With the economy in recession, the stock market down, and companies trying to turn a profit, a lot of employers have started to cut back. For some, it might mean eliminating the company Christmas party, while other companies are making massive layoffs or cutting pay.
I’ve noticed a few things getting cut from our regular company expenditures this year, and after talking to friends and family, I’m hearing of even more. For instance, our annual conference was canceled. We generally all head somewhere warm for a week to round up all of the employees in our division, hold workshops, get updates on the company, and do some team building. That’s out. In addition, there have been some little items eliminated such as holiday gifts for some clients. So, while it isn’t anything drastic, there are some cuts being made.
From others I’ve talked to, I’ve heard of canceled Christmas parties and other holiday events. But some are even going a step further and making changes to expense reimbursement limits. In some cases this is a lower limit allowed for expensing meals, or cutting back on mileage reimbursement. Depending on how much of your job involves traveling, this could become a significant burden.
So, I’m just wondering if anyone else has noticed any cutbacks where they work. If things are being cut, are they just little things, or will these cuts directly affect your bottom line?
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About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.