If you want to build, establish and enhance the cooperative relationships with your clients or employees then corporate gifting is the best way to do so. There are two main reasons why you should practice the art of corporate gifting to develop your business, firstly, you get noticed in front of your clients and it helps you gather more clients and secondly,giving a gift is the best possible way to appreciate your employees for the hard work they do.corporate gifts singapore offers many unique gift ideas which you can circulate among your clients and employees. There are other hidden advantages of corporate gifting as well.
1. Makes your Employees Happy
When you hire or have a talented employee working for you, in a way you are giving direct competition to your competitors or many other companies. Apart from a good salary package being a reason to work for you, tokens of appreciation in the form of gifts and rewards leave a lasting positive impact on your employee’s psyche. This practice of corporate gifting helps in the long run and make a lot of sense in employee retention as well.
2. Helps you to Save Tax
There are several companies that don’t want to show employee benefits in papers, so they don’t give them the benefits included with salary, they do this in order to save tax and to benefit from other tax implications.Thus, such companies mix and match the salary components like incentives and bonuses with rewards and recognition. Since giving gifts and rewards are tax-free, this allows you to pass on more benefits to your employees.
3. Emotionally Connects you with your Employees
When it comes to employees and vendors money is not always a motivator. Here in comes the role of giving corporate gifts. Getting a Reward or gift from a senior or a peer can speak volumes rather than just giving money and it also becomes a talking point among people – unlike the salary package. As one can talk about the gift received from family, friends and colleagues. Thus, creating a stronger emotional connection with the company.
4. Helps to Build Healthy Competition
People usually don’t discuss their salary packages with their fellow colleagues at their workplace. No matter what salaries don’t give rise to healthy competition, instead it creates jealousy. It is the gifts and rewards which play the important role in building healthy competition among the employees, this act of showing appreciation from the company inspires and encourages the company colleagues to outperform each other, thus leading to a healthy competition at the workplace.
5. The Real Benefit
Lastly, let’s discuss the main reason to practice corporate gifting. At times there are some employees that are an asset to the company and to retain them one easy way would be to increase his/her salary to show appreciation. But that can incur extra cost for the company.But you can show the same degree of appreciation by giving a gift and when you look at in terms of its perceived value it will be beneficial for your company. Suppose you give a gift and its actual cost to the company is, say, $500, but the employee will perceive the value of the gift as $ 2,000, it will make a world of difference for both. Therefore, the employee feels nurtured, cherished and pampered.