It’s becoming increasingly popular to support a charity if you’re a business or brand. However, many people don’t understand the true benefits. Read our list of top 5 reasons if you need convincing.
1. Attracts the crème of the crop
Although salary is still one of the key selling points of a job, it’s not the only one. A company’s culture and values are highly attractive factors for today’s job seekers. A 2007 study shows that 62% of young workers (aged 18 – 26) favour companies that provide volunteering opportunities.
Simply speaking, working with charities helps businesses attract the best potential employees. Therefore, enabling them to cherry pick candidates. In turn, this boosts employee referrals to peers and likeminded individuals.
2. Win/ win publicity
The truth of the matter is, many businesses involve themselves with charities to boost their publicity. This may be a taboo benefit, but it’s certainly a big one. When a big name in business makes a substantial commitment to charity, it makes worldwide news. An example of this is Facebook COO Sheryl Sandberg who’s donating $31 worth of shares to numerous charities. As a result, every news outlet ran with the story across the globe. Similarly, the news of Mark Zuckerberg’s plans to donate 99% of his fortune went viral.
This may seem a selfish benefit but it can be mutually beneficial. First of all, the charities are receiving large sums of money. Secondly, they receive publicity and raised awareness.
3. Charity tax deductions
A financial positive of giving to charity is tax reliefs. By claiming volunteer hours and contributions on your income taxes, you could qualify for some deductions. If you team up with eligible charities, you may also be able to write off time spent volunteering.
In the UK, to donate £1 from your wages you will pay 80p if you’re a lower rate tax payer. If you’re a higher rate tax payer you will pay 60p. Employers can easily set up and run schemes – find out more information here: https://www.gov.uk/payroll-giving
4. Better networking
It is common knowledge that networking is important in building professional relationships. Charity events are a great way to meet likeminded business men and women. By supporting local causes, businesses can connect with customers on deeper levels.
Encouraging other businesses to participate and sponsor in charitable events can grow relationships. Also, it creates great exposure for the charity.
5. Brand positivity
Lastly, 85% of consumers have a more positive image of brands when they support a cause they care about. A great example of this is Pampers partnership with UNICEF. Pampers help eliminate maternal and neonatal tetanus in 15 countries. Since their target audience is new parents this cause will be very relatable for them.
While it may seem risky using a charity to gain exposure, studies show that 94% of millennials believe it’s acceptable. Furthermore, local causes are good for business to connect with customers and create loyalty.
In conclusion, it’s hard to find any negatives for supporting charity. Almost all big brands have links and partnerships with charitible causes. While it’s hugely beneficial for brand, it’s also beneficial for employees.
Here at Direct2U we are proud to support Promise Dreams, a wish granting charity. They are a national charity based local to our head offices. In addition to donating money from orders we also regularly fundraise to help their amazing work. If you’d like to learn more about Promise Dreams please visit their website.