In today’s tough economic times, fueling employee morale becomes even more important. Though inevitable in many situations, employers risk complacency, mediocre results and burn-out in asking people to do more work for less money. Despite smaller budgets and less time, it’s important to continue to reward employees for a job well done.
Company/employee events are often the first expense to be eliminated from the annual budgets; however, there are ways to celebrate in tighter times without breaking the bank. Here are a few suggestions:
- Determine a budget and stick to it.
- Plan ahead to provide ample time for cost comparisons to ensure the best deals.
- Establish cost priorities. Make a list of your most costly items (venue, catering, flowers/décor, tableware, music/entertainment, alcohol, etc.). Decide the two most important items that will make your event successful. Eliminate or find less costly alternatives for the remaining items.
- Simplify your event. Host a luncheon instead of a dinner. Limit the number of guests. Serve appetizers as opposed to a full meal. Your options are limitless.
- Consider outsourcing the event. Event planners can provide value-added services and leverage relationships with vendors to negotiate group rates. The initial investment could more than pay for itself in savings of time and money.
- Eliminate gifts. While party favors are a nice to-do, simply gathering to celebrate success should be all the recognition your employees need to feel appreciated.
