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Charity of the Year initiatives are popular for businesses and organisations to support a specific charity through fundraising and other activities for a set period. This initiative offers various benefits for the company, the charity, and the community. In the UK, studies show that corporate giving to charities increased by 11% in 2019, with a total value of £1.9 billion donated by companies. Here are some reasons why having a Charity of the Year can be a significant business investment.
Focus and Purpose
Choosing a specific charity to support can give businesses a clear focus and purpose. It can motivate employees and supporters to work towards a particular cause, creating a sense of direction for fundraising efforts. A study conducted by UK Fundraising found that 90% of employees would prefer to work for a company that supports charitable causes, and 63% would be more likely to accept a job offer from a business with a good reputation for corporate social responsibility.
Supporting a charity of the year can also be an effective team-building exercise, encouraging employees to work together towards a common goal. It can foster a sense of community within the workplace, boosting morale and employee engagement. According to a study by Glassdoor, 75% of employees expect their employer to take a stand on significant issues, including social and environmental problems. Therefore, charity support can create a positive company culture and increase employee satisfaction.
Corporate social responsibility can significantly enhance a business’s reputation and brand image. Supporting a charity of the year can generate positive publicity and attract new customers or clients to socially responsible companies aligned with their values. A study by the Charities Aid Foundation shows that 70% of consumers in the UK believe that businesses should have a broader social purpose beyond profit-making, indicating that corporate social responsibility can be a deciding factor for customers.
Businesses can provide more significant support and attention to the cause by focusing on a single charity for a year. This dedication allows the charity to receive more attention and support, which can help them make a more significant impact in the community. According to a report by Giving USA, corporate giving to charities in the US increased by 13.4% in 2020, indicating that businesses can play a significant role in supporting charitable causes and contributing to social good.
Companies may be eligible for tax deductions on any donations or activities related to their charity of the Year program. This deduction can benefit the business financially, making it an even more attractive option for businesses supporting a charity. According to a report by the UK Government, charitable donations made by companies are eligible for tax relief at 19% of the value of the donation.
Therefore, having a Charity of the Year can be a significant business investment. It can create a positive company culture, enhance the business’s reputation, and significantly impact the charity and the community. With a focused effort towards a specific charity, businesses can make a meaningful difference and help to improve social and environmental issues. As corporate social responsibility becomes increasingly important to customers and employees, supporting a charity of the year can be a strategic way for businesses to demonstrate their commitment to social good.