What effect will the credit crunch, high oil prices, volatile stocks, economy jitters and ever-present terrorism threats have on -- company holiday parties? Leave it to the outplacement firm Challenger, Gray & Christmas Inc. of Chicago to pitch an answer. Its survey (download here) of about 100 H.R. executives nationwide finds nearly 90 percent saying companies plan to hold holiday parties this year, up from 79 percent last year. Two-thirds said the parties will cost the same or less this year.
Unreliable and anecdotal data, to be sure. The firm's CEO, John A. Challenger, notes the survey may not capture distress in real estate and financial sectors. "Certainly, there are some industries that will not be holding lavish parties this year. In addition to the construction and real estate industries, the automotive sector continues to struggle. Meanwhile, Wall Street firms can undoubtedly afford to hold lavish parties, but it might be viewed as unseemly, considering they have suffered billions in losses tied to bad bets on high-risk mortgages -- losses which have thus far resulted in thousands of job cuts."
We’re just curious enough to ask the same question in our own poll: Will your Philly-area company hold a holiday party this year? And will it spend less, the same or more this year on the party? Maybe this will prove to be a truly interesting statistical indication for the economy. Well, not a chance, but maybe it'll be fodder for party small-talk ...
