Holiday Party Season News

Yesterday, I located three interesting news articles covering the company holiday party season. On Yahoo Finance, they had an article covering the mood on Wall Street. The parties have returned at most firms but the trend is for less extravagance and some banks are making employees pay for the holiday parties.

Yahoo News covered a clip from ABC News with a more detailed coverage of holiday party trends and tips. The headline Workplace Holiday Parties reflects the focus on stay in parties. Susan Solovic offered tips to keep the party cost low. She recommended using a caterer and hosting the party at the office instead of booking a local restaurant. In addition, Susan mentioned a growing trend for the office party is a pot luck format.

They quoted an increase from 62% in 2009 to 64% in 2010 for companies hosting the party at the office. Most respondents mentioned a simple theme for the festivities. The list of tips included: Pick A Location (office instead of a restaurant), Pot Luck with decorations, Pick a Planning Committee (get employees involved), Limit the Parties to Just Employees (save the cost of serving guests),
Choose a Time (lunch is going to cost less than dinner), Control the Bar (hire a professional bartender), Create a Unique Experience (blow off the party and volunteer to feed the homeless), Check your coverage (social host liability issues), and Make Attendance Voluntary.

Yahoo News also mentioned a report from CNN regarding increasing Wall Street austerity. The clip featured two columnists from the Daily Beast with a few very good points. Lauren Streib, Daily Beast Reporter, mentioned "Goldman Sachs had a great year but bonuses are still down" and John Carney, who writes the Net Net Column, specified "division by division they are throwing smaller parties".

While they were answering questions from the CNN interviewer, several CNN style text boxes flashed on the screen. One box said "Bonuses down 22% to 28%" and listed the NY Comptroller as the source.

They pointed out the obvious to Manhattan caterers saying some banks "used to throw lavish parties" and the "last two years they haven't thrown any parties at all". With a hint of nostalgia, they reported "a lot of restaurateurs and hotels are hoping that the heady times come back".

Finishing on a hopeful note: "Everyone's hoping those years return."

It is interesting to note the Wall Street reports tried to convey a sense of renewed sensitivity to the lackluster economy by these investment bankers. New York caterers will need to keep things festive but somewhat subdued to match the new reality.