It’s BYOB office party this year

US - The annual office holiday party has been hit by the global economic crisis with one-fifth of US companies cancelling their end-of-the-year festivities to cut costs.

With many large companies such as American Express, Disney and Viacom cancelling big holiday bashes, more businesses are following suit. Executive search firm Battalia Winston Amrop reported that only 81% of companies are throwing a holiday party this year and out of these companies, only 71% will offer booze for their employees. This year marks the lowest percentage of office parties in 20 years, added the report.

Findings from outplacement-services firm Challenger, Gray and Christmas' annual survey also showed 13% of companies have trimmed their party budgets by half, with 65% limiting their parties to employees only.

"With the economy teetering on the edge of recession, plans are becoming even more subdued with a growing percentage of companies indicating that parties will be held during the workday and only open to employees," said John Challenger, CEO of the outplacement-services firm.

"If the company is laying off people, celebrating in some over-the-top way would be insane," he added.

It is appropriate, however, to bring employees together in some fashion to thank them for their hard work and long hours, advised Challenger.

To cope with the perks cutback, employees can organise their own pot luck parties, BYOB drinks sessions in the conference room, Secret Santa gatherings, bowling parties and board game competitions.