January 01, 2002
Meetings & Conventions: Incentive News

Perks Fall Victim to Sluggish Economy

A mere two years ago, firms were luring and motivating employees with the likes of hefty bonuses, company concierges and even, in the case of one New Jersey financial services firm, BMWs.

That was then. According to a study conducted by Challenger, Gray & Christmas, a New York City-based outplacement firm, companies today are downsizing perks along with their budgets.

Among the low-cost perks firms are currently offering: on-site ATM machines at Plymouth, Wis.-based Sargento Foods; on-site annual physicals at Corning Cable Systems in Hickory, N.C., and professional career counseling at Sullivan Higdon & Sink, a Kansas City, Mo.-based advertising agency.

According to John Challenger, CEO of Challenger, Gray & Christmas, other recession-tested perks include drop-off and pick-up for dry cleaning and auto repairs, and workplace barbecue grills so employees can mingle over burgers and hot dogs they cook themselves.

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