Like many economic indicators, this year’s holiday party may be a shadow of its former self.

Companies are cutting back, planning events at the last minute, and trading sit-down dinners for “food stations,” open bars for coolers of beer, and porterhouse steaks for mini-cheeseburgers. In some cases, modest affairs are being cast as “doing the right thing.”

“A lot of companies are giving it greater thought, but may be waiting till the last minute. We’re getting calls we would have gotten two months ago last year right now,” said Morgan Bedroe, a manager for Stephen Starr Events, a 2-year-old division of the restaurant company. “Because we’re seeing more last-minute planning, that’s what we’ve prepared for. The economy has put a lot of pressure on companies, so we’ve revamped some of our contracts and terms.”

A survey released late last month by Challenger Gray & Christmas showed that 62 percent of companies are planning holiday parties this year, down from 77 percent a year ago and 90 percent in 2007.

“The strength of the recovery, or whether we are even in recovery, is still unclear,” said John A. Challenger, CEO of the Chicago-based global outplacement consultancy, in a news release. “Companies are postponing major investments, hiring initiatives, and many other expenses, including holiday parties. For companies that have recently announced layoffs or other significant cost-cutting measures, such as wage freezes, it would be difficult to justify, let alone get in the mood for, a holiday party.”

Among other findings, about 28 percent of companies will cut spending on the holiday party by 10 percent to 20 percent; two-thirds are inviting employees only; and 56 percent will use a caterer, down from 69 percent last year.

One of the key findings in the Challenger report: Some 64 percent of companies are organizing the event themselves, often turning to smaller, departmental potluck events—with employees bringing food and beverages.

“The decisions are being made at the last minute. Companies are hesitant to commit,” said Steve Poses, owner of Frog Commissary Catering and recent author of At Home: A Caterer’s Guide to Cooking and Entertaining. “In the end, they’ll say, it’s important to do something for the employees that got us here. They’re doing food stations instead of a sit-down dinner. They’re doing parties in their offices instead of renting a venue. It’s changed the whole notion of what a holiday party means. They’re saying, ‘Let’s have a potluck this year.’”

“There’s no question people are cutting back. It’s the most cutbacks in holiday parties I’ve seen since the aftermath of 9/11. I’ve been at this 40 years, and it’s been quite dramatic,” Poses added. “This year is out of the box, but we live in out-of-the-box times.”

Morton’s The Steakhouse, with locations in Center City and King of Prussia, Philadelphia, saw a “scaling down” of events, a “holding pattern, a wait-and-see attitude,” said Steve McGrath, director of sales and marketing.

So, Morton’s decided it had to be aggressive about offering its services.

“We’re a steakhouse, not a caterer, but we created an off-site catering menu to go to people’s offices. The ones we’ve done so far went well. It’s not porterhouse steaks or filets or T-bones,” McGrath said. “We’re offering mini-cheeseburgers, petite lamb chops, lobster cocktail, tenderloin sandwiches, chopped salads.”

Catering managers said some events have been cast as “locavore” events, using local foods and beverages, helping a company scale back while appearing green or to be “doing the right thing.”

In some cases, companies are foregoing a party and offering modest gifts for employees or making donations in their name to organizations like Philabundance, the largest food bank and hunger-relief organization in the region, said Michael J. Lyons, president of Global Events Partners, which plans parties and events around conventions.

“So there is a definite change from years past—a direct reflection of our current economic climate,” Lyons said. “We are not seeing a lot of activity with holiday parties. When we have contacted clients to see if they need our assistance, most are being conservative with their plans. They are either doing them on a smaller scale or are holding them at their office and having it catered. I don’t know of any that are throwing a big bash.”