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Securian Financial Group, Inc.

Winning year: 2007, 2005
Industry: Financial Services
Location: St. Paul, MN
URL: www.securian.com

Highlights of 2007 Winning Strategies

Securian offers employees the unique benefit of six months of job protection if the employee is unable to work due to illness, injury, or a dependent's illness. The Life Balance Program allows employees flexible work opportunities such as: modified work hours, part-time employment with equivalent benefits, job sharing, telecommuting, generous paid time-off policy with 20 paid days off upon hire, and voluntary unpaid time off (up to 208 hrs/yr) with no impact on benefits. To ensure a healthy and safe work environment, Securian has two occupational health nurses on staff.

Additional Policies and Practices:

• Workplace Culture/Continued Opportunities: Securian offers these learning and development programs to its full- and part-time employees: tuition reimbursement, in-house classroom training, and certification classes. Part-time employees must work 30+ hrs/week to be eligible for the tuition reimbursement program. In the past 12 months, 87% of Securian employees participated in at least one of the training opportunities with an average of 3 hours spent in training. Securian offers workshops/seminars targeted to employees age 50+ including: understanding retirement benefits; eldercare issues; selecting a nursing home; bridging the generation gap; understanding living wills; the sandwich generation; and wills, trusts, and other planning tools. The company provides AARP's "55 and Alive" training, a four-hour driver safety course, and participants receive a discount on their car insurance as an added benefit. Employees participate in temporary assignments in other departments, have team projects, and have access to formal job rotations to gain new experiences/develop new skills. The company provides accommodations for employees with unique needs, including: reassigning non-essential functions within a job, purchasing special equipment and technology, creating modified work schedules, providing telecommuting option during recovery or incapacitation, and offering interpreters for hearing-impaired employees.
• Benefits/Health: Full- and part-time employees (working 20+ hrs/week) receive individual and family medical coverage, individual and family prescription drug coverage, individual and family vision and dental insurance, and short-term disability. Long-term disability is offered to full-time employees. Health benefits for retirees pre-65 and 65+ include individual and spouse medical and drug coverage and individual life insurance or other death benefit coverage. New hires are eligible for these benefits upon retirement. Securian offers an FSA to assist employees with their out-of-pocket health care costs. Domestic partner health benefits are offered to employees and retirees.
• Benefits/Financial: Securian offers a defined benefit, a 401(k) plan, and stock options to its full- and part-time employees. Employees may invest in lifecycle funds, and employees 50+ can make catch-up contributions. Securian offers employees a weeklong pre-retirement counseling seminar free to employees and spouses. Employees also receive financial planning information from staff members, from the firm that administers their 401(k), and from external experts not associated with the 401(k). The company offers paid time off specifically designated for caregiving, short-term time off without pay, and long-term leaves of absence without pay to allow for caregiving. The following wellness programs are offered to full- and part-time employees: flu shots, health screenings, health club discounts, physical activity/exercise programs, weight loss programs, stress management training, and pandemic flu virus training/information. One-hundred percent of Securian employees have utilized at least one of these wellness benefits in the past 12 months. Other wellness benefits include: rooms at the office with beds for employees to rest due to illness, pregnancy, etc.; lactation rooms; blood pressure monitoring; free tetanus boosters; and ergonomic evaluations with work station changes. Securian offers on site childcare with discounted employee rates and referral services to assist with childcare/care for grandchildren/eldercare to its full- and part-time employees.
• Benefits/Alternative Work Arrangements: Employees can phase into retirement by transferring from full-time to part-time status. In addition, they can work 90% of a full-time schedule and maintain full-time status and benefits. Full-time employees are eligible to move to part-time work on a permanent and temporary basis.
• Opportunities for Retirees: Securian currently has 300 retirees and an individual directly responsible for retiree relations. Securian stays connected with its retirees by communicating regularly, inviting retirees to organization events/celebrations, providing ongoing access to retirement planning workshops/information, and formally acknowledging them when they retire. The company has a "Northstar 25 Club" for retirees and employees who have worked for Securian for 25 years. Retirees are offered temporary work assignments, consulting/contract work, telecommuting, full- and part-time work, and volunteer opportunities.
• Age of Workforce: Twenty-one percent of Securian employees are 50+. The average tenure of employees age 50+ is 17.5 years.

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Winning Strategies 2005

At Securian Financial Group, approximately 70 percent of employees have a flexible work schedule. Seven percent work part-time, job share, or telecommute. Approximately 85 percent of Securian Financial's internal openings are filled by current employees. Seventy-five courses are offered internally and the company offers tuition assistance to full- and part-time employees.

Securian gives employees six months off for caregiving. The company's extended illness leave program allows for weeks of paid time off equal to the amount of years of service less one.

Benefits:

• Employees pay 25 percent of the health insurance and prescription drug premium. Part-time employees must work a minimum of 20 hours per week to be eligible for these benefits. The company covers short-term disability at 100 percent for employees. Long-term disability is a benefit exclusively for full-time employees and the company covers it at 100 percent.
• Securian offers a defined benefit, defined contribution, and stock option/profit- sharing plan to all employees. The company's profit-sharing plan, which is paid annually, allows employees to defer the cash portion of the bonus payment into their 401(k) plan.

Nineteen percent of the company's employees are 50+. Nine percent of Securian's past 12-month new hires are 50+.