Mother Teresa has said that- “There is more hunger for love and appreciation in this world than for bread.”

Isn’t it true? When mum makes delicious food and we appreciate it, she puts a little more on our plate. The shopkeeper or local baniya gives a gift on the occasion of Diwali to his regular customers. When Boss admires our work or praises us for the initiatives we have taken, we get a boost to do more. Just a small appreciation and a huge change in reaction! It’s very important to make relations and convert them into strong bonds with the knot of appreciation as and when required.

Gifting in Corporates on various occasions is also the part of appreciation towards employees and clients. It was just a routine cost of doing business before March 2020. Corporate gifting was in existence but not at par. Employees and clients did receive gifts but rarely they were thoughtful. Suddenly the pandemic arose and the demand for corporate gifting surged to its highest point ever. Coresight Research conducted a new study under the sponsorship of GiftNow among 300 corporate gift buyers across companies generating revenue up to $30 billion. It is estimated that the market will reach up to $242 billion this year and will continue growing at an accelerated 8.1% CAGR through 2024. The study also said that companies have increased the budget for corporate gifting. Per person, spending has also increased from $25 to $75 and in between $125. It’s a positive sign towards healthier work culture after the pandemic. In times of keeping a safe distance from others, corporate gifting nicely reduced the distance between the organization and its valuable human assets. It made them feel emotionally connected and adored.

It’s not just after the pandemic, but some organizations are taking care of their employees since its inception. Hari Krishna Exports, the diamond export company in Gujarat had gifted 1260 cars, and 400 flats to its employees after meeting the company targets. HCL Technologies had rewarded 130 of its top-performing employees with a luxurious Mercedes car or an all-expenses-paid holiday abroad as a token of appreciation, while Infosys had gifted iPhone 6S to 3,000 of its top performers.

When companies go the extra mile to appreciate the work of employees, it reduces the employee turnover ratio. It helps to keep the morale high and makes its people feel good about the company. Employees feel belonged to and they give their best to achieve the time-bound targets. The study has indicated it. Over 80% of respondents said that relationships between the gifter and giftee have been improved, with 48% of people saying gifting delivered a significant benefit including improved customer loyalty and employee retention up to 41%.

Hence, Corporate gifting is a crucial part of Business to grow and succeed as the human resource is the valuable asset of any company. Don’t you think?