CHICAGO ( TheStreet) -- The office holiday party is a December tradition, but like many it must change with the times. While free-flowing cocktails used to be a given, today's office festivities are just as likely to be alcohol free. Back in the days of unlimited entertainment budgets, companies were considered chintzy if they didn't spring for a lavish meal for employees and spouses; now, rampant cost-cutting has made semi-formal dinner-and-dancing parties an endangered species.So what are the new rules of the office party? When small businesses are performing a cost-benefit analysis on practically every penny of spending, can they justify the expense of an annual office bash?
While holiday parties can be a good way to reward employees with some free food and time off work, they aren't necessarily the best use of your money. After all, some offices are more social than others. The best way to assess whether a party makes sense for your particular group of workers is to ask them. It's something that happens all too rarely. In the vast majority of cases, workers are simply informed about the party rather than being active participants in the planning. If the general consensus is that employees would rather not have a party, owners or managers can still spread some holiday joy by calculating what the cost of a party would have been, then divvying up that money as bonuses instead.