Principal Financial Group Reviews | Glassdoor

Principal Financial Group Reviews

Updated October 21, 2017
546 reviews

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Pros
Cons
  • Pay is often not competitive for like positions in the Des Moines market (in 31 reviews)

  • Drive time to work so it would be nice to work from home (in 9 reviews)

More Pros and Cons

  1. "Positive Work Environment"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee in Salt Lake City, UT
    Former Employee - Anonymous Employee in Salt Lake City, UT

    I worked at Principal Financial Group full-time (More than 10 years)

    Pros

    The expectations were aggressive, yet realistic and attainable. Great management. Never dreaded going to work.

    Cons

    They made a business decision to exit the medical insurance business which is why I am no longer working there.


  2. Helpful (6)

    "A Good Place to Work... If You're a Kiss-Up"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee in Des Moines, IA
    Current Employee - Anonymous Employee in Des Moines, IA
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Principal Financial Group full-time (More than a year)

    Pros

    Work/Life balance
    Flexible hours
    Good cafeteria

    Cons

    Middle Managers
    Performance toteming system
    Varying yearly bonus instead of market-level salaries
    Health care benefits
    Technology

    Advice to Management

    Train your middle managers to distinguish high performers from low ones. Having employees rate each other every ten weeks leads to competition rather than collaboration. The toteming system does not recognize the best and brightest, but those who schmooze well with others, primarily their boss.

    Managers delegating work is not employee empowerment.

    If a hostile work environment is reported, action needs to be taken. "I didn't see it" is the wrong answer.

  3. "Attorney"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Principal Financial Group full-time

    Pros

    Employees are allowed to grow and develop to their own skill levels

    Cons

    Large; can be bureaucratic at times


  4. Helpful (1)

    "Financial Advisor"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee
    Doesn't Recommend
    Neutral Outlook
    No opinion of CEO

    I have been working at Principal Financial Group full-time

    Pros

    Great Management and Marketing Team

    Cons

    No draw, No resources to make it while you are trying to build book of business

    Advice to Management

    To talk with upper management on creating a salary for 1st year advisors


  5. Helpful (11)

    "Girls Club"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Analyst in Des Moines, IA
    Current Employee - Analyst in Des Moines, IA
    Doesn't Recommend
    Neutral Outlook
    Disapproves of CEO

    I have been working at Principal Financial Group full-time (More than a year)

    Pros

    Cliquish - apparently a great place for women in management, to relax.
    They will ask for your input to feign consensus, then dismiss it out of hand.
    There is a significant amount of make work, that is, more important than real work.
    Conference rooms for projects are full of people around the table most have very little reason of being there, then claim they were never told about x.y.z.
    Female management will mother hen every thing.
    Agree with the most absurd plan your "leader" presents and you are GOLDEN.
    Best to just simply play dumb, and simply just not care.

    Cons

    The favorites are well known, as are the patsy's.
    If your thoughts are dismissed management will laugh behind your back, then expect to be "counseled". Strike ONE
    The continual churn of the make work is embarrassing:
    Project managers insist that the project fits into their personal template method.
    Project managers insist on using a past projects, that are similar in name only to populate the new project. This leaves no room for something new or different. All tasks must be accounted for. Most tasks are left N/A. Then the project team goes through each task to scrutinize each task, followed by mass confusion. STRIKE 2
    Mother Hen / Queen Bee will scrutinize every word you write, every word you say. They will guide you to go left when straight is the correct course, the project team will demand to go right even after advising of the risks. Strike 3
    After some further manipulation, it is broadcast that you are not a team player.
    Management decides to coach you, and now you are officially blackballed. From that point on your management will always go all historical on you. Many are kept around as patsy's. Most simply claim they don't know anything about anything to avoid any and all possible work. Many Many others are just simply bullied, until the preference is to kill yourself.
    PFG claims to be the most ethical company.
    Employee class action (settled) showed that the only offered 401K investment vehicles chosen were offered by PFG which carried significantly higher fees than nearly identical index funds. These higher fee funds have now been replaced with a percentage rate management fee, which now suggests PFG will make more money off of employees retirement accounts.

    Advice to Management

    Stop confusing legal with ethical.
    Stop pretending that you value employee's input.
    Stop feeding the clear favoritism towards women. Is PFG a sorority?
    PFG as an organization is not always correct understand that.
    Stop enabling the principal cultural bullies.


  6. "Welcoming"

    StarStarStarStarStar
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    I have been working at Principal Financial Group full-time

    Pros

    Very welcoming co workers and lots of benefits

    Cons

    Feel kinda rushed to get everything done


  7. Helpful (3)

    "Dinosaurs still roam in Des Moines, Iowa."

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee
    Doesn't Recommend
    Positive Outlook
    Approves of CEO

    I worked at Principal Financial Group full-time

    Pros

    One of the few things to evolve beyond the Triassic period is the flexibility for some jobs to work from home. Benefits are decent as is the pay. Senior level management seems to genuinely care and want to serve as good role models.

    Cons

    Sales management in the benefits division is crusty and reptilian. Lifers in the home office are straight off the set of Madmen -outdated thinking and tolerance for sexism, ageism and homophobia in the sales offices. If you're a sales person and you have xy chromosomes, you're at the top of the food chain. And don't try to innovate - you'll be punished.The best thing that could happen to sales management is mass extinction...

    Advice to Management

    Evolve. Pangaea doesn't exist anymore. Encourage new thinking by hiring new managers onto your sales team.

  8. "Asset management for 7 years"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Former Employee - Asset Manager in Des Moines, IA
    Former Employee - Asset Manager in Des Moines, IA
    Recommends
    Approves of CEO

    I worked at Principal Financial Group full-time (More than 5 years)

    Pros

    Benefits, 401k, great people and leadership

    Cons

    Work life balance and political environment


  9. "Working for Principal"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Investment & Product Proposal Specialist in Seattle, WA
    Current Employee - Investment & Product Proposal Specialist in Seattle, WA
    Recommends
    Positive Outlook
    Approves of CEO

    I have been working at Principal Financial Group full-time (More than 3 years)

    Pros

    Flexible work time (allows for work/life balance); good benefit package; empowered environment

    Cons

    Some areas can be political


  10. Helpful (2)

    "Internal Sales Specialist"

    StarStarStarStarStar
    • Work/Life Balance
    • Culture & Values
    • Career Opportunities
    • Comp & Benefits
    • Senior Management
    Current Employee - Anonymous Employee
    Current Employee - Anonymous Employee

    Pros

    Great work environment and colleagues.

    Cons

    Do not feel challenged in my current role.


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