More than half of respondents to a survey believe UK businesses should give a percentage of annual profit to charity by law.
New research from social development charity, the Greg Secker Foundation, has revealed 54 per cent of UK respondents believe UK businesses should be required to give a percentage of their annual profits to charity by law, outlining a strong moral obligation for businesses within the UK. The research – conducted among over 2,000 UK adults (+18) – 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 a small percentage of annual profits (up to five per cent) to charity would significantly better the image of the business to consumers. If consumers knew a UK business gave five per cent of its annual profits to charity:
- 43 per cent would have a more positive opinion of the company
- 20 per cent would use this company over competitors companies
- 17 per cent would recommend the company to friends/family
“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 Greg Secker, founder of the Greg Secker 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.”