When good leads to better: How businesses profit with purpose

A splash of sunshine greets visitors at 8M Real Estate’s Amoy Street office, where a vibrant floor-to-ceiling mural tells a story of community and creativity. Tigers prowl among orchids while dragon boats glide across the wall in a kaleidoscope of yellows, oranges, greens and blues – all brought to life through the imagination of children from Club Rainbow, who worked alongside local artists, Ripple Root.

More than just office decoration, the mural commissioned for 8M’s 10th anniversary in 2024 embodies the company’s deep-rooted commitment to nurturing Singapore’s arts community. It’s this kind of purposeful initiative that exemplifies why 8M sought to become a Company of Good under the National Volunteer & Philanthropy Centre’s (NVPC) recognition system.

“Social impact has always been embedded in the company’s DNA,” reflects Ms Jovin Ong, 8M’s executive director of Human Resource and Communications. This authenticity is what the Company of Good recognition celebrates – organisations that weave purpose-driven impact into the fabric of their business.

Sustainability solutions packaging company Greenpac is also a firm believer in this.

“Greenpac is guided by two core pillars of sustainability and giving back to society,” says the company’s human resources director Rachel Yeong.

“Our purpose is to effect positive change and inspire our partners towards being more environmentally conscious and socially responsible, and partnering them in their transition towards greener business operations.”

Beyond vision, mission, and values, companies with a well-defined corporate purpose are better positioned to attract top talent, enhance their reputation, and drive long-term success.

More SMEs recognised as Companies of Good

8M Real Estate and Greenpac were two of 290 organisations recognised at the national level as Companies of Good in 2024, more than double compared to the last conferment in 2022. Greenpac is recognised as a Champion of Good, while 8M Real Estate is recognised as a Company of Good (3 Hearts).

Among these were 155 small- and medium-sized enterprises (SMEs). This is a significant growth of four times the number of SMEs conferred in 2022.

NVPC believes this growth reflects a rise in commitment to corporate purpose across businesses of all sizes and across diverse sectors, including finance, food and beverage, energy, retail, fashion, healthcare and services.

A key reason for the rise in SME participation is the enhanced Company of Good recognition system that was designed to be inclusive of companies at varying stages of their purpose journey. Unlike the previous framework, which focused on corporate giving efforts, the new system takes a broader and more holistic approach – recognising businesses that create long-term value for employees, communities, and stakeholders.

Beyond recognition, NVPC’s Company of Good team actively supports businesses in deepening their commitment to purpose. Through tailored guidance, resources, and opportunities for collaboration, companies are empowered to progress from their first steps in purpose-driven business (1 Heart) to deeper commitments (2 Hearts and 3 Hearts), ultimately striving for the highest recognition – Champion of Good. (see Expanded and inclusive recognition)

Making an impact with existing resources

To become a Company of Good, you can get started by building on what you already have.

8M Real Estate recognises the power of art in fostering connections, preserving heritage, and enriching shared spaces. By supporting local artists, the company helps shape vibrant neighbourhoods that celebrate culture, storytelling, and community spirit.

Through thoughtful collaborations, the company transforms spaces it owns and manages into meaningful touchpoints where history and artistry come together to create a lasting impact.

“We actively work with local artists to create meaningful murals on our properties, such as heritage shophouses in Amoy Street and Tanjong Pagar Road, and in this way we enrich Singapore’s urban landscape with visual storytelling,” says Ms Ong.

The company also sponsors spaces for non-profit arts organisations by providing them with venues for exhibitions and cultural events, helping to foster a vibrant arts ecosystem within society.

Greenpac leverages its expertise on the environment to educate existing and potential clients on the benefits of sustainability to help build more eco-friendly businesses.

The company actively consults with clients to design and re-engineer their packaging processes by highlighting how environmentally friendly packaging can reduce waste, increase supply chain efficiency and ultimately drive cost savings.

“Our purpose is to effect positive change and inspire our partners towards being more environmentally conscious and socially responsible, and partnering them in their transition towards greener business operations,” says Ms Yeong.

At the same time, Greenpac also cares for its people and the community by empowering its own workforce. The SME participates in NVPC’s corporate volunteering programme Project V, and volunteers with Loving Heart Multi-Service Centre, an Active Ageing Centre. It also partners with Yellow Ribbon Singapore to hire ex-offenders.

Purpose that drives business success

Both 8M and Greenpac have benefited from being recognised as a Company of Good, affirming the importance of a positive brand reputation.

A recent study across 22 markets by global marketing communications firm Weber Shandwick found that on average, global executives attribute

63 per cent of their company’s market value

to their overall reputation.

Being named a Champion of Good has strengthened Greenpac’s credentials in its industry.

“The Company of Good recognition helps to attract top talent, creates valuable networking opportunities and strengthens our brand image,” says Ms Yeong.

Being nationally visible as a company with purpose-driven impact is important as the limited availability of green and social-driven job opportunities is one of the top three challenges Singapore respondents to

a survey last year

said they face in their search for jobs with purpose.

The same survey found that 97 per cent of respondents indicated that having meaning at work was important to them but only 20 per cent said they felt “very satisfied” with their current level of meaning at work.

For 8M, being conferred national recognition as a Company of Good has opened new doors.

“It has provided valuable learning and collaboration opportunities, granting access to insights and best practices from both SMEs and larger corporations to maximise impact,” says Ms Ong.

Through collaboration, larger corporations and SMEs are driving industry-wide change and advancing sustainable, purpose-driven practices.

‘Worth the time and effort’ for SMEs

Both 8M Real Estate and Greenpac found the application process a valuable opportunity to reflect on their contributions and strengthen their commitment to making a meaningful impact.

The comprehensive questionnaire to apply to become a Company of Good is not as challenging as it seems, say both Ms Ong and Ms Yeong.

Not only was the process straightforward, both companies also found it a valuable experience. The questionnaire provided a structured way to assess their impact, and NVPC also offered guidance along the way.

8M’s Ms Ong encourages other SMEs to “just get started”.

“Use the Company of Good framework as a guide,” she says. “Even if not all criteria are met, the application process itself provides insights for future growth.”

Greenpac’s Ms Yeong says that applying for the Company of Good is “definitely worth the time and effort”.

“Don’t be afraid to take the first step, even if it feels daunting,” says Ms Yeong.

“Nothing worthwhile is easy but it’s definitely worth the time and effort to go through the process, evaluate your company’s corporate social responsibility, assess your impact and understand how you add meaningful value and support to both society and your people, internally and externally.”

Apply here to be a Company of Good.