Corporate Gifting - Retaining Employees and Customers
Posted on March 14 2019
"Corporate Gifting." It's a well used phrase over the years that somehow feels tired.
It conjures up images of cheap promotional items stuffed into a limp bag or box and then begrudgingly sent out to people as a token of appreciation.
CFO's often balk at the thought of any budget attached to this ritual and see it as yet another unnecessary marketing expense. Or at worse, the CMO sees it just as a necessary 'thank you' gesture, while focussed on much more high-brow activities.
BUT WAIT......do you ever stop and think how much that customer or employee actually cost you to acquire in the first place? Cost of acquisition is a vital metric in all part of the sales and marketing cycle. Yet it seems to be assigned to the mainstream media platform metrics, not the true relationships that the brand is trying to leverage.
Moreover, retention of employees and customers is becoming ever more important in much more fluid work environment with the younger generations changing jobs on a far more regular basis than those of their elders.
Here are some key statistics that highlights the expense of losing employees.
1. 42% of millennials expect to change jobs at least every 1-3 years.
2. The average cost to replace an $8/hour employee is about $5,500, not including benefits.
3. In 2017 $11 billion is lost annually due to employee turnover
4. The average direct cost for a new employee, not including benefits is $57,968.
You get the gist.....
Obviously 'gifting' isn't a key reason for people to stay or leave employment, but making people feel appreciated could certainly mitigate some of these alarming figures.
So take a moment, and really dig deep to think about your gifting this year. Gifting makes people feel important and valued.
Mint-Lavender Corporate Concierge. Making Corporate Gifting Easy.