Jewelers Mutual Honored for Employee Benefits

Jewelers Mutual Insurance Company is one of the 2008 winners of The Principal 10 Best Companies for Employee Financial Security, awarded by the Principal Financial Group

The award is for growing companies that excel, particularly through employee benefits, at contributing to their employees’ financial futures and sense of financial security in everything from retirement plans to benefit education.

“Jewelers Mutual’s employees are its most important asset, which makes this honor that much more rewarding,” said Patti Geolat, GG, FGA, ASA, ARM, board chair and interim president/CEO for Jewelers Mutual. “The people at Jewelers Mutual are the reason why jewelry businesses and individuals owning jewelry continue to count on this company to protect them.”

“Making this a secure place to work has helped us keep our employee turnover well below the national average,” said Connie Rank-Smith, vice president of Human Resources at Jewelers Mutual. “Maintaining that consistency with our staff is one of the main reasons Jewelers Mutual continues to deliver superior customer service.” 

The Principal 10 Best companies have turnover rates that are significantly lower than others in their industries. The winners’ average annual voluntary turnover rate is 7.7 percent compared to the national average of 21.9 percent.

“The Principal 10 Best know that strong benefits programs are critical to their long-term survival and their long-term profitability,” said 10 Best judge Dallas Salisbury, president and CEO, Employee Benefit Research Institute.

“Against the backdrop of a slowing economy, The Principal 10 Best Companies once again demonstrate that an investment in employee financial security is an investment in company financial security,” said Renee Schaaf, vice president at The Principal. “They attribute their top-notch benefits to low turnover and high productivity. That has a direct impact on the bottom line.”

The strategies employed by The Principal 10 Best Companies provide a model for other growing businesses that want to become the employer of choice in their industry.