either leading into the Christmas period or next year. He’s heard of one investment outfit ruling out a popular seafood restaurant in Sydney for lunches because it’s too expensive, but also suspects others will wait until the new year and will reward employees first before rewriting their entertainment and travel spending rules.
For National Tiles chief executive Campbell Stott, the belt-tightening has started. This year, the building materials outfit is holding a festive but more modest Christmas Party in mid-December with catering and drinks supplied by food trucks which will be brought into the compound. “It’s mainly just the cost: everyone’s had a long, busy year, and they want to get to the year’s end in a safe space financially.”Vincent Nair has opted for onsite barbecues for his company’s Christmas party.says it’s all about optics and consistent messaging. His firm, which has 200 staff Australia-wide, held boat cruises for employees and their partners last year.
Nair has also reined in client lunches, which he usually holds at Green Moustache or Treehouse Hotel in North Sydney, cutting down the tab from up to $300 per head to between $50 and $75. An associate recently returned from New York having paid $US175 for a modest breakfast for two – yoghurt and berries, two eggs on toast and two coffees – at Madison Avenue’s Lotte Palace Hotel. A night later, they were stung with a $US100 bill for a hamburger and carafe of the house chianti.