Attract and retain great people: Employee benefits without the big budget

3 minute read. In today’s competitive job market, small businesses and start-ups can often feel outmatched by larger organisations with deep pockets and plenty of perks.

But attracting and retaining great people isn’t just about your budget, it starts with getting clear on what makes your team worth joining (and staying in!)

That’s where an Employee Value Proposition (EVP) comes in. While it might sound like corporate jargon, your EVP is simply the combination of culture, benefits, and opportunities that make your business a great place to work. Outside of salary, it’s what employees get in return for their effort and commitment.

Why EVP matters

It’s pretty simple, you want to retain your best people! High turnover costs time, money, and momentum. When you invest in your people, they invest back in your business. And when your team feels supported and valued, they’re more likely to perform at their best and stay in for the long haul.

You have more to offer than you realise!

Start by asking:  What makes your business a great place to work? It might be flexible work arrangements, opportunities for development (especially if you're in a growth phase), the way your team collaborates, or the values and behaviours you actively support and encourage. These elements all contribute to your EVP.

Even practical things like your location or access to free parking, play a part. When you look beyond standard employee benefits, you’ll often find you have more to offer than you realise. And when you can clearly communicate those strengths (more on that our upcoming webinar), you’re far more likely to attract people who align with your culture.

Employee benefits beyond salary

Many small businesses assume they can’t offer extra employee benefits without increasing payroll costs. But that’s not necessarily true. There are plenty of creative, cost-effective ways to offer your team some extra perks.  Here are five budget-friendly ideas:

1. Recognition programs

A simple shout-out when someone goes above and beyond can go a long way, consider adding some structure by making it monthly, or asking your team to nominate others. A small monthly budget for a gift or voucher shows a little extra appreciation.

2. Salary packaging & novated leasing

Larger companies and governments have offered salary packaging as an employee benefit for decades with massive success, but it’s available to businesses of all sizes. It’s a win-win: employees get access to a valuable benefit that increases their take-home income, and employers can offer it at no expense.

Novated leasing is one example that allows employees to lease a car using their pre-tax income through a payroll deduction. Services like this can be introduced with minimal admin as the salary packaging provider does all of the heavy lifting.

We often recommend Positive Salary Packaging for our clients (and they’re one our clients too, so we can vouch they’re great to work with 😉).  

3. Supporting professional development

Consider offering an annual budget to cover cost of short courses or sending team members to industry events to support development and staying up to date with their industry.

It’s also a simple way to show you’re invested in their future growth. If this is something you’re able to offer make sure it’s communicated with your team so they can take you up on it!

4. Mental health & wellbeing support

Employee Assistance Programs (EAPs) give staff access to confidential support services at no cost to them. These programs are funded by the employer and can be tailored to suit small teams, whether you pay per use or offer a set number of sessions per employee.

5. Extra leave options

Get creative, consider offering an extra day off for birthdays, or introducing a few individual leave days each year for “life admin” or wellbeing. These small gestures can have a big impact on morale and really appreciated by the team.

The bottom line

You don’t need a big budget to show your business is a great place to work, you just need clarity on what you can offer. And if you’re looking to introduce extra benefits for your team, start small, there are plenty of cost-effective options out there.

Want to learn more about attracting and keeping great people?

Sign up to our free webinar (register here).

When: Wednesday 12 November, 10am-11am AEST.

Can’t make it live? Register anyway and we’ll send you the recording.

We’ll be covering:

• Understanding your value: What makes your business a great place to work?
• Supporting team engagement and promoting your value internally.
• Low-cost employee benefits to strengthen your offer.
• Showcasing your employer brand to support talent attraction & recruitment.