I remember when my old company cut the "swag" to the tune of about $100,000 a year. The CFO was proud of himself but the work environment wasn't great before that, which lead to a few key people leaving. They had stayed not for swag but the social parts of the job were keeping people happy. A few more followed them. It wasn't long before half of the tech team had gone.

At the time we were spending about 40k for recruiter fees to replace each engineer. During my exit interview I asked the CFO if he thought that math worked out. He had some regrets.