The Singapore Business Federation (SBF) has revealed that an overwhelming majority of businesses in Singapore view social sustainability as crucial for long-term success. According to a study conducted by SBF and KPMG, nine in 10 large companies and eight in 10 small and medium enterprises (SMEs) acknowledge the role of social sustainability in shaping business value. Despite this recognition, many businesses encounter significant challenges in embedding these practices into their core strategies.
The study, which surveyed over 430 companies, highlighted that whilst 95% of businesses have implemented at least one social sustainability initiative in the past year, SMEs often struggle with competing priorities and limited resources. These challenges hinder their ability to engage in corporate volunteering and other socially impactful initiatives.
Corporate volunteering, identified as a key strategy for enhancing employee engagement and community service, is gaining traction. However, only 40% of businesses have participated in such initiatives, with larger companies showing higher engagement levels. The SBF has responded by launching VolunteerInc., a programme designed to support businesses in their volunteering efforts by providing access to opportunities, skills training, and impact measurement tools.
Jean Tan, CEO of the SBF Foundation, emphasised the need for a connected ecosystem, stating, “No single business can achieve social impact at scale alone. It takes a connected ecosystem where governments, corporates, and community partners come together with shared purpose.”
The findings underscore the necessity for stronger policy and ecosystem support to help businesses move beyond ad-hoc initiatives and achieve sustainable change. As businesses continue to navigate these challenges, the SBF remains committed to providing the necessary tools and partnerships to foster a more inclusive and resilient society.
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