We won’t talk about every way profits can be improved. Hell, there are more than 1000 different ways. However, we’ll focus on the one that we’re very confident about. And that’s improving social benefits. Corporate gifting will be our bread and butter because of it’s easy-to-implement nature. It’s not conditioned by space needed, permits and similar.
What are social benefits?
Social benefits are working conditions, products or features which aren’t part of the economic gain of the employee but aim to boost their quality of life, and that of their coworkers. Gyms, free launches, “chill” rooms and gifts are great examples.
Let’s start with some wise words by a professor who studied and implemented behavioral economics from a very young age.
Should you give an employee $1000 cash or a gift worth $1000?
The gift has its value and provides a boost to the social relationship between the employer and the employee, and by doing so provides long-term benefits to everyone.
– Dan Ariely, Professor of psychology and behavioral economics
Your employees are not giving 100%. Period.
Not even 80%.
Research has shown that average employees don’t use their best skills and don’t express ideas on purpose.
Why would they?
There are no social benefits to your company.
Raise is better than a gift. Wrong.
Raise is an economic benefit and thus viewed as ‘deserved’ and ‘necessary’.
Gift is a social benefit, it makes a shift in brain chemistry and results in employees thinking: ‘Wow, this company really cares about me’.
Does it matter what you give as a gift?
As a fact it does. As research has shown, different gifts stimulate different parts of our brain. We recommend picking a gift that is tailored by your company so it also makes a great marketing tool for you. However, we’ll be more than happy to look for a gift which solves some kind of a problem – stress, anxiety or similar.
Does the price of the gift affect its perceived value?
It does, but not as much as you might think.
Just remember: don’t display the price of the gift.
Because then it becomes an economic benefit and it instantly falls into the same category as a raise.
Case Study: Google
They offer free gourmet lunches, pay for vacations, give gifts, offer free gyms, relax rooms…
Why is that exactly?
Are they just wasting their money?
Of course not. They know that the sense of “family” is driving people crazy. Literally. We all too well know that we’d jump from a bridge for a family member. Google also knows that. By providing great working conditions they are “making” loyal workers who’ll stay 2 hours extra to finish a project without hesitation.
Back in the day a boss at Google was asked for tips on how to motivate workers. His answer was genius: “What workers? I only see family members.”
So how do you improve profits upto 47%?
By using social benefits to your advantage. Maybe you can’t offer a gym space or a big kitchen, but gifting is and always will be a viable option.
To conclude, social benefits are ways of making your company feel like a big family.
They provoke the best in your employees – loyalty, hard work, trust, commitment, and a whole lot more.
If you need further help or assistance with corporate gifting, check out our page. We specialize in business gifts and work on a case-by-case basis to make the best gifts – customized by your company.
If you can dream it, we can make it.