Wellness plans key to reducing turnover
By Dan Cook
There seems to be no getting around it: Wellness plans, properly designed and implemented, work.
Yet more evidence comes to us from an awards selection process executed by The Principal, an investment management firm. The Principal, in compiling a list of 10 small to medium sized companies with very low employee turnover, discovered that all the companies offered some type of wellness program.
The companies were selected by an impartial panel of judges who combed through a rather long list of candidates, The Principal said. Most of those selected had no existing business relationship with The Principal. The Top 10, in no particular order:
1. American Institute of Certified Public Accountants, Durham, N.C.
2. Aurora Electric Inc., Jamaica, N.Y.
3. Capital District Physicians’ Health Plan, Inc., Albany, N.Y.
4. CORE Engineering & Construction, Inc., Winter Park, Fla.
5. Diamond Pet Foods, Meta, Mo.
6. Groupware Technology, Campbell, Calif.
7. Integrated Project Management Company, Inc., Burr Ridge, Ill.
8. Medicus Solutions, Inc. Alpharetta, Ga.
9. The Nyhart Company, Indianapolis, Ind.
10. The Starr Conspiracy, Fort Worth, Texas
“These ten companies have voluntary employee turnover of just under 5 percent annually, while the national average for small and medium businesses hovers around 20 percent,” said The Principal’s vice president Luke Vandermillen.
The companies chosen had little in common beyond the three above-mentioned attributes. They range in size from 10 to 900 employees. Some are relatively young companies — one has been in business nine years — and others have been around since the flood, the oldest having been founded in the late 19th century.
“These companies see a return on their investment in employees through lower employee turnover, more engaged employees and better overall performance,” Vandermillen said.
Health insurance was a key benefit. Those culled out from the crowd pay at least 75 percent of employee health costs and they do a good job of explaining benefits to their workforce, The Principal found.
For retirement benefits, the Top 10 go the extra mile as well. They all enroll their staffers in 401(k) plans with automatically increasing contributions and solid support of the 401(k) plans, either through a match or other forms of assistance.
Originally published on BenefitsPro.com