Principal Financial Group
Principal Financial Group Compensation & Benefits
This page summarizes recurring themes identified from responses generated by popular LLMs to common candidate questions about Principal Financial Group and has not been reviewed or approved by Principal Financial Group.
How are the compensation & benefits at Principal Financial Group?
Strengths in retirement benefits, broad time-off programs, and family support are accompanied by challenges in consistent pay growth and perceived market competitiveness, with access to certain perks varying by location. Together, these dynamics suggest a benefits-led total rewards profile that appeals on long-term value while leaving cash compensation experiences uneven across roles and geographies.
Key Insight for Candidates
Principal trades top-of-market base pay for unusually strong long-term benefits: a rare company-paid pension plus a generous 401(k) match. This skews total compensation toward future value, while annual pay adjustments can feel conservative. Candidates prioritizing retirement security benefit most; cash-focused candidates may feel underpaid.Evidence in Action
- Retirement-First Total Rewards — 401(k) match of 75% up to 8% of pay, a company-paid cash balance pension, and profit sharing define the retirement package. This elevates total compensation and accelerates long-term savings, signaling a rewards philosophy that prioritizes retirement security for employees.
- Manager-Coordinated Flexible Time Off — Flexible Time Off, 11 company holidays, and 8 hours of paid volunteer time set clear time-away norms. Employees coordinate directly with leaders to use time off without strict accruals, supporting flexibility while aligning coverage with team needs.
Positive Themes About Principal Financial Group
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Retirement Support: Retirement benefits include a 401(k) match alongside a company-paid cash balance pension, with additional profit sharing noted. This combination is highlighted as a standout component of total rewards.
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Leave & Time Off Breadth: Time away options include flexible time off coordinated with leaders, company holidays, and paid volunteer time, plus a wide range of leaves for family, medical, military, and bereavement needs. The breadth of options supports planning and balance across different situations.
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Parental & Family Support: Family support includes paid parental leave, onsite childcare in Des Moines, and adoption cost reimbursement. Policies extend eligibility to spouses and partners, reinforcing an inclusive approach to caregiving.
Considerations About Principal Financial Group
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Stagnant Pay & Limited Progression: Pay is considered inconsistent to adjust with rising costs, with some long-tenured employees citing no raises. In certain periods, temporary pay cuts were experienced as effectively permanent.
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Unfair & Opaque Compensation: Compensation is described as slightly below industry in some roles and unfair in specific departments such as call centers. Perceived differences by function suggest revenue-producing areas receive comparatively better funding.
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Exclusive or Unequal Benefits Coverage: Signature perks like onsite wellness and childcare are concentrated in the Des Moines location, creating uneven access by geography. Role- and location-dependent policies mean the practical value of benefits can vary across teams.
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