53% Say They are Determined to Maintain Tradition
According to a recent survey of 440 senior executives,
a slim majority of their companies will be celebrating the holidays exactly
as they did a year ago. Jeffrey Christian, chairman and CEO of Christian
& Timbers, a global executive research firm that conducted the survey,
states, "Companies that are maintaining holiday parties are doing
so in the face of economic losses and ongoing worries about safety and
security. One CFO of a $200 million global consumer durables company summed
it up when he told us, 'We are trying to keep things as normal as possible.'"
"The executives we heard from said that during difficult times, it's
more important than ever for people to get together," Christian added.
"One executive with a $500 million computer software and services
company told us that his firm 'will celebrate all the hard work that our
teams have put in over the year and in recognition of the fact that there
is potentially little financial upside we can provide this year.'"
Christian & Timbers conducted the survey from November 19 through
December 7.
Of the 440 senior executives surveyed:
47% were CEOs, presidents or chief operating officers
14% were functional vice presidents
13% were managing partners or managing directors
12% were human resources executives
7% were company founders
5% were chief financial officers
2% were chief technology officers or chief information officers
- 47% of the firms contacted will make changes this year.
- 82% of this group cited economic conditions combined with a reaction
to the events of September 11.
- Changes in plans include:
- Planning more low-key parties or dinners compared to last year
(34%)
- Planning on-premises parties rather than at hotels or restaurants
(19%)
- Eliminating holiday parties altogether (27%)
- Using monies allotted for holiday parties for charity donations
(5%)
The Christian & Timbers survey showed that keeping
holiday plans intact carried over to personal and family celebrations:
- 74% of executives said they would not change the way they celebrate
at home this year.
- Of the 26% who plan changes, many said that
celebrations would be more family-oriented (43 %).
- Others were reducing air travel (26%),
- Spending less on gifts (14%),
- Taking vacations as a much-needed break (11%),
- Increasing charity donations or community activity (6%).
"Whether or not companies were changing plans
this year," Christian concluded, "a common theme in responses
was a more circumspect approach to the holidays. In defiance of terrorism,
or in recognition of harrowing economic times, executive decisions were
sensitive to the new realities affecting companies and families."
About Christian & Timbers
Christian & Timbers is currently ranked among the top 10 retained
executive search firms in the United States, with 13 offices across North
America and Europe. For additional information, visit www.ctnet.com.
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