Corporate Gift SG

October 10, 2016

Corporate Gifts

THE ETHICS OF CORPORATE GIFTS

Corporate Gifts or hospitality are mostly offered by the companies to clients or employees for appreciating their efforts and commitment towards them. Both accepting and giving the gifts or hospitality have an impact on the business practices. But such things should not be offered or accepted if they compromise the companyâ€™s impartiality or even if they give the impression of doing so.

THE POTENTIAL LINKAGE TO BRIBERY

The giving or receiving of gifts can come under the account of bribery if they intend to urge someone to behave in a way that is impartial. Different countries in the world like Germany, France, United States, China, United Kingdom, and Russia have legislation for anti-corruption and anti-bribery. They have provided with the laws which suggest what should be done and what should not, about the gifts and hospitality in business practices. So, when giving or receiving a gift or hospitality one should keep in mind two things:

â€¢ When a gift is appropriate

â€¢ When is a gift a bribe

The acceptance of gifts and hospitality can be sometimes damaging for an organization ethically as well and it could face accusation like being partial or bias and unfair. It can also question the companyâ€™s reputation for doing business ethically and can also harm the image of the company.

WHAT ORGANIZATIONS SHOULD DO

Organizations must have clear and unambiguous policies on Corporate Gifts. The companies should give a largest limit of the dollar value of the gift and it should make sure that the amount of expenditure for a particular gift item is within the range set by the policy. There should be bribery officer in the company whose job is to regulate and to look for the cases where the expenditure exceeds the set limit. Record of all the expenditure on the gifts and hospitality should be kept.

Seminars and training sessions should be arranged to create awareness among the employees about the Corporate Gifts. This will make sure that while giving or receiving a gift, they will know about all the legal issues as well as the companyâ€™s policy on gifts. They will also know all the official ways and would follow them. These things can help in making sure that the new clients are aware of all the ethical and professional issues that are required to be met.

All these things will help in keeping companies from being put in an awkward and difficult situation in the future business relationships.

THINGS TO BE KEPT IN MIND

When making a decision about acceptance or giving of a gift, following points need to be kept in mind.

â€¢ The value of the gift. You can get valuable gift here https://www.giftcity.sg/corporate-gift/

â€¢ Time of giving the gift, like no gifts should be given during a bidding process

â€¢ Who is the receiver of the gift; a person or a group of people

â€¢ The person who is giving the gift should know about the policy of the recipientâ€™s company related to receiving the gift and should follow it.

â€¢ Whether the gift justified; it has a genuine business purpose

â€¢ Luxurious gifts like expensive cars, fancy apartments, and vocational trips are to be considered after deep thoughts

â€¢ The level of ease to accept or reject the gift

Posted by: karensorensen at 11:28 AM | Comments (4) | Add Comment
Post contains 552 words, total size 8 kb.

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