gift giving is a common practice in the business industry. Shops present little trinkets to their consumers, employers present bonuses to their staff, and businesses give gift packages to their partners. It is an effective technique to solidify business relationships and earn loyalty. There are times when people also give away executive gifts to the executives of a prospective client firm to court business favors, and this sometimes turns into a problem.
Small and prevalent executive gifts such as ballpoint pens, flashlights, paperweights, memo pads, and fridge magnets usually go to the company's consumers and workers. But the more expensive items, such as wine hampers, concert tickets, and expensive gadgets, would usually go to select client partners or prospective investors.
Giving of pricey gifts is not as harmless as it appears. There are times when the act might be deemed unethical by some especially if the company is on the verge of agreeing to a new contract with the recipient. Other people might agree to a deal after accepting a gift from the company. So to prevent situations like this, there are corporations that enforce certain policies on receiving gifts from corporations courting their support.
There are those that let their staff to agree to anything from another business or client. But for the sake of fairness, the staff should announce the gift they accepted worth over a certain value. Some businesses, meanwhile, prohibit their staff from accepting anything at all even things that appear inconsequential like a lunch treat.
The rule is actually fair and understandable even however it feels harsh at first. After all, no firm wants to have someone accuse them, expressly or otherwise, of granting another business a deal and choosing it over another after receiving a bribe. No company also wants to lose out a contract just because the other business accepted an expensive gift from their competitor.
The gift giving act would definitely look like a bribe, even however the deal was honestly made without influence from the gift. So for businesses that are planning to present executive gifts, it is better to play safe and be aware of the other firm's gift receiving rules first.
Small and prevalent executive gifts such as ballpoint pens, flashlights, paperweights, memo pads, and fridge magnets usually go to the company's consumers and workers. But the more expensive items, such as wine hampers, concert tickets, and expensive gadgets, would usually go to select client partners or prospective investors.
Giving of pricey gifts is not as harmless as it appears. There are times when the act might be deemed unethical by some especially if the company is on the verge of agreeing to a new contract with the recipient. Other people might agree to a deal after accepting a gift from the company. So to prevent situations like this, there are corporations that enforce certain policies on receiving gifts from corporations courting their support.
There are those that let their staff to agree to anything from another business or client. But for the sake of fairness, the staff should announce the gift they accepted worth over a certain value. Some businesses, meanwhile, prohibit their staff from accepting anything at all even things that appear inconsequential like a lunch treat.
The rule is actually fair and understandable even however it feels harsh at first. After all, no firm wants to have someone accuse them, expressly or otherwise, of granting another business a deal and choosing it over another after receiving a bribe. No company also wants to lose out a contract just because the other business accepted an expensive gift from their competitor.
The gift giving act would definitely look like a bribe, even however the deal was honestly made without influence from the gift. So for businesses that are planning to present executive gifts, it is better to play safe and be aware of the other firm's gift receiving rules first.
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