Des Moines, Iowa -- From new, complex health care options to retirement plans driven by employee choices: American workers shoulder a staggering amount of responsibility for their worksite benefits and ultimately their financial futures. Employers, who face the challenge of just providing competitive benefits in a rising cost environment, also bear the weight of making sure their employees understand and use those benefits. A new guide shows how 10 successful companies have overcome those benefits challenges and are reaping the rewards of a loyal and productive workforce.
Published by the Principal Financial Group®, “Innovations at Work: A Guide to Best Practices in Employee Benefits,” outlines the experiences of The Principal® 10 Best Companies for Employee Financial Security - a group of small and medium-sized businesses (five to 1,000 employees) from across the nation recognized in 2005 for excellence in employee benefits programs.
"Twenty five years ago, benefits were something employers did for employees. But with a shrinking pool of pension plans and rare instances of all-expense paid health insurance, a major share of responsibility for benefits has shifted to the workers," said Renee Schaaf, Vice President, The Principal®. "The new guide shows how The Principal 10 Best Companies are helping employees change the way they think about benefits -- from a mindset of entitlement to engagement -- while maintaining a top-tier benefits program. Employees are demonstrating their appreciation by working harder and sticking with their employers for the long-term."
According to “The Principal Financial Well-Being Index: Fourth Quarter 2005,” 65 percent of employees indicated that a good employee benefits plan encourages them to work harder and perform better. The Principal 10 Best are proof of that statistic with an average voluntary turnover rate of nine percent, just half of their industry norms.
The 2006 guide shows how one-on-one guidance, automatic tools, and wellness programs are key tactics as The Principal 10 Best manage their benefit programs to:
- Ensure employees have affordable and practical healthcare options
- Motivate employees to participate in the company retirement plan
- Educate employees about the specifics of their benefits packages and making the best decisions for themselves and their families
The guide is available at no charge at http://www.principal.com/.
"The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.