More than a third of businesses cancelled holiday parties due to rising costs and skyrocketing inflation this year. 9News
And the decision to cut the celebrations could have negative flow-on effects for the businesses, the recruiting company Robert Half has warned.
The independent study surveyed 300 managers from companies across Australia, finding that 38 per cent had cancelled the parties and entertainment this year, citing costs as the reason.The move was found to be most common in medium-sized businesses, with 54 per cent taking it up. Robert Half Australia Director Andrew Brushfield has warned businesses should look to cut costs in other ways in 2023, with reducing company culture likely to impact retention rates and employee satisfaction.
"Cutting highly-valued social events like Christmas parties can leave a sour taste in employees' mouths as the year ends, potentially putting a negative light on the hard work they have done at a time when achievements are usually celebrated with peers," he said.
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