We have entered the new year 2023 and, with it, the end of the current budget cycle. Many companies find themselves with a leftover budget, and 2023 looks promising for companies planning to utilize it and grow in all directions.
The question is, what to do with that money? It is often used to cover unexpected expenses or to fund projects that are optional to the company's survival.
There are some promising areas where companies can use their leftover budget.
- 1. Companies can invest in new projects that can help them make money in the long run.
- 2. It can fund Research and Development (R&D) that can lead to innovations and products.
- 3. It can be used to build up the company's cash reserves, which can help plan the budget for the new financial year.
- 4. It can be used to fulfill organizational swag needs—a great way to recognize and engage employees and clients.
Why is 2023 the best time to focus on employee engagement and recognition?
1. Cozy New Year pack
A workplace 2022 report shows employee engagement is staggeringly low at 21%. However, many companies try to boost it by offering signing bonuses, more attractive benefits, flexible work arrangements, and mental health and wellness benefits to attract new talent and retain existing employees.
But again, if every company adopts these strategies, they would need help to stand out from the crowd.
Employee engagement strategies in 2023 need fresh thoughts and innovation and need to go deeper than that.
2. Workforce is looking beyond monetary incentives
It's always nice to get something extra; many companies believe that monetary incentives are the best way to do that.
Though this may be true in the short term, these programs can often create unhealthy competition, low morale, and feelings of hopelessness among employees.
The new generation is looking for more than just money. They want unique experiences and a good quality of life. With a focus on equal opportunity and employee aspirations, organizations need to get creative with their rewards & recognition programs to keep everyone motivated and valued.
How can companies use their leftover 2022 budget to grow in 2023?
Swag packs are an innovative solution to some of the most pressing business problems in 2023. They're extremely effective in driving business, demand generation, celebrating events, dealing with employee churn, engagement, rewards, and recognition. There's no doubt that swag packs can have a positive impact on businesses. Companies like LinkedIn, Coursera, Chargebee, and Amazon have all seen great results from using swag packs.
Why should companies use their leftover budget to invest in swag packs?
1. Boost brand awareness to grow in 2023
The corporate swag industry generates over $25 billion in annual sales. One of the biggest reasons for this rapid growth is that corporate swag effectively creates brand awareness.
By printing your logo and company design on a range of products, from sweatshirts to notebooks to gadgets, different swag packs ensure that your branding is seen by more people more often. This increased exposure helps people remember your brand more easily, whether they are your current customers or not.
2. Improve employee engagement using branded merchandise
Gifting branded merchandise can be a great way to make your employees happy.
Swag packs are a thoughtful way to show them that the company appreciates their hard work. It makes them feel part of the team and shows your employees how much you care and value them as special members of your organization.
Below research results indicate that branded merchandise can improve employee engagement. We are confident in these findings and believe that branded merchandise can be a valuable tool for businesses.
- 75% of HR professionals reported successfully using promotional items in their recognition and reward (R&R) programs.
- 62% used them for employee service awards
- 54% used them for Anniversary Recognition Programs.
- 43% used them for motivating specific behaviours.
The branded merchandise can be anything from backpacks, gadgets, drinkware, outerwear, and much more—things your employees can confidently use in their daily lives.
3. Great way to appreciate your employees & boost productivity
Recognizing and appreciating your employees can have a significant impact on their productivity. Employees who feel appreciated are 52% more productive than those who don't.
Showing appreciation for your employees can lead to higher motivation, focus, and drive levels. Prioritizing employee appreciation will go a long way in increasing productivity and motivation.
Giving out company swag is a great way to promote your brand and employee friendly culture. Employees wear or use the swag proudly to show their support for their company, and this can help increase employee loyalty and brand recognition.
Swageazy - a great way to order custom swag packs for 2023 organizational needs
At Swageazy, we make it easy for companies to order custom swag packs. Just follow these simple steps:
- Sign up to create your Swageazyaccount
- Select the packaging you desire for the swag pack
- Select branded outerwear, drinkware, gadgets, eatables, and backpacks to eco-friendly products at https://swageazy.com/products
- Confirm your order by clicking the Place Order button
- Upload your company's primary and secondary logos
- Get your mockups & logos approved in 24 hours
- Upload shipment data - customer name, contact no, address & product size
- Get the swag pack shipped to the recipient's address worldwide
- Use the Swag Management Dashboard (SMD) to track and access ordered product details, optional storage, and fulfillment.
Signing Off
As we move into 2023, companies should consider how they can use their leftover 2022 budget to grow. One brilliant way to utilize it is by investing in swag packs.
Swageazy is India's first platform to automate global gifting for employees, customers, and prospects. You can put corporate gifting on autopilot with us and send gifts they'd love to keep. We offer attractive swag packs for employee onboarding, motivation, recognition, milestone celebrations, rewards, events, and more. Connect with us now and get your swag ready for 2023!