Office parties are a key way for those running small businesses to say thank you to their employees and enhance morale, according to the Chartered Management Institute (CMI).
People running small businesses should take the opportunity to express their gratitude to their workers for all their work by throwing a Christmas party for them, it has been suggested.
Mike Petrook, public affairs manager for the Chartered Management Institute (CMI), explains: "It's so important that employers take time to say thank you for the hard work that people have put in during the year."
In addition, he suggests this is particularly important given the current economic climate, explaining there is a great deal of "stress and strain" on the economy at present, which is, in turn, impacting on the finances of employees.
The CMI representative explains it is "vital" for those running small businesses to say to their employees that they understand the pressure they are under and appreciate the effort they put in every day, which could help to foster a better relationship between worker and employer.
As well as being an effective means of thanking employees, a Christmas party is also a good way to channel energy for the coming year, he adds.
Mr Petrook's comments follow the publication of research by CreditExpert.co.uk, which showed just over half (53 per cent) of adults in the UK are struggling more in terms of their finances as a result of the ongoing effects of the credit crunch.
A total of 12 per cent of respondents to the survey said they expect to pay for the festivities in 2008 by doing overtime or attempting to secure an increase in their salary.
