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KENNEBEC SAVINGS BANK FEATURED IN NATIONAL BENEFITS BEST PRACTICES PUBLICATION
Kennebec Savings Bank shares winning benefits strategies in new guide from The Principal
As the nation continues rebuilding from the financial crisis, a new guide offers lessons from 10 award-winning companies including Kennebec Savings Bank of Augusta, Maine, that not only survived but thrived the downturn.
Their formula for success? Protect financial security of the business by protecting employee financial security.
The new guide tells how The Principal® 10 Best Companies for Employee Financial Security 2009 remained committed to strong employee benefits, even during the worst part of the economic downturn.
Selected by an independent panel of renowned benefits experts, Kennebec Savings Bank and the other winning companies found ways to strike the balance between budgets and benefits despite unprecedented financial pressures.
“Kennebec Savings Bank and The Principal 10 Best Companies view benefits as more of an investment than an expense,” said Luke Vandermillen, vice president, the Principal Financial Group®, sponsor of the national recognition program. “Kennebec Savings Bank used commitment, creativity and communication to help protect the financial security of employees during one of the most financially insecure times in U.S. history.”
Mary Hammond, Vice President & Human Resources Officer, said about their investment “Everything we do is about great customer service. That comes from building great relationships with our employees. A happy, secure employee creates a happy, secure customer.”
The guide, available at no charge at www.principal.com/bestguide, offers employers and their financial professionals:
- A benchmarking chart for comparing their benefits with those of The Principal 10 Best Companies and national averages
- Easy-to-use checklists that can help companies fine-tune their benefits programs
- Compelling case studies that describe how The Principal 10 Best Companies navigated the economic crisis
“One of the most important things companies can do is benchmark their benefits. But it’s also important to find innovative approaches to managing benefits,” said Corey Rosen, executive director and founder, National Center for Employee Ownership and judge for The Principal 10 Best. “This guide is a great resource, and it highlights tactics that people may not have thought of but would be easy to imitate.”
Profiles of the 2009 winners are available at www.principal.com/10best.
About Kennebec Savings Bank
Kennebec Savings Bank is a $720 million state-chartered mutual savings bank created in 1870 and headquartered in Augusta. With 92 employees, and offices located in Waterville, Winthrop and Gardiner, Kennebec Savings Bank prides itself on being the bank where "the feeling is mutual." It recently earned a five-star rating from BAUERFINANCIAL, the nation’s leading independent bank rating firm, and has received this five-star rating for the past 80 consecutive quarters (20 years running). Five star institutions are considered safe, secure and stable, based on the Bauer ratings.
About The Principal Financial Group
The Principal Financial Group® (The Principal ®)1 is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies. A member of the Fortune 500, the Principal Financial Group has $280.4 billion in assets under management2 and serves some 18.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
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