Applications for Principal 10 Best Companies for Employee Financial Security Now Being Sought

Principal Financial has long sponsored an annual competition to name the 10 best small and mid-sized companies for employee financial security. Companies must have fewer than 1,000 employees to apply. The initial application process is fairly simple; finalists are asked to provide additional detail and be interviewed about what the company does. Last year, ESOP companies RLI and Clif Bar were winners.

I have been one of the judges for the competition for several years (the applications are anonymous, so I only occasionally know what the company is based on descriptive material). The most important element is health insurance, because over an employee's lifetime, that is by far the biggest financial issue. The next most important issue is retirement plans. Weight is also given to wellness programs, other forms of employee insurance, and innovative structures. Some allowance is made for industry issues.

Even if your company does not win, the feedback from the application process provides valuable benchmarking. To apply, go to this link on Principal's site.