Office parties to be fancier this year

CHICAGO, Nov. 14 (UPI) -- About as many U.S. corporations plan holiday office parties this year as did last year, a Chicago consulting firm said Tuesday.

Challenger, Gray & Christmas said its yearly survey of human resource executives revealed 79 percent of companies plan a holiday party this year. That is virtually unchanged from a year ago, when 80 percent of companies were planning parties.

However, unlike last year, 32 percent of companies plan to boost party budgets this year, up from 23 percent in 2005. The average increase in this year's budget is 16 percent. Six percent of firms are cutting the party budget.

"Companies are definitely in a party mood. Despite high energy costs and a slowdown in economic growth in the second and third quarters, many firms still have managed to achieve record profits. It would not be surprising to see the return of some late-1990s, dot.com-style parties," said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.