Numerous surveys reveal that most company gifts are given to the business’s major customers. Then, comes the company employees and lastly, the prospective clients. The reasons for gift giving in companies range from thanking your business’s long-standing customers to recognizing an employee for his or her effort. However, keep in mind that the basic reason for giving corporate gifts is always to affirm business relationships and improve the connection between the gift giver and the recipient.
Gifts Vs. incentives
It’s worth mentioning that both incentives and gifts revolve around the same recipients, but they differ on both strategic and practical level. Note that an incentive is an award for achieving a specified level of activity such as safety enhancement, good attendance, sales quotas, and more. On the other hand, gifts are known to be more spontaneous and are not given as part of a defined arrangement between the company and the recipients.
Ethics of business gift giving
Before you give any gifts, it is important to understand that the practice of giving and receiving business gifts varies from one business or culture to another. Some companies, especially those in the insurance, financial, medical, and retail services tend to bar the reception of corporate gifts. Besides, a company may have restrictions on the type of business gift that can be accepted and how it should be given. Therefore, before you send business gifts to your intended recipients, try to find out more about the policies revolving around gift giving in their businesses or places of work.
Here are a few things you need to know about corporate gifts.
- Gift giving during a bidding process is a complete no-no. Even if Christmas holiday falls during this time, avoid sending gifts.
- Luxurious holidays, cars, and other lavish gifts should be given after careful consideration. Keep in mind that lavish gifts may be perceived as bribes or even illegal in some countries.
The Etiquette of corporate gift giving
Even if you have not committed egregious mistakes that can get you fired, you should be sure to use finesse if you intend to get the most out of your business gift program. Consider the following before you choose the business gifts.
Is the gift appropriate to the business relationship? You should make sure that the gift is not mistaken for a bribe.
Always send gifts that reflect the personality of the recipient.
Of course, the most popular time for sending business gifts is during holidays. However, if you’re a true champion of gift giving, you should understand that other times of the year can have a more profound effect on the relationship between your business and the gift recipients.
Take the time to choose, prepare, and pack the gift in a way that will impress the recipient. Always remember that best business gifts are heartfelt.
Giving the right corporate gift in the right way can go a long way in strengthening the business relationships between you and your customers, employees, prospects, and other stakeholders. Therefore, it is important to understand the art of corporate giving.