A group led by the Forum of Private Business (FPB) has urged employers not to cancel Christmas office parties this festive season for fear it could devastate small firms like florists, entertainers and catering companies who rely on the Christmas party market.
The market is worth around £1bn, but recent figures suggest one in five companies plans to axe the Christmas party this year because of recessionary financial pressures – meaning the events industry supply chain already stands to lose an estimated £350m-£500m. The BBC recently announced it was pulling the plug on its office party budget this year.
The FPB reminded employers that Xmas parties were a valuable way of thanking office workers
“Staff Christmas parties are about the recognition and appreciation of workers, not indulging fat cats,” said FPB chief executive Phil Orford.
“They are a valuable way of saying thank you to employees for their hard work during this turbulent time.
“In turn, good employee engagement delivers bottom line results.”
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