Here's how businesses can help build a better Singapore

Singapore Compact, a national society promoting Corporate Social Responsibility (CSR) in Singapore, reported that adoption of CSR by companies in Singapore has increased in the past few years, with even SMEs in Singapore, recording 13 percent growth since 2011.

In light of recent announcements from Parliament, in the creation of a better Singapore, I wish to add that businesses and private enterprises can be a part of the solution through CSR.

From a business’ perspective, CSR may be perceived to affect a company’s bottom-line in the short-term, but a Nielsen Survey in 2013 revealed that 50 percent of global consumers were willing to pay more for goods and services from socially responsible companies.

The research adds that consumers in Asia Pacific were most likely to spend more on products and services from companies who invest in corporate citizenship initiatives.

In addition, CSR initiatives open up the business and its employees to experiencing different situations and people that they do not generally come into contact with day-to-day.

It presents an opportunity for the business to invest in contributing to employee’s personal development, through activities that encourage them to think outside of the box, utilise skills they do not generally apply, and emphasising critical values like integrity and responsibility that go a long way in ensuring sustainable business operations.

In order to reap the benefits of CSR however, businesses need to select CSR initiatives that match the business’ expectation, and ensure successful implementation of their CSR strategy so as to arrive at a win-win-win situation for stakeholder, society, and the firm.

1. The first step to success is having the support of upper management is crucial – the business leaders themselves need to fully understand and support the program from the start, and engage employees at all levels to contribute their ideas and opinions.

2. The second thing to consider is communicating your CSR strategy to the rest of the company’s stakeholders, starting with the employees.

Companies need to be aligned on their CSR stance and goals from the inside out, and leaders need to be able to successfully share their vision for CSR with their employees as a first step, through channels like company-wide meetings, an internal website, or internal newsletters.

3. The third and perhaps one of the most important things to consider would be the overall objectives of the business, values, and culture.

CSR should lie at the heart of the business. CSR strategies should be closely aligned to your goals in both the long and short term, reflecting the company’s character, belief system, and workplace culture.

Through this process, the company can decide on the appropriate course of action, communicate their CSR strategy and goals to employees, and take this forward to their community.

As for our own CSR plan, we try to affect change in the lives of people in the region by empowering them with great smiles that can give them the confidence to lead a better life. One such initiative is our close collaboration with Operation Smile, through which we hope to heighten awareness and interest in cleft palate and lip syndrome for underprivileged children in APAC.

In a survey conducted in Singapore, we found that many Singaporeans felt a better smile could help them lead a more successful professional and personal life. For these underprivileged children, a better smile means so much more - a better chance for survival and a gift which we've been privileged to help deliver.

CSR has become an important consideration for businesses today, and I look forward to more enterprises stepping forward, rallying fellow Singaporeans, and building up social equity for the future.