By providing financial security in what some are calling a recession, Torch Technologies, Inc., based in Huntsville, Ala., has earned national acclaim for standing by its employees.
An independent judging panel of employee benefits experts named Torch Technologies as one of the 2008 winners of The Principal 10 Best Companies for Employee Financial Security for the company’s generous retirement and profit-sharing plans.
“At a time when many employers are challenged to maintain strong benefits, Torch Technologies is demonstrating a rock-solid commitment to give its employees an edge on their financial futures,” Renee Schaaf, vice president at The Principal Financial Group, said. “Torch Technologies understands that benefits are more than a cost; they are an investment in any organization’s greatest asset: its employees. We are proud to showcase Torch Technologies as an exceptional role model.”
The Principal Financial Group sponsors the national program, which is now in its seventh year. It honors growing companies for their commitment to their employees’ financial security.
“The judges were really impressed with how much Torch Technologies puts into its retirement plans, especially the very high benefits offered through their Employee Stock Ownership Plan,” said Corey Rosen, executive director and founder of the National Center for Employee Ownership and judge of The Principal 10 Best Companies. “We were also, of course, impressed with their very comprehensive health care plan. It’s not surprising that the turnover rate in this company is almost nonexistent.”
Torch Technologies has 156 employees and provides scientific and engineering services to the Department of Defense.
“We’re very honored to be named one of The Principal 10 Best Companies,” Scott Parker, chief administrative officer at Torch Technologies, said. “We feel that hiring, retention, productivity and customer satisfaction are all linked together. If our customers are satisfied, it allows us to keep growing, and we can keep providing those benefits for our employees. It comes full circle.”
A summary of best practices gleaned from Torch Technologies and other winners will be published and available in January 2009 at www.principal.com.
The Principal 10 Best Companies 2008 are as follows:
- 1st United Services Credit Union, Pleasanton, Calif.
- A.Y. McDonald Manufacturing Company, Dubuque, Iowa
- CENTRIA, Moon Township, Pa.
- Jewelers Mutual Insurance Company, Neenah, Wis.
- NJ Sullivan Company, Inc., Dulles, Va.
- NORCAL Mutual Insurance Company, San Francisco, Calif.
- North Island Credit Union, San Diego, Calif.
- SAE International, Warrendale, Pa.
- The Spiratex Company, Romulus, Mich.
- Torch Technologies, Inc., Huntsville, Ala.
To learn more about the winners and the judging process visit www.principal.com/10best.