So, the economy's in the tank, layoffs are all around us, and the fringe benefits are being eliminated from places you never thought would lose them. My experience is that whenever you do some belt-tightening and eliminate the free sodas or the periodic neck massage, the world usually reacts in one of three ways:
-Some employees are vocal in complaining about the fringe benefits going away. The end is near!
-Another set of employees are in the gray area - not sure what to think, and at times influenced by the vocal group.
-A final set of employees are the bedrock of your company, and hopefully in the majority. They get that things are tight, and don't flinch when you have to do a little belt-tightening.
Why is that third group that way? Because they probably live their life that way at home. It's not what you spend, it's what you keep. Properly applied to your expense line, these are the folks you want making decisions these days on the ROI of all expenditures, from the flashy marketing collateral down to the office supply vendor.
Watching expenses is never sexy during the go-go times like the dot.com bubble, but it sure does feel good when times are tight. Looking for an interview question to determine how someone views expense management? Ask them a question like "Tell me about what you do in your personal life to put away an extra 5% for retirement."
Then look for the employee who presents well, but is not above toting the coupons to the lunch spot, like Matt Bonner, NBA role player and stereotypical workplace grinder:
"Matt Bonner isn't likely to win a most valuable player award during his career. Nor is he likely to make an Olympic team or grace the cover of a video game. It doesn't look like the paparazzi will be bombarding Bonner either.
There is little flash in Bonner's game, which carries into his personal life.
Bonner is a self-proclaimed “boring guy” who likes staying at home and reading. He drives a 2006 white Pontiac Grand Prix; in college he had a hand-me-down 1999 Hyundai while playing at Florida, where he had a 3.96 GPA in business administration. “They are jealous” of his ride, Bonner, 28, said of his teammates. “They know I can take any one of them off the line.”
Despite making $2.978 million this year and $3.256 next year, Bonner remains frugal. Former Spurs guard Brent Barry, who is now with the Houston Rockets, remembers a time in Sacramento when Bonner was getting a snack at his favorite spot: Subway.
“Matt had a coupon for half off a sandwich, which said: ‘Valid at participating stores only,'” Barry said. “The owner said we're not ‘participating stores' and Matt was like ‘Well aren't you a Subway? I walk outside and I see the name ‘Subway.'” After 10 minutes, he talked his way to half off a turkey sandwich. He saved like $2.16.”
Added Bowen: “It's not about what you make, it's about what you keep. He understands that motto perfectly.”
Look for the Matt Bonner's of the world these days. They don't freak out when you cut the free sodas, and when the economy recovers, they're less likely to leave you for the shiny logo across the street.
