Festivals in India can be excellent employee engagement platforms. Led by HR teams in most organizations, festivals like Diwali help bring the employees together. With unique and fun ways of engagement, organizations ensure a positive employee experience. Post-pandemic, with work from home or remotely becoming the new norm, gifting helps teams stay connected with colleagues and clients.
According to one survey, 94% of employees feel corporate gifting makes them valued and appreciated. In addition, gifting experience helps in employee recognition, engagement, and retention and nurtures professional relationships. And Diwali offers an excellent occasion for employee gifting.
Giving a gift is an art. Not only does it require a lot of research, relevance, and thought, but it also requires an element of surprise.
Fun facts about Festival Gifting Market:
Here are some fun facts and trivia related to festival gifting and the impact it has on the economy:
- Did you know that in 2021, the Global personalized gifting market alone was valued at $25 Billion?
- The October-December quarter is one of the most beneficial quarters for most brands, with nearly 30-40% of their entire year’s sales coming in this period, thanks to the festival season and festival gifting. Some of the most sought-after segments include apparel, gold, electronics, appliances, etc.
- Studies show that a good and meaningful festival gift encourages employees to continue with their organization and not look for greener pastures, with nearly 59% responding positively.
- On average, companies with less than 100 employees spend $100 on festival gifting per employee. The amount drops to around $35 in organizations with 100-500 employees and $25 in organizations with over 500 employees.
Benefits of Festive Gifting
- Boosts Employee Engagement:
- Improves Motivation:
- Enhances Satisfaction:
- Attracts And Retains Talent:
- Drives Culture & Values:
- Improves Productivity:
- Drives Employee Loyalty:
- Profitability:
Types of Festive Gifting
While creating your gifting strategy, you can keep in mind these four types of gift ideas:
- Physical Gifts – These can be handpicked with high-quality products from reliable vendors. Ensure that these gifts to your employees stand out and are something they will value.
- Gift Cards – Gift vouchers or gift cards with predetermined value added to the card can be good employee gifting options. Employees can use these gift cards to buy anything of their choice.
- Personalized Gifts – These are finely curated custom engraved or designed customized gifts. These gifts recognize the effort and loyalty the employees have invested in the company.
- Company Swag – These are finely curated custom engraved or designed customized gifts. These gifts recognize the effort and loyalty the employees have invested in the company.
Festival Gifting – Best Practices
Using an online platform for gifting/automated gifting/all-in-one platform leads to the elimination of on-ground coordination with multiple vendors. Whether personalized gifts for the team or bulk gifting for clients, it is critical to follow these best practices for effective gifting.
- Plan Early:
- Offer Employees Choice:
- Make Gifting Count:
- Personalized Gifts:
- Budget for Employee Gifting:
Some Strategic Mistakes
While deciding on festive gifting for companies, most organizations make some basic mistakes, leading to lower employee morale.
- Do Nothing:
- Thoughtless Gifting:
- Assume One Size Fits All:
Final Verdict
Festival gifting, as an activity, builds a stronger connection between employees and the organization. Engaged and happy employees are the key resources of any organization that helps keep the company way ahead of its competitors. Corporate gifting should be a key HR strategy as it strengthens employee engagement, recognition, and loyalty. With this year’s festive gifting, show your team that you care.