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[News] CNA: Tharman stresses the need for companies to balance profits with doing good

Senior Minister and Coordinating Minister for Social Policies Tharman Shanmugaratnam has said that there is a need for companies to balance profits with doing good, amid a widening social gap exacerbated by the COVID-19 pandemic and conflict. Speaking at an event by the Singapore Centre for Social Enterprise, raiSE, he suggested developing capabilities, improving hiring processes and retraining.

“Companies are now realising that they are less likely to do well in the long run if they short-change the future, and possibly even in the short run because of the pressures from their stakeholders,” said Mr Tharman. “It is going to be a key source of competitive advantage for companies that move on this early and decisively. All companies will have to start looking at social impact as a value creator instead of a cost centre.”