MEDIA RELEASE PR37661
Korn/Ferry Executive Quiz Shows Drop in Corporate Holiday Celebration Plans
LOS ANGELES, Dec. 21 /PRNewswire-AsiaNet/ --
Expensive Office Gifts and Company Holiday Parties Downsized in 2009
The most recent Executive Quiz results released today by the Korn/Ferry
Institute indicate the recession may be taking a bite out of corporate
holiday budgets and gift-giving. Expectations for gifts and holiday parties
are down considerably since 2005, the height of the bubble economy.
Only 41 percent of respondents plan to attend an office party this
holiday season, down from 52 percent in 2005. However, the decline may not
indicate a lack of morale, but a lack of opportunity. The number of
executives that said their office was not having a holiday party increased
from 22 to 31 percent over the four-year period. Office parties remain very
popular, however, with 53 percent of executives saying they "look forward to
it every year."
Spending on gifts for co-workers appears to also be taking a hit this
holiday season. One third of respondents say they will spend less than $50
(USD) on all business-related gifts this holiday season. In 2005, only 27
percent of executives said they would spend less than $50. However, the
number of respondents spending more than $300 remained identical to 2005
levels, holding steady at 24 percent.
"Even if it is not an economic necessity to cut costs on holiday
spending, executives and companies understand it is wise to be frugal," said
Stuart Kaplan, global chief operating officer, Korn/Ferry Leadership and
Talent Consulting. "But as the pace of work has gotten faster, and travel has
decreased, holiday traditions in the workplace have become even more
important to team building. It may be the only time of year when colleagues
see one another and interact on a social level."
When it comes to individual gifts, half of executives (50 percent) feel
the boss is the hardest to shop for, followed by assistants (20 percent),
subordinates (18 percent) and peers (13 percent). The optimal price range for
office gifts is between $25-$50 USD according to 44 percent of executives,
while 37 percent feel spending less than $25 is appropriate. Just 19 percent
feel it is necessary to spend $50 or more on co-workers' gifts.
Looking ahead to the new year, three quarters (75 percent) of survey
respondents plan to make work-related resolutions heading into 2010, up by 5
percentage points from 2005.
Methodology
The Executive Quiz is based on a global survey of executives registered
within the firm's online Executive Center, ekornferry.com. Respondents from
65 countries, representing a wide spectrum of industries and functional
areas, participated in the most recent Executive Quiz in November-December
2009.
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.
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 celebrating 40 years in business. Based in Los
Angeles, the firm delivers an array of solutions that help clients to
for more information on the Korn/Ferry International family of companies, and
research.
SOURCE: Korn/Ferry International
CONTACT: Asia Pacific, Carol Lo,
+ 65 6231 6219,
carol.lo@kornferry.com,or
EMEA:
Juerg-Herbert Baertschi,
+44 20 7312 3178,
juerg-herbert.baertschi@kornferry.com,
both of Korn/Ferry International; or
The Americas:
Kevin Oates,
+1-310-584-8331,
kevin.oates@ketchum.com,
for Korn
Ferry International
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