What are you doing to engage your employees?
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I think it depends on the what industry you are trying to address. I work with construction owners and they do not offer much in the way of benefits because the employees do not see the value to them, so they are incentived by more cash and paid weekly. On the other hands, I work with other business owners and they see the value in relieving financial stress off their employees mind and they provides employee benefits (including financial education) that allow the person to be able to retire on time. They will give them tools that flow with the their life situation so they can pivot when necessary when life happens or changes such has having a baby.
I see you are in the marketing industry and I was chatting with an owner and he was having a hard time with the same thing. We spoke about possible giving them more incentive for bigger goals. He had a small salary for the person but the better the production for that month the more commission they would make.
With all of that, it is hard to say what the secret sauce is for your company but it will vary on what you want to accomplish with the employees and what they may find valuable.
You are right every business will have different challenges. Taking the time to get to know your employees, encouraging them, boosting their confidence I believe goes a long way. This doesn't cost any $ just a few minutes of your time, with great rewards