A new survey has found that more than half of UK consumers believe that every business should be required to give some of their profits to charity.
The research by YouGov for the Greg Secker Foundation found that 54% of respondents believe UK businesses should give a percentage of their annual profits to charity by law.
The research, published to coincide with National Philanthropy Day, was conducted among over 2,000 UK adults and 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 that donating a small percentage of annual profits (up to 5%) to charity could significantly improve the image and reputation of a business. If consumers knew that 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 competitors;
17% would recommend the company to their friends and family.
The research also found that donating money isn't the only option - 41% of those polled said businesses should be doing more for charity as a whole. One in four (25%) said specialist firms should offer pro-bono services and 21% said businesses should get involved in upskilling members of the community.
"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," said Greg Secker, founder of the Greg Secker Foundation.
"However, what these results show is there is public appetite for more, both morally and legally. 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."
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