While companies continued to hire at a less-than-stellar rate in 2012, strong corporate profits are giving them plenty of reason to celebrate. A new survey shows that more than 83 percent are planning year-end holiday parties this year, up from 68 percent in 2011.
In its annual survey of human resources executives, global outplacement and workplace coaching consultancy Challenger, Gray & Christmas, Inc. not only found that more companies are hosting holiday parties, but 17 percent said more money is being budgeted for the festivities.
Despite the increase in holiday parties from a year ago, the percentage of companies holding year-end functions remains shy of a pre-recession 2007, when about 90 percent of companies surveyed held holiday festivities.
In the non-scientific survey of approximately 100 human resources professionals, 10.3 percent said their companies were holding a holiday party after one or more years without parties as a result of the economic downturn. The other 72.4 percent of respondents said their companies held year-end parties throughout the downturn.
“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,” said Rick Cobb, executive vice president of Challenger, Gray & Christmas.