I just saw an HR blog advising companies to ditch holiday parties, however meager, and instead give bonuses to top performers.

This may be a very Jack-Welchian move, but I don't think it would do much for companywide morale during these hard holiday times.

Of course, you could try to keep the move quiet, but you all know about that fairy tale.

Any thoughts?

I know some employers who are using the current situation to upgrade some of their staff.  That's just another nail in the coffin of employee  loyalty.

If you have key players who have been stand out performers this last year, you should find a way to bonus them anyway and still have something for everyone.