Companies Using Digitized Gifting For Low Attrition Rate
Revamping gifting strategies is one of the ways in which employers of today’s world can contribute to low attrition rate, says eYantra Industries recent report. While the B2B merchandising market is poised for continued growth, organizations are challenged with motivating employees and channel partners. To retain the next-generation talent, organizations need to step up with a more personalized workplace recognition experience. It’s no secret that COVID-19 has taken a huge toll on the workforce in these last months. eYantra Media’s survey concluded that 74% of companies expect to have at least half of their workforce to continue working remotely even after the pandemic ends. To motivate a disengaged workforce, businesses are now looking for new ways to boost their morale. Corporate Gifting is on the rise as 50%of businesses say they plan to increase the frequency of their gift giving post COVID-19.Hence, most of the top corporates and blue chip companies, have deployed employee engagement funds, outdoor events, etc towards brand merchandising and employee gifting. With WFH, safety and fitness are being seen the highest grossing categories. eYantra Industries, the largest B2B merchandising and corporate gifting company in India has released their first of its kind B2B Merchandising and Corporate Gifting Trends Report, 2021.Nearly 3600 employees, between the age bracket of 25-30 participated in this survey. As a part of the survey, CEOs, HRs, Owners and admins of different organizations spread over various sectors including BFSI, Fintech, IT and Healthcare amongst others were interviewed majorly from metros and tier II cities. The report reveals that India's B2B merchandising industry is set to grow by 3 times to touch Rs 90 lakh crore by 2030. Corporate Gifting patterns are changing rapidly. With the present day workforce increasingly becoming digitized, it is safe to say that trends like digital gift cards, bulk merchandising, joining kits are here to stay as a significant chunk of the work force is catching on to such trends. Personalized Gifting is the need for next Generation The new generation workforce eagerly awaits personalized gifts from their employers. Around 83.7% of employees prefer a personalized gift, curated as per their needs and interests, where 48% of employers would like to cater to it with custom brand merchandise to maintain uniformity. The rise in personalized gifting at workplaces compels brands to switch to a uniform way of gifting with brand merchandise. Brand merchandising is the key to the hearts of employees Majority of employees and channel partners feel their employer should understand them like they understand their customers. However, some felt their workplaces were fulfilling this expectation. At the heart of every loyal relationship is an emotional connection. Digital Gifting is the ongoing trend among employees With the boom in technology, the corporate workforce has shown a strong inclination towards digital gifting. That said, around 70% organizations including 38% traditional businesses have already transformed to a digitized gifting pattern. A digitized workplace contributes to an improved productivity, collaboration and enhanced employee experience, amongst others. The workforce today feels valued and appreciated when they receive corporate gifts. Moreover, tailor-made brand merchandise makes employees feel valued, inspires them to work more, and stay loyal to the brand. On the other hand, business owners feel that the gifts need not be tangible, and they are fine with receiving gifts digitally.
Tags : Interviews digitizedgifting attrition eYantra B2B personalisedworkplace corporategifting