Amid growing economic uncertainties, fewer U.S. employers will be hosting holiday parties this year, according to Battalia Winston, a New York-based executive recruiting firm.
In a recent survey of more than 100 leading businesses, only 85 percent said they were planning some type of holiday celebration, down nine percent from last year and the third-lowest level since 1991. Among those that were planning parties, only about half will be held in the evening with just two-thirds serving alcohol, the survey found.
"While the holiday party remains an important tradition at America's businesses, this year's survey indicates that current economic concerns linked to the credit crunch are causing many companies to reign in their plans," Battalia Winston CEO Dale Winston said in a statement.
He said past surveys have shown a direct link between the number of company parties and the health of the economy in a given year.