Over nearly 150 years, Principal Financial Group® (Principal®) has grown to be a financial services brand that people around the world trust to help them achieve financial security — and help keep it intact when big life events, like retirement or periods of disability, happen. Their purpose is embedded into their products, and reaches all corners of the company through their Corporate Social Responsibility (CSR) program, Principal® for Good.
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Finance
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20+ Countries
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19,790 employees
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Benevity products used:
Spark, Missions,
Benevity Versaic
The challenge
Principal had to find the best way to engage even more of their people and support diverse nonprofits in local communities, globally. They knew they wanted to create a more open-choice and inclusive social impact program — they just needed the right platform, support team and best practices to ensure they hit the mark.
The solution
Offer more choice.
Principal employees can now receive matching dollars on nearly any donation, create their own giving and volunteer opportunities, and nominate nonprofits for inclusion in the program. This is a huge change from before, when the company would only match donations to United Way.
Include global teammates.
Before teaming with Benevity, 7,600+ international employees couldn’t access Principal matching and volunteering programs. Now, everyone can participate and make an impact, with a platform that provides localized experiences — in their language and currency — and local opportunities to do good.
Remove restrictions.
Principal eliminated their 25-hour threshold to access volunteer awards (a Benevity best practice!), enabling employees to start receiving rewards right after they volunteer or engage in an act of kindness, like helping an elderly neighbor with groceries. Their employees are rewarded with $25 for each volunteer hour, up to $1,000 USD per year that employees can direct toward the cause they care about. This resulted in a 197% increase in volunteer rewards in the first three months.
The result
The incredible results at Principal align with their motto, “Global Impact. Together.” Since launching with Benevity in 2022, Principal has seen:
- Employees from 9 countries actively using the platform
- A 41% increase in eligible users
- An engagement rate of 30% (5% above goal!)
And, in 2023 alone:
- Employees supported 4,312 nonprofits across 30 countries, volunteered over 64,000 hours, and generated $5.1 million in match contributions
- Principal, together with Principal Foundation, doubled the volunteer rewards offered, totalling $1.1 million
Principal Financial Group was a 2024 Goodies Finalist – nominated for The Community Hero Award – for their disaster response work following the Maui wildfires.
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Principal community relations supports the communities where affiliates of the Principal Financial Group®️, Des Moines, IA 50392 operates. Insurance products and plan administrative services provided through Principal Life Insurance Company®️, a member of the Principal Financial Group, Des Moines, IA 50392.
Principal Financial Group Foundation, Inc. (“Principal®️ Foundation”) is a duly recognized 501(c)(3) entity focused on providing philanthropic support to programs that build financial security in the communities where Principal Financial Group, Inc. (“Principal”) operates. While Principal Foundation receives funding from Principal, Principal Foundation is a distinct, independent, charitable entity. Principal Foundation does not practice any form of investment advisory services and is not authorized to do so.
Principal®️, Principal Financial Group®️, and Principal and the logomark design are registered trademarks of Principal Financial Services, Inc., a Principal Financial Group company, in the United States and are trademarks and service marks of Principal Financial Services, Inc., in various countries around the world.
©️ 2024 Principal Financial Services, Inc.
Grow your CSR program with Benevity
