While many of the experts tell us the American economy was booming this year, one true indicator of how you and your company faired in 2024 will likely be the annual holiday office party and perhaps a year end bonus.
Almost left for dead a few years ago, the holiday office party came roaring back to life last year and, if that trend continues, it could be fully recovered in December 2024.
Almost two-third of companies reported holding in-person holiday parties in 2023 up from just 27% in 2021. That’s according to an annual survey by outplacement and employment firm Challenger, Gray & Christmas. Since 2004 the firm has surveyed more than 200 companies, big and small, about employers’ holiday party plans.
Their survey for the 2024 party season was not complete in time for this article, but the trend to party hearty for the holidays has been rising since the COVID years of 2020 and 2021.
The number of companies that held holiday parties in 2023 was similar to 2018, when 65% of companies reported holding year-end celebrations, the survey found. In 2022 57% percent of companies held year-end parties. In 2019, the last year before COVID, 75% of companies held celebrations. In the last decade, the best year for holiday celebrations was 2014, when 78% of companies reported they were hosting holiday parties.
There was good news and not so good news about office parties in 2023. First, in 2023 one-third of companies reported spending more on the celebrations than the previous year. The other two-thirds said they spent the same or slightly less than the year before.
The not so good news is more companies, 32.5%, held their party on company premises, up from the previous year and almost 60% of celebrations were held during or near the end of the workday.
The survey found in 2023, likely because more parties were held in the office during the workday, fewer companies, 57.7%, served alcohol than 2022 when 63.3% offered some kind of bubbly. Last year fewer companies, 33.8%, invited spouses and family to attend, down from 46.7% in 2019.
Okay, that’s a lot of number to throw at you. Even I’m getting dizzy.
Your company may or may not hold a holiday party. You may work for big firm, a small business or for yourself. A good many folks are still working for home. I’m not sure how that works for the year-end shindig.
If you get a pat on the back from your firm, a pizza party in the office and a subscription to the jelly-of-the-month club from the boss this month it may be time to reassess your position with the company in the coming year.
However, no matter how the year ends for you, from this retiree – whose office holiday parties are well in the rear view mirror – I wish you good health and joy in the year to come.