Follow the WDRB Newsroom, Reporters and Anchors.More >>
Tweets from the WDRB Newsroom, Reporters and Anchors.More >>
Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact firstname.lastname@example.org.
SOURCE Summit Professional Networks
New Summit Professional Networks research initiative confirms robust retirement savings benefits plans are more common among companies experiencing periods of exceptional growth.
NEW YORK, June 25, 2014 /PRNewswire/ -- Summit Professional Networks, a leader in information services for the insurance, financial services and legal industries, recently launched the Sustained Growth Collaborative (SGC). The SGC is a major research and content initiative in conjunction with the Institute for Exceptional Growth Companies (IEGC). The SGC's mission is to foster a better understanding of middle market companies, a growth engine for the U.S. economy, and to identify specific characteristics of these companies that enable them to experience and sustain exceptional growth.
The SGC announced today their first major research findings: companies that experience sustained periods of growth are more likely to use ERISA retirement plans to attract, retain and incentivize their employees. This research indicates a strong link between robust benefit plans and overall firm growth.
"Most companies intuitively understand that benefits are linked to employee productivity and output," said Gary Mirkin, Senior Vice President of Summit Professional Networks. "We've taken it a step further and have identified a very exciting statistical relationship between employee benefits and sustained company growth. We believe that this kind of quantitative verification of the value of benefits programs as a driver of business growth is the missing link for benefits companies, providers and vendors interested in validating their value proposition to employer groups."
"This research project represents a carefully coordinated effort between the SGC and IEGC to combine time-series data with custom benefits data to track company benefit information and follow business growth across time," said Mark Lange, the director of IEGC, a research consortium at the University of Wisconsin - Extension, funded in 2013 by the NASDAQ OMX Education Foundation.
To support the SGC, the Institute will be making available its extensive datasets that track every business and non-profit establishment in operation at any time since 1990 – over 60 million employers. Summit, in turn, will provide its Judy Diamond historical corporate filings of health and retirement benefits that are mandatory filings for employers under ERISA (Employee Retirement Security Act). Both datasets are time-series based, allowing researchers to monitor changes in more than 600 variables related to aspects such as company performance, ownership structure, location, and industry.
Among the preliminary findings announced today, the Sustained Growth Collaborative found that middle market companies that experience periods of exceptional growth are more likely to have retirement plans with more financial assets, higher employee participation rates, and higher than average employee contribution amounts. Further, employer contribution rates are significantly higher among sustained growth companies, providing a statistical link between robust benefits plans and firm growth.
"We have also begun to get insight into which plans are related to growth at specific size and life cycle stages of companies," said Dr. Gary Kunkle, economist-at-large for Summit Professional Networks. "As we delve deeper into these areas, there may be considerable opportunity to advise companies on the best plans for sustained growth, given the firm's size as well as other variables we are still exploring."
The Sustained Growth Collaborative plans to offer research, data analysis, consulting services, sales enablement tools and content marketing solutions to help employee benefits, financial services and insurance companies strategically align their resources with segments of greater opportunity within the universe of middle market companies.
About the Sustained Growth Collaborative: The Sustained Growth Collaborative (SGC) is a major research and content initiative recently launched by Summit Professional Networks in conjunction with the Institute for Exceptional Growth Companies (IEGC), at the University of Wisconsin - Extension. IEGC was created through a multi-year grant from the NASDAQ OMX Education Foundation in 2010.SGC Member Companies will have access to research, data analysis, consulting services, diagnostic tools and content solutions to help them strategically align their resources with Sustained Growth Companies. For more information, contact Gary Mirkin at email@example.com.
About Summit Professional Networks: Summit Professional Networks supports the growth and vitality of the insurance, financial services and legal communities by arming professionals with the knowledge and education they need to succeed at every stage of their careers. We provide face-to-face and digital events, websites, mobile sites and apps, online information services, and magazines giving professionals multi-platform access to our critical resources, including Professional Development; Education & Certification; Prospecting & Data Tools; Industry News & Analysis; Reference Tools and Services; and Community Networking Opportunities.
Using all of our resources across each community we serve, we deliver measurable ROI for our sponsors through a range of turnkey services, including Research, Content Development, Integrated Media, Creative & Design, and Lead Generation.