The new book “CSR for Sustainability and Success” by Singapore Compact was launched during the International Singapore Compact CSR Summit held last week. The book features the CSR journey and experiences of 10 local and global companies with operations in Singapore.
The 10 companies (listed below) are in the following industries: food and beverage, retail, financial services, telecommunications, property development and management, construction, steel and energy.
- Cerebos Pacific Limited
- Citi
- City Developments Limited
- Holcim (Singapore) Pte Ltd
- NatSteel Holdings Pte Ltd
- NTUC Fairprice Co-operative Limited
- PowerSeraya Ltd
- SembCorp Industries Limited
- Shell Group of Companies
- Singapore Telcommunications Limited
In the book, each company shares its insight on adopting CSR – the company’s motivation, process, programmes, results, impacts, challenges and opportunities during the CSR journey. The business case for CSR was mentioned by the companies and they find that CSR provides business opportunities and is critical to business success.
The book also highlights 3 key challenges and suggests what can be done for each challenge:
1. Getting Started
Companies may face a lack of understanding and knowledge on CSR, lack of interest within the organisation and by stakeholders, and also resource constraints to get started.
Some solutions:
- Form a cross-functional CSR working group with commitment and leadership from top management
- Refer to relevant national programmes and policies, and what other companies are doing in the same industry
- Define what is important to the company and stakeholders, and form clear targets and milestones
- Discuss and develop the CSR policy and strategy at the department and group levels
2. Operationalising CSR
Companies may find it difficult to translate vision and mission into CSR policies and actions throughout the company and stakeholders.
Some solutions:
- Require top management to lead, drive change and be role models
- Ensure perseverance to embed policies and practices across the organisation
- Have clear roles and responsibility and a reporting structure
- Include tools, policies and processes for stakeholders to act
- Include measures and channels to communicate and engage with stakeholders
3. Sustaining the CSR Journey
Companies may find it difficult to maintain management commitment, employee awareness and buy-in, meet the needs and expectations of diverse stakeholders, ensuring focused efforts and measuring impacts.
Some solutions:
- Emphasize the importance of ongoing engagement and sharing of info among employees and stakeholders
- Educate, involve and empower stakeholders in the CSR and sustainability journey
If your company or organisation is starting on your CSR journey, this book gives useful examples and case studies on CSR strategies, policies and practices based on the Singapore context.
