DES MOINES, Iowa (8/24/09)--Three credit unions were among 10 companies selected by Principal Financial Group to earn national recognition for their employee benefits programs. Principal Financial Group honors growing companies for their commitment to employees’ financial security in the Principal 10 Best Companies for Employee Financial Security list. The companies were selected by an independent panel of experts for maintaining extraordinary benefits programs. Credit unions earning recognition include:
* Credit Union West, Glendale, Ariz.; * Knoxville TVA Employees CU, Knoxville, Tenn.; and * Summit FCU, Rochester, N.Y.
The credit unions and other companies were noted for refraining from downsizing their employees’ benefits despite a troubled economy. In some cases, employers actually increased their employees’ benefits in addition to:
* Managing the cost of health care benefits; * Increasing wellness programs; and * Providing extra help to employees so they can make smart financial decisions given the troubled economy.
“Small- to mid-sized companies need to generate significant productivity from their employees, along with strong employee loyalty, enthusiasm and customer service,” said Tim Welsh of McKinsey and Co., who helped judge the companies. “The benefit programs that are offered by all of the 10 Best Companies really reinforce their commitment to employees while supporting vital business needs.” Turnover at the top 10 companies averages 8.9%, compared with 22.6% nationally. To qualify for Principal’s top 10 list, companies must have between five and 1,000 employees, be U.S.-based, have provided a broad range of employee benefits for at least five years, and offer retirement, health, life and/or disability insurance. For a full list of winners and their profiles, use the link.