The point is that as companies eliminate these expensive "perks," they would be wise to replace them with other low cost recognitions. Even in tight times, especially in tight times, employees crave the emotional boost that recognition provides them. In times of budget cuts and belt tightening, employees get nervous. Recognitions can alleviate or at least mitigate their anxiety. Recognition also helps to communicate and reinforce company values. The company values what it recognizes and rewards.
The thing about employee recognitions or celebrations is that it is MUCH more important that they be sincere and timely than that they have a price tag of any significance. A recent study suggests that the three things that workers want is interesting work, appreciation for the work that they do, and feeling as if they are being adequately communicated with.
If staff members have to wait until the annual Staff Celebration Breakfast to get the bronze plaque for the good job they did, they will value it much less than a sincere thank you from a supervisor that they get at a staff meeting immediately after a successful project.
So cut out the Annual Staff Recognition Awards Banquet if you must, but make sure that you redouble your efforts to give staff true recognition and genuine thanks when they go above and beyond.
