So you want to attract and retain talent and keep up a positive morale among your team? We know the feeling! Figures from Oxford Economics and Unum show that the average cost of replacing an employee is £5,433. Yikes! Now that’s definitely worth avoiding.
So how can gifts help you out? Here are five reasons why they’re worth investing in.
Employees feel appreciated
What’s that saying? If you love what you do then you’ll never have to work a day in your life again. Okay, so maybe you can’t create that environment for your employees but if you can make them feel appreciated then it’s going to go a long way. Research from Knack found that 81% of employees feel appreciated when they received gifts from their employer and 45% said it made them feel more loyal and they’d be more likely to stay longer. That’s almost half that said they would consider staying longer if they were given gifts - it’s that simple!
Demonstrate a values match
Everyone wants to be surrounded by people who hold similar values, right? A recent survey found that a staggering 93% of employees would prefer to work for a company that values sustainability and as much as 40% of millenials would be willing to take a pay cut to make that happen. As crazy as it seems, sustainable gifts could be the perfect way to show how you connect with your employees’ values.
Reputation is everything. Now we know how employees value sustainability, but they want to see it in action. A recent survey found that 84% of employees thought that a company’s reputation was crucial. When your employees are out at networking events you want them to be promoting the company to top talent and let’s be honest it’s much more believable when it’s genuine.
Value for money
Sure you can give your employees a monetary incentive in the form of a percentage bonus but for something that could be incredibly expensive, it’s going to have very little impact. Everyone loves having money, but it’s not memorable, is it? Gifts can often be a lot cheaper and can seem more personable.
Increase sales and revenue
So you’ve got an employee that aligns to your values and you’re rewarding them with personable gifts? Well, guess what, you’re more likely to increase your sales and revenue as a result. Figures from The Muse show that 67% of employees who were given gifts have reported enhanced employee engagement at work. See it works!
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