If I ran a large business I would let every employee have a company credit card and to use that for all business expenses. The employee would be in charge of all bookings/reservations, unless it is a group at which point the most senior person (or someone he chooses) would do that stuff. Then again maybe I would just give out per diems, or a personal annual bonus tied to being frugal w/ expenses? Maybe have a second business credit card meant only for sales interactions. Overall I would want company culture to shape such spending.
If I am a lowly employee.. I would do as jacob did if offered per diems, else I would treat the expenses as if they were perks and I would choose a step up in luxury (I mean a step up from the average person in my situation, less the ERE). For example, ordering from a menu without looking at prices, getting an extra course or two, getting the beer/wine/whiskey you've never had before or is a favourite, having coffee or before/after dinner drinks somewhere, etc.
It's annoying when my more senior co-workers would waste money by picking a shitty but still expensive restaurant.. then again I love it when they take charge at bigger functions I wasn't expecting to be expensed (tab's open! switching from PBR to St. Bernardus and cigars). It's annoying if travel or accommodations are over-priced.
The Role of “Free Luxury”
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