Occasionally, you’ll be looking to congratulate or thank a client, employee or colleague for an achievement or for their success. There’s no better way to approach it than to give a corporate gift.
As Australian corporate gifting and catering experts, EatFirst has the perfect guide to explain what corporate gifting is, the best practices and most importantly, the best corporate gift ideas to give.
What Is Corporate Gifting?
In the corporate world, we often use the term "gifts" to describe a very specific type of reward. Gifts are premiums that provide tangible value and can be used in their entirety by recipient without monetary outlay. They're typically small enough so they don't need to be shipped separately (which is a cost many small businesses don't have the resources to handle).
What Types of Corporate Gifts Are There?
There are two main types of corporate gifts: tangible and intangible.
Tangible Corporate Gifts
Tangible gifts include products that can be used in their entirety such as a desk clock, golf balls or USB sticks, gift boxes or corporate gift hampers.
Intangible Corporate Gifts
Intangible items are typically promotional merchandise with your company's logo or brand on them, such as a t-shirt.
What's the Difference Between Corporate and Personal Gifts?
The easiest way to understand the difference is that corporate gifts are typically given in lieu of compensation for an employee or client while personal gifts may be offered alongside other incentives like cash bonuses. The main reason you would give a corporate gift is to show appreciation.
What You Need to Know About Corporate Gift Taxation:
There are two ways a corporate gift can be taxed depending on how it's classified and what the company does with them. The first classification is simply "gifts." Gifts that don't have any resale value, such as personalised pens or mugs, are considered personal gifts and will not be taxed.
If a company sells corporate gifts or uses them as premiums for sales promotions, the value of those items will fall under ordinary income tax rates in Canada (30% federally).
Corporate Gift Ideas
Once you have decided that gift-giving is an appropriate gesture for your employee or client, it is time to choose a corporate gift that will show your gratitude and appreciation. There are so many types of gifts available it can be hard making the right choice, but there are definitely some great ones you should consider:
- Luxury hampers
- Chocolate hampers
- Corporate gift hampers
- Corporate gift boxes
- Branded corporate gifts - shirts and merchandise
- International beer day hampers
- Stay home and well relaxation hampers
There are many things that can go into corporate gifting: delivering the present in person; sending gifts by mail or email depending on where they are located; choosing between food hampers, wine boxes or other types of corporate gifts; choosing which type of gift is best for the occasion – all of these decisions need to be made in order to give an excellent present.
What You Need to Know About Corporate Gift Management:
When it comes time to manage your corporate gift inventory, there are a few things to keep in mind. First of all, make sure you have an inventory management system that allows for easy updating and accurate tracking without extensive manual data entry.
Secondly, make it as simple as possible for your employees or clients to send back the items they don't want - this includes being upfront about returns policy at the time of purchase.
Finally, make sure to keep a detailed record of all your corporate gifts - we recommend using an Excel file or spreadsheet with the following fields: vendor name, SKU number, date sold and cost price. You may also want to include information about who received each gift in case there is ever any dispute over how it was used.
The Basics of Corporate Gift Management:
In order to successfully manage your corporate gifts, you need a few key things in place - most importantly an inventory management system and detailed records for each gift that are easy to access. Here are some steps we suggest taking when it comes time to purchase new items or update the list:
- Send an email to colleagues or clients with the list of items you want to buy. This will help ensure that no one ends up getting something they don't like - and it's a simple way for them to say if they're interested in any of the gift ideas before purchase.
- Input your order into your inventory management system right away. If you don't do this, it will be more difficult to track the cost of each item later on and provide accurate inventory data for your accountant.
- Keep an updated list that's easy to access with details about who received each gift - or better yet, use a spreadsheet like we've outlined above so everyone can easily add their own.
Looking for your next corporate gift
Check out EatFirsts amazing corporate gifting supplier Gourmet Basket