Do corporates and executives still consider Corporate Social Responsibility (CSR) to be a spring of density or an ephemeral cult like it was once upon a time? The corporate world in current times puts a lot of emphasis on the significance on these initiatives as they are a resourceful prospect to strengthen the company’s business acumen skills and also greatly contribute to the society at large.
The last decade has brought about a sea change in the vast Rs 13,000-crore Indian corporate gifting market. The corporate world’s ever-evolving scenario has showcased a discrete upshot on the gifting market as well, making it flourish into a much forceful and dynamic place for its customers who are keen on delighting their guests or clients with not just physical objects but a comprehensive wide-ranging gifting experience.
In fact, corporate gifting has become an integral part of brand building of the corporate world, thus echoing the corporate image and uniqueness. Hence, corporates are today devoting a good amount of time and resources in intellectualizing, crafting and designing their gifting agenda.
Increasingly there are a lot of existing corporates that have incorporated and started a CSR division in their organization. This move has also encouraged the new companies to pursue CSR initiatives to ingeniously address key business issues. A lot of companies have had CSR programs that are running informally since the past and have largely benefitted from this programme because CSR initiatives are a great way to amplify goodwill for the company and also create an emotional connect in the community they reside in. For example if a company has a factory in a small city or village, with workers and labourers coming to work from the village, integrating such activities will help the company empower that particular community, thus retaining their workers and employees and cutting down on their employee attrition rates. This can also be used as an employee and team building activity. Apart from this, the CSR initiatives not only help with employee building and retaining the employee but it also aid’s the company to echo out its values and philosophies. Hence it’s important for the organization to have proper CSR programs and it’s equally a beneficial affair for the various stake holders of the company.
Coming to the importance of CSR activities, a lot of organizations actually think that such initiatives are just an add-on to the expense of the company and they don’t really result in the company’s economic growth and top line. But it’s of prime importance to know that CSR initiatives are great brand building and team building exercises. In many ways CSR initiatives not only help amplify the brand image, but it facilitates easy communication about the company’s intangible values and beliefs with the various stake holders, customers, partners, investors and employees. This tends to increase profitability for a lot of organizations.
CSR gifting is an essential part of the company’s positive advancements. Gifts are an extension of the branding and brand communication that the company works towards. For example if a company is running a CSR programme that supports child education it would give away gifts which also support child education.
This will further echo, support and amplify the CSR initiative that the organization is running. Corporate gifts can actually be used to amplify the impact of CSR initiative various company’s run. For organizations that are not running CSR initiatives corporate gifting is a quick and easy way to cash on the same benefits of having CSR programmes where they will be able to achieve goodwill for the company and communicate the core values of the firm to the employees. This concept of corporate gifting works especially well in the Indian real estate segment who pledge to work on green and sustainable principles. During the time of handling over the project and while making bookings, builders often prefer sending green goodie baskets to buyers to amplify their brand philosophy of delivering green buildings. Thus the concept of corporate gifts largely helps with the brand communication and linking the same to the CSR initiatives that exist.
Ethical gifting being the largest trend ruling the CSR market, initiatives like Swachh Bharat Abhiyan campaign by Prime Minister Narendra Modi, the increase in electricity waste in India and the new age generations that are joining in the workforce are all very appreciative of being responsible towards the environment and the community. So when you are trying to find corporate gifts that appeal to this generation of people, it is advisable for one to look at greener and more responsible gifting options for which you will be applauded very significantly. Secondly, people nowadays have changed their overall perception towards the way they perceive branding and customization. May be a decade ago it was all about giving a gift that had a brand name on it but now people are trying to find gifts that fit in with the brand value. In order words corporates these days are not only looking out for affordable and functional gifting options but are opting for gifts that will appeal to the company’s core belief. They are drifting away from estimating the value of the gifts but are focussing on striking an emotional connect with the employees by giving away meaningful and intangible gifts. Stake holders will receive a quantum of gifts from various organizations; hence it’s important for corporate players to set themselves apart.
Ethical gifting is a great way to stand out from the others in the industry. Gifting something with a true meaning and essence that will help in the community’s growth will always be cherished for creating an emotional fix. Another niche segment in the corporate gifting section which is picking up traction is green corporate gifting. The industry today rules the market as far as green corporate gifting is concerned and has received a phenomenal response for its green gifting product portfolio. The corporate world prefers to opt for sustainable and eco-logical products that are ethically produced by using materials that are sourced ethically. The advantage for using green gifting is the low environmental impact it creates thus laying emphasis on sustainability.
In the next coming years, ethical and green gifting intermingled with CSR initiatives is something that is going to be well-spoken about.