employer.
Other popular communications tactics include total annual compensation statements, website postings, retirement seminars, employee meetings and benefit fairs.
For more information, visit http://www.principal.com/theprincipal10best/index.htm.