Principal Financial Group offices in Grand Island, Cedar Falls and Mason City, Iowa, and Spokane, Wash., will be transitioning to working remotely on a permanent basis, according to Lonnetta Ragland, a spokesperson for Principal Financial Group.
According to Principal, the decision to have its work at the four locations comes when the company is evaluating a return to work site as society slowly reopens.
“As Principal evolves to meet the needs of our customers, we’re continuously reviewing our care and service footprint against customer, business, and talent demands,” the company said in a statement Friday.
According to Principal, the ongoing integration of the Wells Fargo Institutional Retirement & Trust business (IRT) coupled with the recent pandemic has led them to “reassess our approach to how and where high-quality work is carried out.”
“The disruption of COVID-19 has tested and proven the ability of our service teams to maintain quality care while working remotely — reinforcing that great work can be done anywhere,” according to the statement.
According to Principal, the company is looking ahead. Leveraging its physical service locations and a remote workforce in its service model allows it to “maintain the best talent for our customers, provides greater flexibility to our employees, continues to support employment in these communities, and creates efficiencies over the long-term.”
The Principal Financial Group is a global financial investment management and insurance company headquartered in Des Moines, Iowa.
Founded in 1879, Principal began managing retirement assets in 1941. It is a member of the Fortune 500.
Principal, 3025 College St., celebrated its 35th anniversary in Grand Island last year.
Last year, Principal acquired Wells Fargo & Company Institutional Retirement & Trust, which doubled the size of its U.S. retirement business. Recently, Principal said it was cutting salaries for 23% of its global workforce due to the economic and market impact from COVID-19. Principal employs about 18,000 people worldwide.