4 Reasons why every business should have a Payroll Giving scheme
Payroll Giving is a simple, tax efficient scheme that allows employees to donate to registered charities directly from their gross salary. Whatever the size of your business, Payroll Giving is quick and easy to set up, and helps raise millions of pounds a year for charities and great causes.
Here are four great reasons why every business should have a Payroll Giving Scheme.
1. Corporate Social Responsibility
Good corporate social responsibility (CSR) is important for any successful corporation, and empowering employees to make regular contributions to charity through their pay is a simple method to give a significant boost to your CSR efforts.
2. Staff Retention
Payroll Giving schemes can have a positive impact in the workplace by boosting staff morale, and aiding retention and happiness. Almost half the workforce (42%) now want to work for an organisation that has a positive impact on the world, with 36% claiming they would work harder if their company benefited society. A Payroll Giving scheme is a simple solution to showing your staff that you care.
3. Awards
Any company that signs up to a Payroll Giving scheme can receive a Payroll Giving Quality Mark Certificate, which provides national recognition of a company’s commitment to Payroll Giving. The more employees you have involved in the scheme, the higher level of award you can receive, right up to the exclusive ‘National Payroll Giving Excellence Award’.
4. Cost
A Payroll Giving scheme is simple to setup and administer at very little cost, and can be incorporated into all modern payroll systems. Setting up the scheme may initially require a small amount of staff time. However, any costs incurred are deductible from corporation tax liability, which means the process will ultimately cost your business nothing.
Read our guide on What is Payroll Giving?
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