Businesses thriving in pandemic must do more to help struggling firms, workers
The writer says companies that are doing exceptionally during the pandemic should help to save the jobs and livelihoods of Singaporeans.
The Covid-19 pandemic has brought about unprecedented changes to the lives of Singaporeans.
After 11 months, we are still adapting to new ways of living, learning, working and playing.
We may need to live with the coronavirus for some time yet, as it is unlikely to go away anytime soon even with vaccines becoming available.
For most of us, it would be hard to do so without a job.
The global recession is affecting the fortunes of Singapore businesses and people’s livelihoods. Businesses are closing and jobs are being lost.
While many of the businesses that remain are struggling to survive, the more fortunate companies are seeing an increase in revenue owing to higher demand for their products and services.
The Government has stepped in with four multi-billion-dollar budgets to help individuals, households and businesses tide over the crisis. These are, however, tapering and may not be able to save all businesses and jobs until the health crisis ends.
Earlier this year, it was heartening to learn that some companies that were not doing as badly as others had chosen to return wage subsidies to the Government or donate the money to charities, which had recorded substantial drops in donations.
Companies still thriving should give to vulnerable persons with disabilities and low-skilled seniors who are often disadvantaged in their job search. They could also help freelancers who have lost their sources of income but do not qualify for government support.
Those expanding their businesses could offer jobs on a full-time, part-time, contract, temporary or project basis to suitable workers who have become unemployed. This will supplement efforts by the Government and industry to create new jobs.
I hope more companies that are doing exceptionally will help to save the jobs and livelihoods of Singaporeans, as part of their extended corporate social responsibility efforts.
They could contribute in their own ways or to a common fund to help save jobs in companies that are viable but struggling to survive because of cash-flow issues. A business association can administer the fund.
It was most gratifying to learn that software company Salesforce is funding the Singapore Business Federation’s Small Business Relief Grants Programme “to support small businesses to stay afloat and resuscitate their businesses, which are affected by the Covid-19 pandemic”.
The lifeline means more Singapore companies can continue operating and keeping their employees for as long as possible during the pandemic.
Such altruistic acts during this extraordinary time of need show what it means to be a truly successful business.
At an unprecedented time like this, how profits are spent can and will make a difference between business survival and closure, between Singaporeans keeping their jobs and becoming jobless, and between sustaining one’s livelihood and losing it.
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