Building a better future: Business as a force for good

During the recent Company of Good (COG) Conferment ceremony organised by the National Volunteer and Philanthropy Centre (NVPC), 290 organisations were honoured for their commitment to Corporate Purpose and impact across various domains. This event, which introduced an enhanced COG Recognition System, reflects Singapore’s growing focus on holistic corporate responsibility.

Against this backdrop of corporate excellence, Lin Sufei, Director of Corporate and Industry Partnerships at NVPC, shares with HRM Asia the significance of these developments and how they align with NVPC’s broader mission to foster a culture of giving and social impact within Singapore’s business community.

How do you see the concept of corporate purpose evolving in Singapore’s business landscape?
Lin: Corporate purpose in Singapore’s business landscape is transitioning from a “nice-to-have” to a “must-have”. Organisations increasingly embed corporate purpose into their everyday business strategies, striving to make it a core component of their long-term plans. This shift is driven by the growing expectations of stakeholders, including employees, customers, and investors, who expect organisations to be socially and environmentally responsible and contribute positively to society.

To help organisations on their corporate purpose journey, NVPC has created a framework to help organisations authentically conceptualise and communicate their corporate purpose. This guidance aims to inspire and steer organisations into the future by making corporate purpose a foundational element of their operations.

To put purpose into practice, organisations can consider the following five impact areas: people, society, governance, environment, and economic. These impact areas can serve as a starting point for purpose-related initiatives. As priorities shift and needs evolve, the framework can help continuously refine and advance their corporate purpose.

SME’s participation in this year’s COG has increased significantly. Can you elaborate on any specific initiatives NVPC undertake to encourage SME involvement, and what are the challenges and opportunities SMEs face in integrating purpose into their business models?
Lin: We are heartened to witness the more than 150 SMEs across various sectors being conferred this year, up from 69 in 2022. This encouraging trend suggests that organisations, regardless of their size, increasingly recognise and embrace the importance of corporate purpose.

“Corporate purpose can be a catalyst for SMEs, driving long-term business growth and creating sustainable business models that align with broader societal values.” – Lin Sufei, Director of Corporate and Industry Partnerships at the National Volunteer and Philanthropy Centre (NVPC)

Corporate purpose can be a catalyst for SMEs, driving long-term business growth and creating sustainable business models that align with broader societal values. However, the challenge in building a corporate purpose strategy for many SMEs often stems from a lack of resources. Therefore, a collaborative effort is required to help SMEs kickstart their corporate purpose plan and sustain it for long-term success. By partnering with various organisations, we provide SMEs with the necessary tools to thrive and maintain corporate purpose models.

One notable initiative is our Grow with Purpose (GwP) programme. This SME-to-SME programme aims to provide structured learning to around 30 F&B players to implement purpose-driven practices into their daily operations, mainly across three impact areas. The programme is tailored specifically for the F&B industry to foster an SME-to-SME learning environment to maximise industry relevance and applicability. Almost all the participating SMEs are founded locally, with more than half of them being family-run. The GwP programme will take place over six months, from April to September 2024.

Another example is our collaboration with partners such as DBS and the Singapore Business Federation. At our COG Conferment ceremony this past July, the extension of the DBS Business for Impact (BFI) Banking Package was announced for eligible SMEs who were conferred businesses. The package was specifically designed to address the banking needs of purpose-driven organisations and support SMEs with sustainable business models.

Another initiative is our collaboration with Unilever Singapore on the Purpose for Growth Programme, which concluded earlier this year. The collaborative effort was part of a pilot to promote corporate purpose among SMEs in Singapore, helping them to achieve sustainable growth for business and society through a mentorship programme by an established MNC.

How do you envision the role of corporate philanthropy and social responsibility evolving in the next five years?
Lin: In the next five years, we hope to see significant progress in corporate philanthropy and social responsibility. Our society is being driven by changing generational expectations. Today, employees and consumers increasingly seek organisations that mirror their values. This is not just a trend but an evolution in how organisations operate and interact with their communities.

In this vein, HR professionals play an important role in articulating the organisation’s corporate purpose to prospective and current employees and reflecting it in daily operations. They have the power to influence and drive the hiring and structure of cross-functional teams to focus on pillars, such as corporate purpose, that may not sit directly with traditional team structures.

Through programmes such as corporate volunteering opportunities or waste reduction efforts, HR professionals are at the forefront of implementing and elevating the organisation’s impact, ensuring that employees across different departments and levels can put the corporate purpose into actionable initiatives and programmes.

At NVPC, we aim for a future where giving and corporate responsibility become ingrained in every organisation’s DNA, where philanthropy and ethical practices are not an afterthought but fundamental blocks that build an organisation’s strategy. HR professionals play a crucial role in implementing this. We hope that social responsibility becomes second nature, easing the integration of acts of good and selflessness into daily operations and corporate ethos – ultimately creating a City of Good for all.