Many companies in Russia are not holding holiday parties at all for the second year running, and event specialists say those that are celebrating are scaling down.

2009 has been a difficult year for companies across the globe – Falling profits, low dividends, lay-offs, pay-cuts. Not surprisingly year-end bonuses and other perks have also come under the axe.

Only 19% of employees in Russia's major cities will get to go to a staff party this year. Moscow event agencies have noted a 20% decline in the number of orders compared to last year. Local Master of Ceremonies German Abaev says his workload is down as much as 50%.

“You have to do a very good job for less money. But the demand is growing. People who own businesses want to build morale and do a lot of team, building. When the management gives a welcome speech, they pretty much try to convey the message – we are doing okay.”

Looking back at before the financial crisis, the average budget for a company party for 100 people was about $100,000 dollars in Russia. Today, that number ranges from $40-70,000 dollars. Anton Derlyatka, Managing Partner at Ward Howell, says expectations have been pared back

“People finally got much more realistic about what they can spend for a New Year's party. But I think it's going back to a more sort of weighted situation unlike last year. Last year was just almost no parties at all.”

Much of what is happening this year is more modest than previous festivities – but the collective spirit of co-workers, friends, and family has found a way to survive.

Even if your company isn't having a New Year's party this year, you can still hope that someone else invites you to come have fun at theirs.