Corporate Parties, Gift-Giving on the Rise This Holiday Season
LOS ANGELES, Dec. 17, 2010 /PRNewswire via COMTEX/ --
Better parties, bigger gifts and more cheer - that's what's in store this holiday season for global organizations, according to an executive survey by Korn/Ferry International (NYSE: KFY), a premier global provider of talent management solutions.
According to the survey, more than 50 percent of executives plan on attending their office holiday party, up 10 percent from last year. As companies start hiring again and the economy bounces back from the Great Recession, employee morale is up and corporate festiveness is in full gear.
Holiday spending expectations are also on the rise this year. The survey shows that nearly 60 percent of executives plan on spending $100 or more on all business-related gifts this season, with half of that group expecting to spend more than $300. Only 28 percent say that they will spend less than $50 this season.
While spending increases on business-related gifts, executive purse strings are not as open to their fellow colleagues. Appropriate spending limits remain relatively unchanged compared to last year. Twenty-six percent of participants believe that a holiday gift for a colleague should remain under $25, while 46 percent agree that $25 to $50 is suitable. Only 16 percent of executives feel that $50 to $100 is an appropriate amount to spend and even fewer (three percent) believe that more than $100 is appropriate.
Half of executives surveyed say they look forward to company holiday parties each year and another 39 percent try to attend when they can.
"While the economic climate is still tenuous, it is clear that organizations are in a more celebratory mood this holiday season," said Mike Distefano, Korn/Ferry senior vice president and chief marketing officer. "Companies are still mindful of spending, but they also realize that holiday celebrations are a wonderful way to take a moment to pause from the work to celebrate with each other and give thanks for the success they've achieved."
Affirming the notable increase in holiday spirit, a vast majority of respondents (80 percent) say they will be making job-related New Year's resolutions for 2011.
The Korn/Ferry Institute Executive Quiz survey is based on a global survey of executives registered within the firm's online Executive Center, ekornferry.com. Respondents from more than 60 countries, representing a wide spectrum of industries and functional areas, participated in the most recent Executive Survey in December, 2010.
About The Korn/Ferry Institute
The Korn/Ferry Institute generates forward-thinking research and viewpoints that illuminate how talent advances business strategy. Since its founding in 2008, the institute has published scores of articles, studies and books that explore global best practices in organizational leadership and human capital development. For more information, visit www.kornferryinstitute.com.
About Korn/Ferry International
Korn/Ferry International, with a presence throughout the Americas, Asia Pacific, Europe, the Middle East and Africa, is a premier global provider of talent management solutions. Based in Los Angeles, the firm delivers an array of solutions that help clients to attract, develop, retain and sustain their talent. Visit www.kornferry.com for more information on the Korn/Ferry International family of companies, and www.kornferryinstitute.com for thought leadership, intellectual property and research.
SOURCE Korn/Ferry International