1. Stay local
If there was ever a time to shed the idea of Singapore being devoid of adventure, this is it. Instead of taking that annual overseas retreat, look to local destinations like Sentosa for a staff picnic, or tickets to the Night Safari to reward high achievers. After all, the core purpose of any staff outing is a chance to escape the office - the amount of distance is irrelevant. And chances are that your employees don't frequent local tourist spots often, so they might be as fresh as any overseas destination.
2. Get creative
Never underestimate the power of your imagination. You can hold a staff party without breaking the bank and more importantly, such events are necessary to boost staff morale in troubled times. Downsize the details - if you usually book a banquet room, try searching for a more affordable venue. Make sure you ask for a discount; you might get it because plenty of venues are currently cutting rates.
Or hold a party at the office. Think about how your conference room could look after some dressing up with the help of a few in-house designers (employees who have a flair for decorating). And while you're tapping into employee talents, why not use their culinary skills and host a 'pot luck' party?
3. Downgrade
Cutting costs does not have to be an entirely unpleasant experience. It just means cutting small comforts as well. Business travelers heading overseas for conferences and events can fly economy, and book into hotels with fewer star rankings until budgets allow them to travel more comfortably again.
4. Use technology
Most people don't associate technology with driving down costs, but in the downturn it can be a definite budget-saver for meetings and conferences. Using communication programmes like Skype for videoconferences is popular, effective and, most importantly, virtually free.
5. Delay incentives
Being frugal does not mean eliminating MICE altogether. It simply means refraining from excess spending until the upturn. Promise high-aiming staff incentives but let them know they might experience a delay in receiving them. Assure them it will be your priority in the upturn and they will understand and respect the situation.