Little holiday cheer for companies this year: Survey

Only 77 per cent of companies holding parties
||Last Updated: 11/03/2008

As the economy continues to slump, many companies are entering the holiday season with tighter budgets and little reason to celebrate. As a result, fewer employers are planning holiday parties while others are slashing the party fund by as much as half, according to one new survey.

In its annual survey on holiday parties, Chicago-based outplacement consultancy Challenger, Gray and Christmas found 77 per cent of 100 companies surveyed in the United States are planning holiday parties this year. That is down significantly from 2007, when 90 per cent of employers were planning holiday parties despite mounting evidence of an impending slowdown.

Further evidence of the economic slowdown’s impact on employers is seen in the fact that seven per cent of the companies surveyed typically hold holiday parties but were canceling them this year due to cost-cutting. In contrast, no company surveyed by Challenger in 2007 planned to cancel its holiday party.