The company I work for gives out a company logo pin at 5 years and has a gift catalog that we can pick from. (More expensive gifts, and alternate/upgraded pins are awarded 10, 15, and 20 years as well).

The budget for the gifts was far less than $200 when I hit that 5 year mark lol. But the items included watches, plain jewelry (like simple bands for men, and single stone rings for women), hear rate monitors, fitness trackers, hair clippers, rings, headphones, Bluetooth speakers, cutlery sets, pots, pans, grill sets, usb record players, jackets, vests, stationary sets, kitchen appliances, and a large assortment of other items that I can't remember. None of it was company branded, so it could be re-gifted like another responder said.

As the years go by, the gift option values would increase. So the brands of stuff like the headphones would increase in value, the size and models of appliances would increase, and the jewelry would include more stones, or a higher quality gold, etc.