Figure
15: CSR Diagram
The awareness and implementation of Corporate Social
Responsibility (CSR) in Singapore has been increasing since the formation of
Singapore Compact, a national society promoting CSR in Singapore. In today
challenging economic conditions and competing environment, the focus on CSR is
crucial as it’s ensures companies are making the correct decision which lead to
positive investment for their long term viability. Some companies associate CSR
with charity and philanthropy. However, CSR is about embracing responsibility
for the company's actions and encourage a positive impact through its
activities on the environment, consumers, employees,
communities, stakeholders and all other members of the public
sphere who may also be considered as stakeholders.
According to Singapore Compact: CSR is essential about business
doing well and doing good at the same time. CSR is about long term strategy of
aligning business strategy and operations with universal values to achieve
positive and sustainable outcomes for customers, suppliers, shareholders,
communities, other stakeholders and as well as the environment.
Companies can reap benefits and improve profits through the
implementation of CSR. Mr Koh Juan Kiat, Vice-President of Singapore Compact
and Executive Director of Singapore National Employers’ Federation explains,
“Adopting CSR brings intangible benefits such as a good reputation for the
company, high morale among employees and improved performance and attracts
investors. Employees will also take greater pride in their company and this
will affect productivity”.
Therefore by sponsoring for SLL, companies can be seen as
supporting green campaign in Singapore as SLL is a sustainable building and in
turn, doing it for a good cause to the environment development, society and
students.
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