One of the things that a lot of employers find difficult to deal with is employee retention. Sometimes, even when an employer provides their employees with amazing benefit plans, it can still be hard for them to prevent their employees from leaving the company. According to many HR experts, the low rate of employee retention could be caused by several factors, such as cultural differences, insufficient benefits, and lack of appreciation.
No matter what the specific details are, employees usually leave a company because they do not feel satisfied. Nonetheless, they often communicate their concerns to their managers before making the decision to leave – this is a perfect opportunity for employers to utilise the power of corporate gifting. In this article, we explore how corporate gifting can be an effective means of increasing employee retention.
How does employee retention affect a company?
Before investing some time and money in corporate gifts to improve your company’s employee retention, it is important that you first understand what employee retention means and how it could impact your business.
The term ‘employee retention’ refers to the ability of a company to keep its employees. It is often considered as the effort an employer makes to stop their employees from leaving.
Employee retention essentially impacts the productivity, performance, profitability, culture, and customer satisfaction of a company, both in negative and positive ways. Although the steep costs of turnover make retention necessary for the future success of a company, retaining and letting go of the wrong employees can hinder such success. On average, better employee retention can quadruple the profitability of a business.
Can corporate gifting increase employee retention?
The short answer to this question is yes; corporate gifting has the power to increase employee retention (and even business client retention!) in a company. As mentioned earlier, many employers find it hard to retain their employees even with generous benefits. Most often than not, employees leave companies because they are unhappy. To boost the morale of your employees and make them feel satisfied with their jobs, you need to make them feel appreciated for their hard work.
One of the most effective ways to do this is to give your employees some appreciation gifts from time to time, especially whenever they achieve new milestones at work. For instance, if your staff has recently finished an important project or has reached their set quota, you can give them simple gifts like personalised jackets or a custom water bottle in Singapore to reward and motivate them to work harder.
By sending out useful and meaningful corporate gifts to your employees, you are not just showing your gratitude to them for helping you achieve your business goals, but you are also creating a positive work culture where everyone feels recognised and valued for their efforts. Moreover, with the right gifts, you can make your employees feel that you really care about them, which is an effective way to convince workers to stay.
Conclusion
Employee retention is the cornerstone upon which the success of a company is built. When your business has a high rate of employee retention, it means that your employees feel cared for, appreciated, and valued. This ultimately convinces them to stay loyal to your company and makes them more eager to go the extra mile for your business to succeed. To increase employee retention, doing something as simple yet thoughtful as corporate gifting can definitely go a long way.
If you are in search of excellent and cost-effective products to give to your employees as gifts, Nanyang Gifts is here to help you! We are a reliable supplier of various high-quality yet affordable corporate gift items, such as apparel, caps, jackets, T-shirts, custom water bottles, mugs, umbrellas, notebooks, thumb drives, power banks, and custom laptop sleeves in Singapore. To find the exact corporate gifts you need, feel free to visit our website or drop us a message today.