How Canal HR Provides Insurance and Payroll Solutions
If you’re looking for somewhere to outsource your insurance and payroll solutions, Canal HR has you covered. Supplying employees with competitive benefits and compensation can be a long, trying process. However, Canal HR is committed to supporting you and your business. Read further to find out how Canal HR can assist your business.
Insurance and Payroll Solutions: The Importance of Providing Competitive Benefits
Providing a competitive benefits package to your employees is a delicate balancing act of paying your workers what they deserve and paying them what your company can afford at the same time. In addition, to pay, providing them with insurance and other benefits competitive with the market is another responsibility put on the employer. The ability to strike that balance is often the marker of great leadership.
Why is it Important?
Providing your employees with competitive benefits is necessary for long-term business success and offers many different advantages:
- Increased employee retention: It’s no secret that providing employees with competitive benefits and pay is an excellent start to decreasing employee turnover. However, being compensated fairly is more than increasing an employee’s financial well-being- paying your employees well is also about treating them with respect and valuing their time with your company.
- You can hire the top talent: The job market is just that- it’s a market. This means the market value is attributed to employees, and the more skilled and experienced they are, the higher their market value. So if you’re looking to hire the best in your industry, you have to be prepared to build a salary and benefits package that’s on par or above the market value of the skillset you’re looking for.
- It shows commitment: Showing your employees you’re committed to them by providing them with competitive salaries and benefits is essential for getting the most out of your workforce. When employees are invested in, chances are they will invest themselves in your business.
- It can have ripple effects throughout your business: Providing your employees with fair pay and benefits can lead to more satisfied, productive workers. This can go a long way in building culture and making your business a more equitable place to work and more successful as a result.
It’s important to note that providing competitive benefits is more than just salary. A sound benefits package includes health insurance, salary, time off, and many more components. If you’re still looking for the benefits of competitive compensation or want to learn more about what that entails, Canal HR has written a whitepaper on the topic.
Outsourcing Your Insurance and Payroll Solutions: How Does it Work?
As a business, you likely outsource things you aren’t specialized in, suck as marketing, shipping, accounting services, or even IT. So why not outsource your human resources services? Instead of spending time learning about complex laws and regulations regarding human resources, it may be a more efficient use of capital to outsource these tasks to professionals in the field.
To outsource these tasks, you first need to find a professional organization that performs these tasks for its clients. One such type of organization is a PEO. Canal HR is a PEO and provides HR services to our clients, providing them with:
- Payroll Preparation
- Workers Compensation Insurance
- Group and Individual Insurance Plans
- 401(k) Retirement Plans
- Other Employee Benefits
Providing these services and more, Canal HR is equipped to handle any administrative tasks you may need outsourced.
What is a PEO?
PEO stands for Professional Employer Organization. A PEO is an organization that provides assistance in completing some key employment responsibilities, allowing businesses to allocate more time and resources to their work.
Recruiting a PEO’s help means they will be a co-employer with your business, allowing them to complete various administrative tasks for you. While you will always retain executive power in the employer-employee relationship, hiring a PEO means you never have to worry about certain administrative tasks again.
If you’d like to learn more about PEOs and the services they provide, check out our blog post on the subject. Hiring a PEO can make a world of difference for you, your employees, and your business!
Outsource Your HR Services with Canal HR
Canal HR is a PEO that provides many different administrative and HR services to the clients and employees we represent. If you or your business needs help administering payroll, adopting a workman’s compensation policy, or any other administrative task, consider Canal HR. Representing over 4,000 employees, Canal HR has nearly three decades of experience providing various HR services to the southeast United States. We pride ourselves on the quality service your business can rely on. If you need assistance with insurance and payroll solutions, contact us today to learn more about what outsourcing your HR services can do for your business.