Employee Benefits Consulting with a PEO
If you’re looking to grow your business, you’ve probably thought about providing benefits to your employees, but may not have known where to start. Working with a PEO may be the solution to your problems. Below, we’ll explain the ins and outs of employee benefits consulting with a PEO, and how it can help your business and your employees.
A PEO is a professional employer organization that serves as a co-employer, sharing certain responsibilities over its partners’ employees. A PEO provides administrative services to business owners, including payroll administration, workers compensation, risk management, and human resource compliance. PEOs allow small businesses to provide their employees with big benefits like health insurance. So, how exactly does employee benefits consulting with a PEO work? Why outsource benefits? Read more below to learn how a PEO can handle your company’s coverage.
What Are Employee Benefits?
Employee benefits are added bonuses or perks that are provided to employees on top of their salaries. Providing these additional benefits is generally in an employer’s best interests because they will be able to attract and retain quality employees.
Benefits that Canal HR typically offers to clients’ employees include:
- Medical Insurance
- Dental Insurance
- Life Insurance
- Disability Insurance
- Cancer Insurance
Additional benefits may include discount prescription drug cards and employee assistance programs.
Setting up an employee benefits plan can be overwhelming for business owners. An employer first has to decide which type of benefits to offer, then select from a range of options available in each category. A PEO can help an employer sift through the many options and then administer the chosen benefits to employees.
Why Are Employee Benefits Important?
A good benefits package is not only attractive to potential employees, it is crucial in retaining employees. A company that provides health insurance for its staff will typically have healthier workers. Healthier employees take less sick days, which can cost your company less money in lost work and healthcare costs.
When workers are looking for a new company to work for, there are a number of factors they consider such as salary, commute, and workplace culture. Businesses that offer employee benefits in addition to base salary can stand out among their competitors, and attract high-quality employees. A PEO can help your business put together a benefits package that will help you stand out in your field.
Employees who feel valued are likely to enjoy their work and do their best. Employers who provide healthcare benefits make their employees feel as though a weight has been lifted from their shoulders. Showing your workers that you care about them not only makes them feel secure and safe, but also increases their loyalty to your company.
Less Employee Turnover
When you are constantly having to interview, hire, and trian new employees, it can feel like your business isn’t making any progress. The process of constantly onboarding new employees can make it difficult to establish a team that works well together and is knowledgeable about their roles within the company. Working with a PEO to provide employees with benefits can help retain employees.
Promote Employee Health
Everyone can probably recall a time when they went to work while not feeling their best. Employees who come to work while sick will not only get their coworkers sick, but will not be as productive as they would be. When your business offers access to healthcare, your employees will take advantage of this opportunity and take better care of their health by seeing a doctor regularly. This means when employees feel poorly, they’ll seek medical care instead of coming to the office and getting other people sick. The workplace environment will be healthier when workers are taking care of themselves, which can lead to increased productivity.
Employee Benefits Consulting with a PEO
Canal HR is proud to help business owners with their employee benefits. Our expertise runs the gamut from helping employers navigate different insurance carriers, to choosing and implementing a healthcare plan, and ensuring that the selections comply with all applicable laws.
Administering employee benefits can be challenging for many business owners, many would prefer to spend that time running their businesses. Canal HR’s expert team is happy to take on that responsibility for our clients.
Managing your employees’ benefits is a complex task that requires both time and paperwork. Canal HR is a PEO that will take care of all of that for you, whether your company has just a few employees or a cast of hundreds. As many employers choose to mix and match the benefits they offer, we at Canal HR are prepared to assist with a number of options.
Our clients can choose between group and individual health plans. Group health plans require that the employer contribute a portion of the premium, and are generally preferred by employees because it is to their financial benefit. Individual health plans do not require an employer contribution. Either option ensures that your employees have healthcare coverage.
Canal HR is pleased to offer dental benefits to your employees after 6 months of employment. Our plans include visits to any doctor and include a high- or low-coverage option. No matter which option you choose, your employees will have access to cleanings, X-rays, fillings, bridges, and more.
Canal HR offers a life insurance policy that helps to protect your employees’ families from financial hardship in case an employee passes away. While death is never a pleasant topic to discuss, being prepared is important. Our policy allows up to $300,000 and can include coverage for your employees’ spouses and children, which may allow some peace of mind.
If your employees become sick or injured, disability insurance can help employers provide those workers with a monthly income while they’re out of work. Both short and long term benefits are available and some of that coverage is fully portable and guaranteed renewable. Offering this type of coverage can help your employees when they are unable to help themselves.
Canal HR’s cancer insurance covers expenses that are not covered by traditional insurance, which can help reduce the stress caused by the financial burden of fighting this disease. Cancer is the second most common cause of death in the United States, and battling it takes a toll emotionally, physically, and financially. Employees who are battling cancer can receive cash benefits thanks to this sort of policy.
Contact Canal HR for Employee Benefits Consulting with a PEO
Canal HR is the professional employer organization that business owners turn to to handle the paperwork of employee benefits. Our team of experts will handle the implementation and administration of these benefits with care so that you can get back to running your business.
To learn more about outsourcing your employee benefits administration, contact Canal HR for a free consultation.