Innovative Approaches to Long-Term Impact
Corporate giving is no longer just about stuffing bags with non-perishables or making one-time donations. Today, a new wave of companies is redefining corporate social responsibility (CSR) by embedding it deeply into their business strategies for enduring impact. According to the National Volunteer and Philanthropy Centre’s (NVPC) 2017 Corporate Giving Survey, 52% of companies engage in CSR, with another 31% showing interest in starting.
The shift in corporate giving is notable. “In the past, most organisations didn’t see CSR as needing a full-time role,” explains Panneer Selvam, EY Singapore’s corporate responsibility chair. Now, there’s a growing recognition of the value in having dedicated personnel, as companies aim for sustainable community and business benefits.
Apriani Kartika, head of community investment at Prudential Singapore, highlights the integration of CSR into core business practices. “The sweet spot is where profit and common good seamlessly blend,” she says, emphasizing the triple bottom line of people, planet, and profit. Both Panneer and Apriani, alumni of NVPC’s Company of Good Fellowship, stress the importance of addressing root causes, leveraging company strengths, and forming strategic partnerships for lasting change.
While traditional, seasonal support like festive donations still has its place, the focus is shifting towards year-round, systemic solutions. Panneer notes, “If you don’t solve the root problem, it’s a vicious cycle.” This perspective has driven EY to work with students from Mountbatten Vocational School, preparing them for future careers through workshops and CV coaching.
Prudential has also innovated with its Seniors’ Wellbeing Masterclass, moving beyond simple social outings to offer a comprehensive course on arts, nutrition, and technology, aiming to combat social isolation among the elderly.
The benefits of this approach extend internally as well. “Our people feel more connected to the firm,” says Panneer, indicating that purpose-driven CSR enhances employee engagement and satisfaction. Prudential’s internal surveys echo this sentiment, with community investment ranking high among employee values.
Partnerships are key to amplifying impact. During the Fellowship, companies collaborated on projects, an effort that continued online during the Covid-19 era. Prudential’s Healthy with KidSTART initiative with KidSTART Singapore focuses on early childhood health, while EY, through partnerships like with Curious Squirrels and Lego, introduced robotics and coding to children, preparing them for a tech-driven future.
Both leaders are now part of the Alliance for Action on Corporate Purpose, launched to foster a business ecosystem where purpose aligns with profit. “The more you learn, the more you share,” Panneer states, emphasizing the collaborative spirit in CSR.
This evolution in corporate giving not only promises greater social impact but also sets a new standard for how businesses can operate with both purpose and profit at heart, reflecting a broader commitment to societal well-being.
