Corporate Holiday Perks Put on Ice While Executives Warm Up to Family Vacation
Plans, According to Korn/Ferry Survey
LOS ANGELES, Dec. 17 /PRNewswire-AsiaNet/ --
Executives Expect Cuts in Company Holiday Parties, Corporate Gifts and
Holiday Cards, But Few Change Personal Vacation Plans
While the uncertain economy has frozen the time-honored holiday tradition of
office parties, gift giving and card exchanges, it is not swaying executives from
taking a family vacation this year.
The holiday survey results, generated from the latest Executive Quiz released
by The Korn/Ferry Institute, the global leadership development and thought
leadership think tank of Korn/Ferry International (NYSE: KFY), were tabulated
during the months of November and December 2008.
Corporate holiday parties are expected to suffer significantly this year.
Among companies that typically host holiday celebrations, 32 percent of
executives expect this year’s party to be scaled back, and 30 percent say it has
been cancelled outright. Only seven percent expect a larger celebration than
last year. This trend indicates that the majority of executives may be
disappointed; 55 percent say that holiday parties are “Great Fun”, while just
seven percent say that they typically don’t attend.
Seventy-nine percent of executives say they expect the amount of business-
related holiday gifts and cards to decline overall, and 68 percent say they will
cut back on their own personal spending for business-related holiday gifts. Just
three percent expect to spend more than in past years.
While the economy has driven down corporate holiday spending, family vacation
plans are holding strong. Forty-five percent of executives expect no change in
vacation plans from last year, and eight percent even said they expect to
indulge. Just 28 percent said they plan to scale back.
“It’s not surprising to see that so many companies have decided to forgo
parties and other holiday perks during this turbulent time,” said Tierney Remick,
senior client partner, Korn/Ferry International. “During this economic
uncertainty, companies are more focused on meeting year-end projections, cutting
non essential costs, streamlining operations and doing whatever it takes to
retain top talent.”
Methodology
The Korn/Ferry International Executive Quiz is based on a global survey of
executives registered within the firm’s online Executive Center, ekornferry.com.
Respondents from more than 90 countries, representing a wide spectrum of
industries and functional areas, participated in the most recent Executive Quiz
in November and December 2008.
About The Korn/Ferry Institute
The Korn/Ferry Institute was founded to serve as a premier global voice on a
range of talent management and leadership issues. The Institute commissions,
originates and publishes groundbreaking research utilizing Korn/Ferry’s
unparalleled expertise in executive recruitment and talent development combined
with its preeminent behavioral research library. The Institute is dedicated to
improving the state of global human capital for businesses of all sizes around
the world. For more information on the Korn/Ferry Institute, visit
About Korn/Ferry International
Korn/Ferry International, with more than 90 offices in 39 countries, is a
premier global provider of talent management solutions. Based in Los Angeles, the
firm delivers an array of solutions that help clients to identify, deploy,
develop, retain and reward their talent. For more information on the Korn/Ferry
SOURCE: The Korn/Ferry Institute
CONTACT: Asia Pacific
Shireen Nisha
+65 6231 6123
shireen.nisha@kornferry.com
or EMEA
Juerg-Herbert Baertschi
+44 20 7312 3178
juerg-herbert.baertschi@kornferry.com
or Latin America
Lindsey Koh
+1-310-556-8532
lindsey.koh@kornferry.com
all of Korn|Ferry International
or North America
Kevin Oates
+1-310-584-8331
kevin.oates@ketchum.com
for The Korn/Ferry Institute
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