New research has revealed a belief that UK companies should be required by law to give some of their profits to charity – but that’s not necessarily a bad thing, according to social development charity the Greg Secker Foundation.
That’s because the survey also reveals that consumers are more likely to do business with companies that support charity, and to recommend friends and family to do the same.
Research from the Greg Secker Foundation has revealed 54% of UK respondents believe UK The research – conducted among over 2,000 UK over 18s – questioned public opinion on whether UK businesses are doing enough for charities. The results show many UK businesses are missing a trick by not focusing more of their efforts on philanthropic activities.
The findings revealed donating up to 5% of annual profits to charity would significantly better the image of the business to consumers. If consumers knew a UK business gave 5% of its annual profits to charity:
- 43% would have a more positive opinion of the company
- 20% would use this company over competitor companies
- 17% would recommend the company to friends/family
The research also found donating a percentage of profits isn’t the only option for businesses, with 41% of those surveyed believing businesses should be doing more for charity as a whole. Offering pro-bono services that map back to the business’ specific area of expertise came out on top with 25% of respondents wanting to see more of this. Donating more of their profits followed with 24% and upskilling members of the community 21%.
“UK businesses are already doing excellent work for the third sector, and the government’s tax relief incentives are certainly a step in the right direction. However, what these results show is there is public appetite for more, both morally and legally,” said Mr Secker, creator of the Foundation. “Time and time again we see the benefits a thorough corporate social responsibility programme offers businesses, with the figures here speaking for themselves. By simply donating a small percentage of annual profits to charity, businesses are able to increase brand loyalty, positively shift perceptions, and increase their potential customer pool, all the while helping a good cause. We would just like to encourage businesses to keep the third sector in mind because helping out is good for business.”