By: Smith Granade
As the holiday season kicks into high gear, companies are slimming down their party plans. The uncertain economic times call for stricter party budgets. Bank of America and Goldman Sachs are among the firms vowing not to host parties this year. While cost-cutting is the primary reason for most of the downsizing this season, public scrutiny is also keeping corporate parties to a minimum.
According to a nationwide Challenger, Gray & Christmas poll of 100 HR executives, only 62 % of companies are throwing parties, down from 77 % last year and 90 % in 2007. Moreover, almost half of the 100 companies polled by Battalia Winston International will hold luncheons and one-third will celebrate on site this year. Sixty percent have eliminated employee gift-giving.
Here are some options to keep holiday party costs to a minimum this year
1. Instead of hiring caterers, host a pot-luck dinner, where employees bring their own food to share, or have a cocktail party.
2. Lessen expenses by forgoing the open bar in exchange for a cash bar.
3. Consider cutting out altogether or at least paring back on employee gift-giving.
4. If you normally have a band, consider hiring a DJ instead.
5. If you book your event at a private venue, book on a lower-demand day such as a Thursday or a Sunday.
6. To further shave costs, restrict the guest list to employees and/or clients only.
The following are links to articles on conserving holiday party costs:
www.evliving.com/business/groove-heads-entertainmentllc/article-4.html
www.sandiego.org/article/Visitors/1211
holidayentertaining.suite101.com/article.cfm/inexpensive_corporate_holiday_parties
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