Maximizing Employee Retention Through Thoughtful Corporate Gifting

Maximizing Employee Retention Through Thoughtful Corporate Gifting | OpenGrowth

Any business that cares about its long-term success should make employee retention one of its priorities. Why? Well, for one, high employee turnover is expensive because hiring replacements comes with many costs. And then there’s the fact that high turnover is disruptive to team dynamics, which can greatly affect overall productivity and efficiency.

Thankfully, there is an easy but highly effective way to maximize employee retention, including top talent—corporate gifting. That’s right. Something as simple as gifting your employees something thoughtful and personal every once in a while can make them feel more valued and appreciated, which, in turn, can make them feel happier in their workplace and ultimately more loyal to your company.

If you’re looking for ways to get your top talent to stay and are considering implementing corporate gifting as an incentivizing strategy, keep on reading because, in this article, we talk all about corporate gifting and its impact on employee retention rates.

 

What Is Employee Retention and How Does it Affect Business?

Before we get into the juicy part of the article—how to use corporate gifting to keep your employees—let’s first tackle the basics: what exactly is employee retention, and why does it matter so much for your business?

Put simply, employee retention is about the strategies an organization develops to keep its employees, especially high-performers, and reduce turnover and all the risks and costs associated with it. It matters because it’s essential for good team dynamics and overall motivation and productivity. High retention also reduces lost institutional knowledge, allowing you to make the most of the talent you already have.

On top of that, high retention saves time and money: when you keep your top talent, you don’t have to spend money, effort, or time on recruiting, interviewing, and training new employees. And it is a lot of money. According to Gallup, U.S. businesses lose a trillion dollars every year due to voluntary turnover, much of which could have been prevented.

To sum up, here are some of the benefits of high employee retention:

  • Reduced costs,
  • More experienced employees,
  • Increased morale and productivity,
  • Improved work culture,
  • As a result of all that, enhanced customer satisfaction and increased profits.

 

Corporate Gifting

 

How Corporate Gifting Can Improve Your Employee Retention

There are many things a company can do to maximize employee retention, including hiring the right people in the first place, fostering a positive work environment by giving recognition regularly, being flexible with their work hours/remote work when possible, and more. However, one of the easiest yet most effective ways to not only keep your workers but also boost their job satisfaction and increase their loyalty is through corporate gifting.

Corporate gifts are, in essence, nothing more and nothing less than thoughtful gestures. They don’t have to be expensive, but to be effective at their job—showing your employees that their hard work is appreciated—they do need to be at least somewhat personal.

But let’s back up a little here and explain why employee gifting has a great impact on employee retention.

  • Recognizes employee contributions: Corporate gifts are one of the best ways to express your gratitude for your employee’s hard work. They're a tangible ‘thank you’ that can go a long way in making the employee feel valued and appreciated.
  • Boosts employee morale and motivation: By rewarding your team for their contributions, you can feel the atmosphere in the workplace become lighter, and your employees relax. It’s a great way to boost their sense of worth, which, in turn, can only make them want to go above and beyond on the next project.
  • Fosters a positive work culture: If you want to improve your work culture and make it one of recognition, corporate gift-giving is the way to go. When employees witness their colleagues being rewarded for their hard work, they, too, will feel inspired to excel in their roles.
  • Promotes loyalty and strengthens emotional connections: Finally, employee gifting has tangible psychological benefits for your employees as, when done right, it makes them happy and grateful they work for a company that recognizes their accomplishments. It’s possibly the best strategy for promoting employee loyalty.

 

Suitable Employee Gift Ideas

When it comes to gifting your employees, the key is to keep it professional but also personal. Here are a few ideas to help get you started.

  • Ask Them: The best way to give your top talent a fantastic gift is to simply ask them what they would like or could use at this very moment. You can do this during your one-on-one meetings or by giving them an employee recognition preferences questionnaire to answer.
  • Their Favorite Snacks: Everyone loves snacks, which is why they’re one of the safest yet best gifts for your employees. Just make sure to find out their favorite snacks: you don’t want to give chocolate to someone with diabetes!
  • Personalized Coffee Mugs: Another safe but fun little gift is a personalized coffee mug. Find out who or what your employee likes – a superhero, a band, a sports team, or whatever else – and put that on a mug.
  • Bags/Travel Cases: Swag backpacks, bags, and travel cases make excellent gifts, too. They’re especially appropriate for employees who often shop or travel. If you want something sustainable (or your employee is an eco-conscious person), get a reusable tote bag.

 

Endnote

Every organization that cares about its long-term success should try its best to retain its top talent. While there are many things a company can do to inspire its employees to stay – offer competitive salaries, have a positive work culture, and regularly recognize hard work, to name a few – one of the easiest yet most effective strategies involves corporate gifting. 

As long as your gifts are thoughtful and personal, they’re guaranteed to show your employees you value and appreciate their hard work and contributions. This, in turn, can greatly increase their job satisfaction and long-term organizational loyalty.

 

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Mallika is incredibly passionate about all things in life. Hailing from the small town of Rajnandgaon, Chhattisgarh, she completed her schooling and had a bachelor's degree in engineering in Information Technology. Working in and around startups, she gained experience in Search Engine Optimization, Digital Marketing and Email Outreach. Currently, She is working as a Search Engine Optimization Associate at OpenGrowth, and is focusing on building her career in this very profound field and ...

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