A Comprehensive Guide For Corporate Gifting In 2023
Employees are key assets for any company as they power the business growth at every level. One thing that really binds them to your company is ‘an act of appreciation’. As per the 2023 Employee Engagement Trends report, your team will be 2.7 times more engaged with you if you recognize their efforts. Companies usually have quarterly and annual rewards programs. However, this recognition is limited to top performers only.
One impactful way of showing that you care about your employees is through corporate gifting. As more and more businesses turn to it, corporate gifting industries are designing innovative offers to enhance employee experience.
Let’s quickly explore what corporate gifting is, and how corporate gifting industries can help you build an employee-friendly environment.
Importance of corporate gifting
Corporate gifting shows that you’ve put in thought and effort in selecting a gift or an experience. It builds a strong sense of bond with your team.
Timing the gifting event during an occasion like festivals, company annual days, birthdays, and so on will further enhance the experience. Over 42% of the companies surveyed by eYantra stated that they saw an improvement in employee relationships.
Benefits of corporate gifting
- Corporate gifting is a great way to recognize your employees for their work and association with the business. Gifts are always a thoughtful act of appreciation and work more potently than words.
- By giving relevant and desirable gifts, you can send a positive message across the organization. It creates harmony among the team that is not muddled by the concept of winners and losers like in the rewards and recognition program.
- Through corporate gifting, you are essentially thanking your employees for just work. It satisfies their urge for recognition and fires them up to contribute to the company's growth.
Trends for Corporate Gifting Industries in 2024
The significance of corporate gifting has increased post-pandemic. With the evolving workplace dynamics and hybrid culture becoming a norm, employers are keen on nurturing their bond with their employees. As per a report, the corporate gifting industry is estimated to reach a market value of $300 bn by 2024.
Below we listed some of the gifting choices that are likely to trend in 2024:
Although personalization has been one of the popular asks in the corporate gifting industries, the coming year will see it go beyond the conventional approach. Companies usually pick the most popular item and brand it with the company logo. This may not work in the coming years. Employers will start to seek more tailored and relevant experiences. Also, the gift needs to be more than a mere object. Some employers are planning to design customized gifting options like subscription boxes and give employees the freedom to pick for themselves.
In the current fast-paced life, health has become a priority and rightly so. The same can be witnessed in the gifting culture. A new corporate gifting trend that will see wide adoption is the emphasis on objects that promote health and well-being. It could be something as simple as a box of gourmet oat cookies. Corporates are looking to leverage the widespread culture of health cation i.e., a vacation with a focus on mental health by having corporate gifting industries chalk out innovative packages.
Integration of Technology
In the last few years, technology has touched every aspect of our lives, and it is only time that it becomes an essential part of the corporate gifting industry. Employers want to utilize technology to give their employees a one-of-its-kind gifting experience. IoT-based electronics, app-controlled greeting cards, and other novelty items. 2024 could also see some exciting, augmented reality-based gifting encounters as well.
Professionals are moving away from materialistic temptations and are now more inclined towards experiences. This trend has seen a massive uptick in spa getaways, concert tickets, and virtual learning classes as corporate gifting options. These are aimed at giving receivers lasting memories and align well with the need for personalization.
Best practices of corporate gifting
Corporate gifting industries have made it very easy for companies to initiate the program. However, as an employer, you must have a strategy in place to implement it. Below we have listed some best practices to follow to make corporate gifting work to your benefit.
- Make your gifts relevant by understanding your employees, their preferences, interests, and cultural backgrounds. It will give you an idea of what constitutes a gift to them.
- Set a budget for your program since it is very easy to get carried away and go beyond your estimated cost.
- Put considerable thought into planning the program. If you adopt an ad-hoc approach, it will be difficult to procure and customize the gifts.
- Personalizing gifts is highly recommended as it shows that you have put thought into it, making the gift more valuable.
- Always go for quality over quantity.
- Accommodate different preferences when possible instead of maintaining uniformity in gifting.
- You could consider sourcing an eco-friendly and sustainable gift that also aligns with your corporate social responsibility values.
- Associate corporate gifting with holidays, work anniversaries, or similar occasions to make it more cherishable.
- Including an element of surprise in your gift-giving program could work to your advantage by significantly enhancing the employee experience.
- Avoid giving controversial or personal gifts as it may attract backlash causing a negative environment.
Gift-giving has a cultural significance as it signifies care, and warmth and improves bonding between the giver and the recipient. Corporate gifting has become popular among companies with new-age employees who prefer recognition over monetary benefits. As much as the corporate gifting industry has made the process fairly simple for companies, they must invest enough time and thought for better results. As important as it is to imbibe the culture of corporate gifting, you must also collaborate with a partner like eYantra that provides tailored options for your company.
eYantra is the largest B2B Corporate Gifting and Custom Merchandise solution provider in India with an impressive portfolio of more than 12000 products to choose from across 100 brand associations. Check out more about eYantra here.