68% of SMEs reported an increase in their profits after charitable activitiesBusiness Matters recently published ‘5 reasons small businesses should give to charity.’ Not only does it feel good, but it can also have an astonishing impact on the bottom line.
‘When surveyed, 68% of SMEs reported an increase in their profits after giving to charity, while almost 40% managed to attract new clients through their good deeds.’
These are astounding figures and a good reason for any SME to immediately start reviewing their CSR plan. One easy way of getting the whole organisation involved is to set up a Payroll Giving scheme, where employees can give tax-free to their pay to any charity of their choice.
Payroll Giving provides many of the benefits show in the article:
It boosts employee morale.
Employees feel good about the company they work for if they feel they are giving back. CAF (Charities Aid Foundation) found that businesses who encourage staff to donate to charity and volunteer their time enjoy the added bonus of a boost in employee morale. The Deloitte Global Millennial Survey 2019 found that the demographic is typically sceptical of a business’s motives and don’t think they improve society or the world. Payroll Giving is a great way to show your employees you care, attract and retain talent.
It is tax free.
As the article states, ‘You could also receive tax relief if your small business donates to charity through Payroll Giving scheme.’ Payroll Giving is quite simply the smartest way to give. It allows employees to easily donate to good causes tax free, direct from their pay. Any charity, any cause.
It provides marketing opportunities.
‘Charitable sponsorship is sure to paint your business in a positive light, and any interesting initiatives could make great marketing opportunities.’ Put frankly, having a Payroll Giving scheme makes you look good.
Peter O’Hara, CEO of The Geared for Giving Campaign says, ‘We know most employers don’t on the whole take part in Payroll Giving for the PR value or to win the next new client. However it’s vital that employers can have the true business benefits of introducing the scheme for their Board or Management Team. We see from this article that introducing the scheme makes direct business sense as it can help your bottom line!’