Fewer office parties planned for this year's holiday season due to financial crunch
Love it or hate it but the amount of holiday season partying in offices throughout North America is going to dwindle this year. In the wake of the financial crisis, many companies are cutting on office party expenses to stay financially afloat. In fact, the number of office parties planned to celebrate this year's holiday season is less than that after 9/11 attacks and global recession in early 90’s.
As a financial crisis roils world markets and fears of a deep global recession grow, about one-fifth of U.S. businesses are saying 'no' to end-of-year festivities this holiday season, according to a survey due for release on Monday.
If you're one of the lucky ones to keep on celebrating, be aware that only 71 percent of companies are offering booze this year -- a cruel and unusual punishment, perhaps, given the sobering state of the economy.
This year, only 81 percent of companies are throwing a party, fewer than during the holiday season that followed the 2001 attacks on the World Trade Center and the Pentagon, or during the recession of 1991.
Just last month, party planners said they were getting a more cautious view from clients, some of which did not bat an eye at spending up to hundreds of thousands of dollars on holiday parties in recent years.
But not all industries view the downturn the same. If you work in the pharmaceutical industry, you are more likely to party than the folks working in financial services and manufacturing, the report found.
It cited 85 percent of healthcare or pharmaceutical companies, which said the economy would have no impact on their holiday party plans versus 42 percent in financial services and manufacturing.
And don't count on a bonus to spread holiday cheer. Some 62 percent of companies that usually give out year-end bonuses said that this year those checks would be the same -- or smaller.