Anyone looking to do business at the end of the month with public relations firm Manning, Selvage & Lee can forget it. The company will be closed.

"If we meet our business plan, everyone takes off between Christmas and New Year's," said Atlanta managing director Rob Baskin. "And we've done that the last few years and will do so again this year."

The staff also was treated recently to dinner at the Trolley Barn in Inman Park, where the nearly 80 employees learned they'd each be getting holiday bonuses in the form of $100 in travelers' checks.

"We've had a nice year," Baskin said. So nice, in fact, workers will be getting end-of-year bonuses in the spring for meeting a series of goals this year.

Manning's actions stand out in a year likely to be remembered more for economic problems like the mortgage, housing and credit crisis, and skyrocketing oil prices.

"A lot of things have changed," said Mark Vitner, senior economist at Wachovia Corp. in Charlotte. "Two-thousand-seven was the year where we began to see real weakness in the economy. Up until 2007, the economy was pretty strong in virtually every major industry. We saw some real divides in the economy."

Airlines and automakers have taken a hit, but ocean-going transport vessels are enjoying one of their best years. Similarly, consumer products struggle while makers of some business equipment soar. Business services such as law, public relations and accounting also did well.

The mixed economic news means many workers will see a more scaled-back expression of corporate thanks this holiday. There is likely to be fewer "feel good" rewards like holiday bonuses or elaborate galas, compensation experts said. In fact, most businesses that are doling out bonuses are basing them on individual and company performance.

Roughly six in 10 large employers won't be giving the traditional holiday bonuses this year, according to a survey of companies by Hewitt Associates, a global human resources firm. Those giving holiday bonuses are handing out small awards, generally $25.

"Nobody's going to get rich off these awards," said Ken Abosch, head of Hewitt's North American compensation consulting business.

Instead, more companies, particularly large ones, are using pay-for-performance bonuses to acknowledge the work of top performers, especially in the salaried ranks.

"Companies are willing to spend money on these [pay-for-performance] bonuses," Abosch said. "But they want to know they're getting some performance back in return. So that's why you're seeing a decline in holiday bonuses."

While many companies are ending the year on a celebratory note, they're "not going overboard," Abosch said.

Last year, the average employer spent a record $25,000 on a holiday party. This year, it's around $16,000.

Lavish "holiday parties have become far less commonplace," said economist Vitner, adding he couldn't remember the last time his employer had a traditional holiday party. "Folks are afraid of offending people, afraid of liability and afraid it sends the wrong image that companies are spending shareholders' money in foolish ways."

Some bonus payments are tied to the overall results of the organization. When that happens, some individuals or departments may have exceeded all of their goals but may not get a bonus because the company failed to meet its overall goals.

At GCI Group, workers enjoyed modest festivities this week with a potluck lunch. They exchanged Secret Santa gifts and received gift cards from the public relations firm.

"We had a very good year," senior vice president Bill Crane said. The company also plans to give year-end performance bonuses to the 40-member Atlanta staff in February.

On Wall Street, firms gave out $36 billion in bonuses last year and are expected to dole out $38 billion this year despite the credit-related losses, said workplace expert John Challenger of Challenger, Gray & Christmas.

Goldman Sachs, for instance, reported the largest profit in Wall Street history this week. It will be distributing $16.5 billion in bonuses. That's more than $623,000 per employee, although the money isn't distributed evenly. Many of the bonuses are performance-based, so top officers in the investment firm could get as much as $100 million in bonuses.

"It's been a good year for corporate profitability when you get outside of mortgage lending, autos and housing-related industries," Challenger said.

While the U.S. economy may be ending the year on a weaker note, workers should be better off this time next year.

"We should be more optimistic about the economy at the end of 2008," Vitner said. "Two-thousand-eight will end on a strong note."

Pay raises are expected to be modest next year, running about 3.8 percent nationally, some economists predicted. Pay increases for workers in Atlanta next year are likely to be unchanged from this year's 3.6 percent, experts said.

And much of the increase will likely be eaten up by rising health-care, energy and other costs.

"Employees, in general, are quite concerned about increased health-care costs, gas prices," Abosch said. "And obviously the cost of housing is a big concern for a lot of employees."

WINNERS, LOSERS

This year's biggest revelers

• Health care

•Business services (accounting,law,consulting firms)

• Energy/utility companies

• Technology

Those who aren't likely to party as hard this year

• Real Estate

• Homebuilders

• Mortgage lenders

• Auto

Source: Challenger, Gray & Christmas

COMPARING RAISES

American workers' pay will grow an average of 3.8 percent next year.

Here are the cities expected to see the largest pay hikes:

• Washington, D.C. 4.9 percent

• Houston 4.6 percent

• Dallas 4.1 percent

• Denver 4.0 percent

• Los Angeles 4.0 percent

• New York City 3.9 percent

The lowest pay raises:

• Detroit 3.4 percent

• Atlanta 3.6 percent

• Philadelphia 3.7 percent

• San Francisco 3.7 percent

Source: Hewitt Associates