Corporate gifting, or the practice of giving gifts or presents to clients, employees, partners, or other business associates, can be an incredibly effective way to show appreciation, nurture, and retain individuals within a business. The most common form of corporate gifting tends to occur at Christmas time, where businesses send their best wishes for the festive season and the new year to the people they work with.
However, gift-giving has shown to be astonishingly beneficial to run throughout the year, creating long-lasting relationships with:
Existing clients - businesses send tokens of appreciation to their clients for their business and support during the year. In fact, almost half (49.3%) of UK workers received rewards or incentives from suppliers; more than 70% are encouraged to continue to do business with an individual/company if receiving a uniquely picked gift;
Prospect customers - corporate gifting can also be a great way to attract prospect customers, in fact 50% of workers had received incentives to connect with existing or prospective suppliers. This is a great way to show the type of business they would be working with, one which is thoughtful and appreciative;
Staff - possibly the most important relationship to cultivate, staff gifting can be used as a reward when reaching a company goal or as a thank you at any point during the year to show appreciation for all their hard work.
In fact, rewarding staff members is an ever increasing priority for companies, especially in light of the struggles faced in recent years.
Providing gifts to staff is an excellent way for companies to show their appreciation to their employees and improve morale. Not only does it show that the company values its employees, but it can also have a positive impact on the overall productivity and performance.
Interestingly, key statistics gathered from surveys on corporate gifting show:
36% of employees are likely to leave their jobs within one year
59% of employees said a personalised benefits package would encourage them to stay at their companies
83% of organisations have some form of employee recognition program
72% of organisations provide non-cash rewards or gifts to employees
In addition, data shows that employee recognition schemes can lead to:
a 30% increase in employee engagement
a 22% increase in work performance
a 20% increase in employee retention
These figures are a clear testimony that staff need to feel appreciated and recognised for their efforts, promoting a positive and inviting work environment to encourage workforce retention.
Some of the benefits of staff gifting can be summarised as follows:
Improve employee morale - people need to feel appreciated, in life and in the work place. When they are valued and their work is recognised, they are more likely to be engaged in their work. A reward for a job well done can include everything from small tokens of appreciation, to larger gifts for outstanding performance or reaching a significant milestone. This leads to improved productivity and performance, as well as increased job satisfaction. Additionally, gifts can help to build a positive and supportive work environment, which can lead to increased employee retention and reduced turnover rates.
Build stronger relationships - people are social creatures so encouraging stronger relationships within the workplace is fundamental:
Between staff and management: when management takes the time to provide gifts to their staff, it shows that they care about their employees and are invested in their well-being. This leads to increased trust and respect between management and staff, which can improve communication and collaboration.
Between colleagues: gifts can also be used as a way to promote teamwork and collaboration among employees. For example, a company can provide gifts to teams that have worked together to achieve a specific goal or project. This can help to build stronger relationships among team members, and also promote a sense of shared accomplishment.
Add to quality of living - physical items, food treats, experiences or reward points, gifts can help staff members financially with the current rises in the cost of living.
Grow company reputation - providing gifts to staff can also have a positive impact on the company's reputation. When companies take the time to show their appreciation for their employees, it builds a positive company culture that can also lead to attracting new clients and staff members and lead to increased brand loyalty.
Cost-effective reward - finally, providing gifts to staff can be a cost-effective way for companies to show their appreciation. A variety of options for any budget and occasion are now easily available, allowing businesses to achieve their goal without breaking the bank.
Providing gifts to staff is an excellent way for companies to show their appreciation and improve morale. Not only does it show that the company values its employees, but it can also have a positive impact on productivity, performance, and employee retention. Additionally, gifts can be used to recognize and reward employees, build stronger relationships between employees and management, promote teamwork and collaboration, and improve the company's reputation.
For any corporate gifting needs, visit our Corporate Gifting page or contact us at Ribbon & Wicker on hello@ribbonandwicker.co.uk or on +44 (0)7769 332 183.
Sources:
Alyce Corporate Gifting survey, August 2016
Perkbox, July 2017
Perkbox, January 2023
SHRM (Society for Human Resource Management) survey of over 600 organisations, January 2018
Incentive Research Foundation (IRF)
PPAI Media, February 2022