Best Places to Work in IT 2011 Employer Profile

No. 31

Principal Financial Group Inc.

Des Moines [North Central]

Why you want to work there

IT employees at this Des Moines-based financial services provider get the job that interests them most. They can request specific project work within their current team or use the company's high-performer rotation or job posting programs to transfer to another IT team. The company offers a host of flexible scheduling options. With flextime, employees can start or end their days earlier or later than usual or take time off during a workday and make it up during the same workweek. Principal's flexible lunch hour program allows employees to extend their lunchtime to attend appointments, run errands or work out. A telecommuting program allows employees to work away from the office for all or part of a day or week on a regular basis or as needed. The company also offers compressed workweeks, job-sharing setups and part-time schedules, plus special programs such as time off for volunteer work, working caregiver leave, adoption leave and "no-meeting Fridays." All full- and part-timers are eligible to participate in an annual incentive program through which non-executive employees are rewarded for corporate and individual accomplishments. Awards are in the form of cash bonuses that range from 4% to 30% of employees' annual salaries. Employees may also be nominated by their managers for discretionary awards that recognize extraordinary contributions and special achievements. The company also has a spot awards program to recognize notable employee efforts, such as excellent customer service or the completion of a major project or other special one-time accomplishments. Talent track CIOs from across the company develop a combined list of the organization's top IT talent and track the development of these employees and identify opportunities for them to grow. High-performing employees are often given the opportunity to move into other departments as a form of recognition and as a way to gain exposure to and knowledge of other lines of business.

Rank by company size:
Large, No. 20

Employee Statistics

Total U.S.-based employees: 10,950

Total U.S.-based IT employees: 1,864

IT employee turnover in 2010: 7%

IT promotions in 2010: 9%


Training days offered per IT employee in 2010: 2

Training budget per IT employee in 2010: $264

Women in IT

Total percentage of women within IT: 46%

Percentage of IT managers who are women: 44%

Percentage of IT staffers (non-managers) who are women: 46%

Minorities in IT

Total percentage of minorities within IT: 9%

Percentage of IT managers who are minorities: 6%

Percentage of IT staffers (non-managers) who are minorities: 10%