Table of contents
What You Need to Know About Corporate Gifting Culture?
Finding the Right Corporate Gift- Personalization
Effective Budgeting Strategies for Gifting
How to allocate funds for corporate gifting? - A Sample Budget
Conclusion
What You Need to Know About Corporate Gifting Culture?
Gifting has become an integral part of the corporate world. According to eYantra’s report, corporate gifting has rapidly grown to 12,000 crore in market value in 2023. It is estimated to grow at a rate of over 200% annually. On one hand, the demand for corporate gifting is increasing, while on the other hand, it is becoming more challenging to find the best gifts within a given budget. Let’s delve into corporate gifting and strategies for allocating budget.
Know Your Recipient and Occasion in Corporate Gifting
Since Corporate Gifting is about valuing your employees’ hard work, so their needs should be your primary agenda. As they say, know your audience, or in this case, know your recipient. Is the recipient an employee, a customer, or a client? Select a gift that reflects their role and acknowledges their contribution.
As the saying goes, there is a place and time for everything. Corporate Gifts are given according to various occasions such as festive seasons, birthdays, corporate milestones, and employee recognition. Therefore, plan your gifts according to the occasion and recipient.
Finding the Right Corporate Gift - Personalization
For example, a thoughtful gift is PM Narendra Modi’s gift to US President Biden. He presented an English-translated edition of The Ten Principle Upanishads by Biden’s favorite writer Willam Butler Yeats. This gift is a tribute to President Biden’s admiration and highlighting spiritual connections between the Western world and India.
After knowing your recipient and occasion, choosing a gift that suits their preferences while aligning with your company’s vision is a big win. Consider researching factors such as age, gender, and interest to ensure gifts are both useful and appropriate.
According to recent statistics, 76% of employees prefer gifts they can share with family or their team. Millennials and Gen Z prefer tech gadgets and experiences over tangible items. They also like socially responsible brands.
Effective Budgeting Strategies for Gifting
Once you are clear about the recipient, occasion, and gift, allocating the budget becomes a smooth process.
On average, most companies spend around 1-2% of their annual revenue on corporate gifts.
Here are the steps that you can follow while drafting a budget for your firm’s corporate gifting:-
Compile a comprehensive list of gifting occasions along with the number of recipients.
Prioritize important gifting occasions and allocate funds accordingly, such as for festivals, birthdays, Women’s Day, client appreciation and employee recognition, and company milestones.
Include additional costs such as shipping, personalization, and packaging.
It’s advisable to plan this process in advance so that you can take advantage of bulk purchase discounts, special deals, or seasonal promotions.
Choose local vendors for budget-friendly options. This supports the local economy, reduces shipping costs, and ensures fast delivery.
Get the samples, test them first, and purchase quality products. Cheap plastic items tend to break shortly leaving recipients feeling you didn’t care.
If you are unsure about selecting an appropriate personalized gift, vouchers and coupons are really good alternatives.
Always be prepared for unexpected costs, and allocate some funds for it.
How to allocate Funds for Corporate Gifting? - A Sample Budget
Let’s categorize the companies according to their economic strata as follows: Startups, SMEs, and MNCs. Find out your company’s category and plan the budget.
A sample of the corporate gifting budget shared below is based on per-employee calculation for one gifting occasion. However, companies gift their employees on various occasions in a year.
To know the overall gifting budget, determine the frequency of gifting and adjust for different occasions.
Sample Budget allocation:
Startups: Per Head - ₹300 to ₹1000
Example: For a startup with 30 employees
Minimum - ₹9000
Maximum - ₹30,000
Gift Options: High-quality pens, customized tote bags, gift cards, indoor plants, Extendable magnetic torch from the best corporate gifting firm in Bangalore - Apsara Gifts, etc…
Small and Medium Enterprises (SMEs): Per head - ₹1000 to ₹3000
Example: For an SME with 100 employees
Minimum - ₹1,00,000
Maximum - ₹3,00,000
Gift Options: Wellness experiences, smart plugs, Food hampers, etc…
Multinational Corporations (MNCs): Per head - ₹3000 to ₹5000
Example: For an MNC with 500 employees
Minimum - ₹1500000
Maximum - ₹2500000
Gift Options: Wireless Headphones, Smartwatches, Desklamps etc…
Conclusion:
Finally, after gifting, remember to collect feedback from recipients to improve your future gifting.
If you have already planned your budget, Apsara Gifts, the best corporate gifting firm in Bangalore is ready to assist you. We offer many budget-friendly innovative items that are sure to make recipients happy