Table of contents
· Booming corporate gifting.
· Etiquette of corporate gifting.
· Importance of corporate gifting etiquettes.
· Blunders in corporate gifting.
· Conclusion.
Booming corporate gifting
Corporate gifting can be traced back to ancient civilizations where gifts were exchanged to build and maintain alliances. For example, in ancient Egypt, pharaohs sent gifts to other rulers to demonstrate goodwill and foster diplomatic relationships. Corporate gifting goes beyond a simple exchange, it’s a very strategic tool. Surprisingly, In India, the corporate gifting market is growing at over 200% per annum and is estimated to be around Rs. 12,000 crore which is a big chunk size out of the 250,000 crore market size of the gifting field in India. Corporate gifting is booming in all the top-tier cities where there is a huge number of firms and companies. The corporate gifting market is too huge and rapidly growing, with a focus on teams and employee appreciation. It boosts confidence in employees, strengthens relationships, or retains relationships with clients. There is a lot of variety of corporate gifts varying from personalized gifts to sustainable gifts to many more. Eco-friendly gifts are gaining popularity in recent times. By giving thoughtful gifts to hardworking employees it creates a positive environment to socialize.
Gifting etiquette
Basic etiquette refers to the set of rules, customs, or good practices in a formal setting. It's a code of conduct on how we respectfully interact with others. Similarly, in similar ways, there is gifting etiquette that needs to be followed by everyone, especially the firms, and corporations who do corporate gifting. The gift-giving process should be a joyful process for both the giver and receiver. Here are some key components that should be followed while corporate gifting:
Price:
A gift should be valuable, which means that it should be well thought out and need not necessarily be expensive. It should make the receiver happy and respectful.
Gift receiver:
If you are giving a gift to one of your close ones, you would surely know their favorites, hobbies, and fields of interest which would make it easier for you to choose a gift for them. Whereas if you are giving a corporate gift, it would be difficult to know all of the employee’s interests. Therefore, you can unanimously choose a gift which would bring happiness to them.
Giving and receiving:
If you are on the receiving side of a gift, it’s always recommended to show your gratitude via a handshake, a hug, or a “Thank You” gesture, whichever is appropriate in the setting. You must do this even if the gift is not relevant or useful to you, as you are acknowledging their efforts.
Importance of corporate gifting etiquette
Several key reasons are crucial for corporate gifting etiquette:
Connections:
A well thought-out gift shows loads of appreciation and respect for the employees. It fosters a positive community to work with joy. It boosts communication and collaboration between the employees.
Brand image:
Decent etiquette draws great attention from the public and the industry. This culture matters between companies and firms, as a firm that chooses good gifts for their employees, would depict better care for them, as well as it would keep up a good brand image. Whereas if the firm gives a poor gift to the employees, its reputation and brand image would be damaged.
Impact:
Following the gifting etiquette is vital during Corporate gifting. A gift leaves a long-lasting positive impression. It creates a huge impact on the company and the firm. Basic etiquette includes a thank you gesture, a handshake, or a hug which would convey confidence and respect to the person receiving the gift.
Blunders in gifting
There are a lot of mistakes made by us while gifting, let’s go through the major ones:
One gift:
A company cannot gift the same gift to everyone, every person has their own preferences, so while giving employees a personalized gift, know more about their interests and hobbies.
Marketing:
While corporate gifting, many aim to have a logo and the name of the company on the gifts, which is a great marketing strategy but a few of them might not like to use such gifts.
Cranky gifts:
Cranky gifts given for fun, sometimes cause awkward situations to be in. It is recommended to avoid cranky gifts in workspace.
Conclusion
Corporate gifting etiquette is fundamental for a successful corporate gifting strategy. Following the etiquette carefully would lead to strengthening relationships, creating a positive brand image, and achieving great goals in the future. Therefore, follow the etiquette and give a thoughtful, ethical, and fabulous gift!