Employees prefer cash gifts: Survey

October 27, 2016 Finance Talk Valli Sarvani No comments

Employees prefer cash and gift vouchers: ASSOCHAM Survey

Many people exchange gifts and sweets during festivals. Especially in Diwali season it is quite common in India to exchange sweets. But, rather than sweets, employees prefer cash, gift vouchers and gadgets, reveals a study.

The Associated Chambers of Commerce & Industry of India, ASSOCHAM survey stated that employees or office workers wanted cash, gift coupons and prepaid cards whereas traditional sweet boxes are their least choice of gift.

The online survey conducted by the ASSOCHAM from October 1 to 15 on Diwali festival bonuses by companies revealed this information. Over 1,000 full-time office workers and 500 human resource professionals from 10 major cities including Delhi, Mumbai, Kolkata, Bengaluru, Chennai, Hyderabad, Indore, Jaipur, Lucknow and Ahmedabad participated in this survey. They shared their opinions about their desired gifts on the eve of Diwali.

Among office workers, 45 per cent wanted cash or gift vouchers and 35 per cent wanted gadgets, home or electrical appliances, or related items. Only 15 per cent preferred gift-boxes of sweets or cookies and the remaining 5 per cent opted for various other things.

But the opinion of HR professionals is quite opposite. More than half of the participants of the survey opined that cash rewards do not have any impact on employee performance whereas the non-financial rewards have longer and greater impact. They also said that employees want to recognize their performance. Many companies are moving from giving a fixed Diwali bonus to all employees and are giving a bonus based on individual performance.

It is also revealed by the survey that many companies have not increased their funds from the past year for Diwali except earmarking some amount.

Companies are planning to give gift hampers and personalized gifts to their employees who deserve them. Gold coins, luxury watches, designer apparel, free holiday packages, movie tickets, dinner coupons, spa vouchers and hampers are some popular gift options apart from sweets, diyas, and torans etc.

Image Credit: John Nakamura Remy / CC BY-SA 2.0