More than 83 percent of companies are planning a holiday party this year, according to a recent survey of human resource executives. That’s up from 68 percent in 2011, but still lower than the 90 percent who partied in pre-recession 2007.
The survey by consulting firm Challenger, Gray & Christmas found that 10.3 percent of the companies surveyed are having a holiday party after one or more years of not partying. Seventeen percent of the companies said they will spend more on this year’s holiday party than they did in 2011.
“For many companies, 2012 probably feels like the first time in a while that there is reason to celebrate. The economy and job market continued to make strides this year. While employment did not grow as fast as many had hoped, company profits did increase due to increased sales as well as cost-cutting initiatives. And, despite ongoing uncertainty related to fiscal cliffs and European debt crises, consumer and business confidence are on the rise,” Rick Cobb, executive vice president of Challenger, Gray & Christmas, said in a news release.
Holiday parties are a “relatively low-cost morale builder” that companies on a budget can take advantage of, Cobb said.
Parties also offer a chance for employees to make themselves known to senior executives they don’t usually interact with, he.
Click here for complete survey results.