There are plenty of articles about ‘cheap and cheerful’ rewards, how to reward without spending any money, and how to scrimp around but still give a meaningful experience. These are all well and good – but we all have to admit, there’s something about a high-end treat that makes us get very excited. American novelist Charles Dudley Warner once said, “The excellence of a gift lies in its appropriateness, rather than it its value.” A symbolic gift, such as a bottle of wine with a vintage to match an employee’s long service, carries a display of thought and consideration for valued team members. It is important to remember the best benefits from corporate rewards are obtained by the internal promotion and communication – effectively creating a buzz around the idea of gifting and ceremony around the process to heighten excitement and the sense of appreciation from employees. Small high-worth rewards must deliver a big impact to create lasting value. They are often products that employees would not normally purchase themselves, instead being aspirational gifts which become treasured as a keepsake. When it comes to choosing luxury and understanding corporate luxury, we turned to Jeffrey Tse, Sales Manager for Corporate Service at Harrods. Harrods has become an icon, synonymous with the finest, most exclusive and best. Offering limited products, the most exciting labels and brands, exploring the store is an experience in itself as one of the world’s largest department stores. The brand heritage means Harrods is recognised and renowned the world over, with access and influence that ensures it keeps up with the latest trends while retaining its classic appeal. What are the changes you are seeing when it comes to corporate rewards? “Corporate reward programmes have longed celebrated long-service with luxury rewards – and although it is as relevant now as it was before to recognise and celebrate ongoing achievements and innovation, the traditional perception of luxury has changed, with the values associated having shifted. Millennials are seeking instant recognition and gratification thanks to a society which increasingly delivers this. Instant access to material online, social networking and celebrity associations means luxury feels aspirational and yet achievable at once. As the landscape of luxury changes, it becomes a fluid concept: it is no longer necessarily about the physical value of a gift, it could be something that is highly personalised, a limited edition or a bespoke piece. At Corporate Service at Harrods, our clients approach us for corporate gifting solutions on a regular basis and that can vary from long service to hitting targets, increasing productivity or increasingly, as recognition for innovation.” What trends are you seeing in luxury corporate gifting? “Gifts with a personalised aspect or experiential nature are increasingly popular options. The trends we see are for things like personalised accessories, such as leather goods from contemporary brand Stow, or custom-made cufflinks from Deakin Francis, which offer lasting appeal.” Deakin & Francis Cufflinks are growing in popularity We also see lots of interest in fine watches – which are an emerging trend in corporate gifting thanks to the meaning behind a piece. The association with time makes a watch a worthy consideration for a long-service award! Smart technology is another trend – the concept of rewarding innovation with innovation. Smart technology is very topical and gifting something relevant and cutting edge can offer great appeal. From wearable fitness brands to smart home technology you can control with your phone, the Hardware Club in-store at Harrods specialises in the latest solutions. A Michael Kors Fitness Tracker Finally, it’s not all about ‘stuff’. Gifting an experience is a growing trend, with the lasting memories made. In store at Harrods, choose from a wealth of experiences. Indulge in a luxury beauty treatment at Urban Retreat at Harrods, create a signature scent in the Salon de Parfums, enjoy a tailored suit-fitting with the Made to Measure service or take afternoon tea in the Georgian Restaurant.” Where should employers begin if they want to purchase a luxury reward? “If you want to give a luxury gift but you aren’t sure where to begin, we would suggest you pick from the finest brands. Women’s designer staples like Fendi, Gucci, and Chanel as well as brands such as Givenchy, Balenciaga and Michael Kors all work well. Accessories for men can be chosen from the most well-known fashion houses such as Hermes, Dior and Louis Vuitton as well as contemporary brands such as Lanvin, Thom Browne and Kenzo. A Harrods Gift Card is one of most popular gifting solutions for its flexibility and longevity, giving a reward with a classic appeal and the value of the Harrods brand. The Harrods Gift Card offers instant access to eight floors of exceptional products, services and experiences inside the world-renowned store and online at Harrods.com.” Contact: corporate.service@harrods.com 020 7225 5994 Post navigation Should You Ditch Your Annual Engagement Survey? Pitfalls to avoid when creating an engaging reward programme | Incentive & Motivation
