The “Secret” Benefit
Now, more than ever, employers are aware that a successful company relies on happy staff and benefits can be a great way to increase morale and make staff feel valued.
But they do not always come cheap and SME’s are, overall, feeling the pinch during these turbulent times. But ……there is a staff benefit which costs absolutely nothing and is easily accessed. Most large corporates caught onto this years ago, but SME’s have been slow to take up this benefit.
The Payroll Giving Scheme was set up by the Government 34 years ago and allows staff to donate to any charity or good cause from their grosspay. Why is this a staff benefit, I hear you say? Well for those staff who do support good causes, and according to a recent study*, 64% of the UK population do, then why on earth would you give from your net pay when you can do it from your gross pay and get the Government to cough up the rest!
Payroll Giving is quick and easy to set up and administer and is a great way for SME’s to demonstrate commitment to causes that their employees care about. It can also aid retention and recruitment of staff, nurturing and contributing to a healthy CSR program, and finally, enabling you to generate a sustainable income for charities. (Charities love this form of regular and unrestricted income).
With 75% of millennial’s willing to take a pay cut to work for a responsible business and 83% becoming more loyal when they can contribute towards social issues, it makes business sense!
The scheme incurs no cost to your company and is a great way to engage your employees in charitable activity.
You can also achieve a Payroll Giving Quality Mark, which is a government-supported accreditation which recognises and rewards organisations of all sizes for making Payroll Giving available to their employees.
There are six levels of Quality Mark – Standard, Bronze, Silver, Gold, Platinum and Diamond. Each level recognises a certain minimum employee participation rate. Holders of a Quality Mark will receive a certificate and a logo to use on company materials.
And you can win an award!
The Government endorsed awards showcase Payroll Giving excellence within businesses across the UK – celebrating achievement and praising creativity and dedication to tax-free giving.
Applications are welcomed from organisations and individuals who have inspired engagement in Payroll Giving over the previous 12 months.
The awards are free to enter and nominations can come from any size of organisation, while subcategories ensure relative comparison of campaigns. Individual submissions are accepted from anyone working within the sector.
So, what are you waiting for? It is not only free to have a scheme but there are organisations called PFO’s (Payroll Giving Organisations) that can help you every step of the way. They can set up the scheme for you and promote it to your staff and they do not charge you a penny for this service.
If you want to know more, please contact us at [email protected]
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