For many bankers and traders, the days of company perks such as sleek limos, cushy business seats, and fat steaks are gone.
Credit Suisse has reduced some cell phone subsidies and done away with car vouchers. Merrill Lynch has banned business class travel for some divisions. Goldman Sachs has pulled free soda and JPMorgan has upped the requirements for free meals and car rides.
Has your company scaled back on perks? Share your experience.
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7 comments so far
I don’t work outside the home but my husband’s company has indeed cut back.
Dinner meetings are now a thing of the past.
Travel has been significantly curtailed. Not sure if the few who were allowed to fly business class have been moved to coach or not since he was not one who enjoyed that perk unless his flight was more than 8 hrs.
Management positions that have been vacated are not being filled.
Layoffs of fair number of people have occurred.
Health care payments for employees have increased with less coverage.
He has been in the business for years, not with the same company but with a competitor for 19 years prior to his present 18+ years with present employer.
During the last recession his previous company experienced hardly any effect.
I know the President keeps telling the public we are not in a recession, and perhaps he is indeed correct, perhaps it is a depression not a recession.
- Posted by Phyllisi’m a scientist at a top university: we don’t have perks, or much salary, nor any resources to do our research. 96% of our grant proposals are rejected due to no federal support. if we can afford to travel to scientific meetings, we fly steerage. we’ve never had free lunches. i’m so sorry you’ve lost your limo rides.
- Posted by wgwMy company has gone from seven employees in a brick and mortar location to just me, in my garage. Perks? Ha! I’m just trying to stay alive. I won’t lose any sleep over the Wall Street Blues. Anytime they want to trade places with me, it would be my pleasure.
- Posted by DaveA holiday party in February to save costs
- Posted by seanMy company is doing just fine. Our biggest problem is finding qualified people to fill positions we currently have open.
Phyllis: The technical definition for a recession is negative GDP for six months. The definition for a depression is negative GDP worse than -10% for six months. We are not in a recession folks… We are in a slow growth period. The economy is not growing very fast but that is *not* a recession.
As for the loss of ‘perks’ on Wall Street, isn’t that just too bad. Those folks should try living in the ‘real world’ where those kind of perks don’t exist (ever).
- Posted by DavidThe companies who are quick to adjust ‘correctly’ to the signs of the times will survive the cycle.
- Posted by Alfredwe thought corporations were responsible stewards of shareholder interests. the tax code invites dysfunctional spending. Why should the taxpaying public subsidize the ‘expenses’ (by allowing deductions/ exemptions etc) of 1st class travel, meals, spas, “business meetings” (at far away resorts etc) …. if you wish think these will help your business then spend the money BUT AFTERTAX …. hope someone looks at and changes the code
- Posted by Azmat