Payroll Giving is not just a way of helping charities; it has multiple benefits to your business. The benefits come under multiple categories:
Payroll Giving is quick and easy to set up and administer at minimum cost to the company. It may require a small initial outlay of staff time in dealing with employees mandates and making the relevent deductions on your payroll system. However, any costs incurred in setting up and maintaining the scheme and also any matching of employee donations are deductable from your corporation tax liability, as you are administering a system that facilitates donations to charity - this means that the process will literally cost your business nothing!
Setting up a Payroll Giving scheme shows a companies commitment to charitable giving and making it easier for your employees to give can have positive effects on the work place by boosting employee morale and create a sense of team-building. Research also shows that working for a philanthropically minded organisation aids staff retention and happiness, as more and more employees are socially aware and view companies with active corporate social responsibility profile as desirable workplaces.
CORPORATE SOCIAL RESPONSIBILITY
Corporate Social Responsibility is becoming more prevalent in society and companies are expected to give more back, whether financially or through other resources available to them. By setting up a Payroll Giving Scheme, your company is improving its corporate social responsibility profile. This can also be used to positively advertise your organisation and show that it is a socially conscious employer, which may improve your business relations and can act as a selling point to potential clients.
A further benefit of the Payroll Giving scheme is that any company that signs up to the scheme can receive a Payroll Giving Quality Mark Certificate, which recognises your businesses contribution to society. The more employees that you get involved in the scheme can lead to different levels of awards and could also make your organisation eligible for an exclusive National Payroll Giving Excellence Award. For more information on the Quality Marks and the National Payroll Giving Excellence Awards, please visit our awards page.