Millions of businesses are DITCHING the traditional Christmas party in a bid to cut costs, it emerged yesterday.
A study quizzed 2,532 bosses on their company festivities and found that four in 10 are planning to do away with the celebration altogether.
Lack of budget, the need to cut corners and recent redundancies are just some of the reasons why many employers won't be getting merry with the staff this Christmas.
But there will be disappointment for workers - as half of the bosses have yet to break the news to their staff.
And for those who ARE going ahead with festive celebrations, 44 per cent still intend to cut corners where possible by having a less lavish bash than normal.
Moses Hassan from table7.com, the online booking service that provides exclusive access to preferred pricing on exceptional dining, which commissioned the study, said: "The results show that companies everywhere are making some tough decisions when it comes to their festive parties.
"It seems bosses are cutting or reducing the scale of parties, and are trying to find the balance between an over the top affair and a well-earned celebration.
"It is a shame as many staff might not be getting the Christmas party they are expecting or feel they deserve."
The study shows this year bosses are more likely to opt for a buffet at lunchtime rather than an expensive evening meal.
A fifth of employers are considering taking staff to the local pub at the end of the road than a high end restaurant.
A further 16 per cent will choose a venue where the price list is lower than usual, while 12 per cent will pay for dinner but skip all forms of entertainment afterwards.
A shrewd four in 10 bosses have considered telling employees they will pay for the food as long as they pay for their own drinks.
And one in 10 will provide staff with sparkling wine at dinner rather than splashing out on champagne as usual.
Thirteen per cent will have two courses rather than three, and the same percentage will have a set menu to avoid any unexpected costs later in the evening.
Hassan from table7 adds: "It appears many companies are compromising on the quality of venue as a way to control their expenses. Yet there are plenty of opportunities to have an amazing experience and stay within budget. table7.com is a way to access some exceptional restaurants." "Simple and discreet savings to the total bill means employers are getting excellent value for money and employees are getting a fabulous experience."
"Christmas parties are an opportunity for bosses to show their appreciation for hard-working staff and at the same time they encourage team spirit. To forgo these benefits would be somewhat short-sighted."
The survey also shows a skeptical four in ten heads are convinced workers use the Christmas bash as a way to 'drink the company out of cash.
But the majority of bosses admit the Christmas party is good for staff morale and seventy per cent recognise it plays a part in everyone getting on well.
However, it was recognised that a Christmas party is crucial in showing employees they're valued and rewarding them for their work, while a third know cutting celebrations will dramatically reduce morale.
And results showed it's sometimes lonely at the top - more than a third of bosses feared that if they cut the festive frolicking the staff would just arrange their own do - and wouldn't invite them!
The Christmas party bill gives one in five companies the January blues as they're forced to reshuffle finances.
Hassan continues: "Bosses are in a really difficult position this Christmas, as they will be weighing up the morale and happiness of their employees against the financial constraints of the business."
"It won't come as any surprise to learn that workers will feel more productive, happier in the workplace, and more appreciated if they are treated to a nice meal at the end of a busy year - it's a great way for bosses to show that while they might not be able to shower everyone with pay rises or promotions, they do value the efforts of their staff."
TOP 10 CHRISTMAS PARTY CUT-BACKS:
- Skip the sit down meal in favour of a buffet
- Have a lunchtime meal instead of an evening meal
- Take employees to the local pub rather than a high end restaurant out of town
- Choose a venue where the price list is lower than usual
- Only have two courses instead of three
- Choose a set menu so you don't incur any unexpected costs
- Pay for dinner but skip all form of entertainment
- Hold the office party in the office, rather than at another venue
- Tell staff they have to pay for their own taxi home
- Opt for sparkling wine rather than champagne
