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Small businesses: How to compete with the big players for top talent

3min read

Small businesses often face significant challenges when competing with larger companies for top talent. Limited resources, a lack of growth opportunities, and limited brand recognition are just a few of the obstacles that can make it difficult for small businesses to attract and retain the best employees. Moreover, the current cost of living crisis only exacerbates these challenges, as employees struggle to maintain their quality of life amidst rising expenses.

In today’s competitive job market, small businesses need innovative solutions to compete with big business for top talent, and we’re excited to be leading the way. Our workplace solutions offer small businesses a range of innovative tools to address common talent challenges, especially during the current cost of living crisis. By providing cost-effective salary packaging solutions and compelling employee benefits packages, small businesses can compete more effectively with larger companies for top talent. We’ve put together several low-cost methods to bolster your brand, put you in front of more top candidates, and give you meaningful cut-through.

Innovative salary packaging solutions

One of the biggest challenges small businesses face when competing for top talent is limited compensation and benefits packages. Flare’s innovative salary packaging solutions can help small businesses offer competitive salary packaging that appeal to employees, at no cost. Our car novated leasing program, for instance, provides employees with a cost-effective way to finance a new car through pre-and-post-tax salary deductions. This can help alleviate the financial burden of purchasing a car, especially in the current cost of living crisis. Additionally, Flare’s electric vehicle (EV) novated leasing program can help businesses promote sustainability and reduce the carbon footprint of their employees, which is an increasingly important consideration for many job seekers.

Lead the way with Electric vehicles

In recent months, thanks to generous new legislation, novated leasing on electric vehicles has become an increasingly affordable option for businesses looking to offer sustainable transport options to their employees. This provides a significant opportunity to offer considerable tax savings to attract, engage and retain staff, and minimise payroll tax, while also taking a leadership position on sustainability. All at no cost to your business. See how Melbourne driver Danny was able to drive away in a brand new Tesla model Y thanks to his employer and Flare. 

Free employee benefits

Another key aspect of attracting and retaining top talent is offering compelling employee benefits. Flare’s employee benefits platform provides small businesses with access to a range of discounts and cashback offers on everyday expenses such as groceries, retail, and entertainment – at zero cost to your business. By providing employees with these savings opportunities, businesses can help alleviate financial stress and improve overall job satisfaction. In fact, a family of four could save over $650 a year on food* with Flare’s grocery and retail discounts. This can also help small businesses differentiate themselves from competitors and enhance their employer brand.

Crack the code with our EVP Cheat Codes

As the employment landscape becomes more competitive, and the fight to attract and retain workers is subject to a range of post-pandemic economic pressures, small businesses need to consider what matters most to their potential hires. Companies with a strong employee value proposition (EVP) seek to identify and align with their employees’ needs and values across workplace benefits including flexible working, career development opportunities, competitive salaries, and expanded benefits packages.

We’ve put together the top cheat codes to help you build an Employee Value Proposition (EVP). From understanding the employee of the future, to mastering job ads and syndicated content – we’ll show you how to attract and retain the right people for your small business.

*Savings based on annual grocery and eating out costs discounted at 3% and 5% respectively.

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