Bridging social gaps

THIS WEEK'S TOPIC: How might business leaders help reduce inequality in society?

Melissa Kwee Chief Executive Officer National Volunteer & Philanthropy Centre (NVPC)

BUSINESSES represent a powerful concentration of human and financial capital, but many have lost their role in building social capital through lack of transparency. Inequalities are affected by how business leaders choose to relate to their stakeholders. For example, operations-related inequalities can be reduced through innovations that deliver value for underserved customers, adopting inclusive procurement, or designing work for differently-able persons. Regarding talent, inequalities may be addressed by recognising unconscious bias against under-represented groups, inclusive hiring, board selection processes, profit-sharing, and paying fairly. Societally, business leaders can collaborate with like-minded partners to tackle complex challenges requiring organisation, government, and community assets and resolve. Businesses today may need a hippocratic oath to do no harm, to do well and good, and to better lives so as to correct our current trajectory.

Dileep Nair Independent Director Thakral Corporation Limited

BUSINESSES can address inequality through sharing their prosperity - and putting purpose before profits. Companies should pay wages that are fair, especially to their junior staff, supplemented if necessary, with stock options. Offering skills-training and education opportunities to lower paid staff also helps to lift their wages. Likewise, health and education benefits extended to their families also help improve their overall well-being. Corruption, though much less a problem here, exacerbates inequality and companies should strictly abjure it, particularly when operating elsewhere. To really demonstrate commitment and provide motivation, businesses should adopt the UN's Sustainable Development Goals (SDGs) in their sustainability reporting, given that SDG10 is to reduce inequality.

Cheung Pui Yuen Chief Executive Officer Deloitte Singapore

AS technology transforms the way in which we work, live and learn, businesses, governments and educators need to work together to enable everyone in society to develop the skills they need to meet future job demands, so that they can earn a living and contribute to the economy.

At Deloitte, we have committed our people - our most valuable asset - to creating opportunities for those that may be left behind. This commitment is manifested through our WorldClass initiative where we apply our core skills, experience and global reach to empower more people through education, skills development, and access to opportunity. Our goal is to prepare 50 million futures for a world of opportunity by 2030, in line with the timeframe for achieving the United Nation's Sustainable Development Goals.

Svend Janssen Head, Asia Western Union Business Solutions

THE growing trends of populism and national interests superseding global cooperation magnify a need - to shape the new globalism in order to be more inclusive. Business leaders are to set out with the purpose of connecting and empowering individuals and businesses. Technology will be their key enabler there. Contrary to popular belief, new technology is not a cause of inequality - it is a solution. Technology can shift the balance of power, and help reshape economies by allowing individuals to build their own global bridges. This opens an avenue to get to the level playing field of different parts of societies, many have been wanting for a long time.

Ronak Shah Chief Executive Officer QBE Insurance (Singapore) Pte Ltd | Asia

WE NEED an evolved, purpose-driven approach to addressing inequality, going beyond token or interval-based initiatives. Business leaders should consider how they can integrate social good with their efforts to grow their businesses, to ensure strong performance is achieved in tandem with social progress. As a company, we have, in a few pilot markets, taken steps to invest a part of our premiums into social impact initiatives, green bonds, developing renewable energy resources and providing water and energy to remote communities. This is at no additional cost to our customers. As more businesses start to give back to society, we may start to see the needle move on inequality.

Wilf Blackburn CEO Prudential Singapore

BUSINESSES can help close the inequality gap by being more inclusive employers, and through channelling a part of their resources, including the time of employees, towards social causes. Prudential does this by investing in improving the financial, physical and mental wellbeing of the community - efforts in line with our organisational purpose of innovating to help everyone live well.

Our financial literacy programme teaches children the value of managing money from young, while our bursaries provide deserving students from low-income families the opportunity to realise their full potential. Through various health and wellness initiatives, our beneficiaries are empowered to stay fit and socially connected, especially in their senior years.

When people enjoy better overall wellbeing, they stand a greater chance of moving up the social mobility ladder and becoming more productive members of society.

Seah Kian Peng CEO NTUC FairPrice

BUSINESSES and their leaders can help reduce inequality by facilitating access to appropriate community resources and promote social integration. At NTUC FairPrice, we empower the community towards greater social equality. At the core of this effort is our social mission to ensure daily essentials remain available and affordable to all.

Our CSR community programmes provide assistance to the less fortunate, while at the same time promote social cohesion, environmental sustainability and education to empower beneficiaries in the longer term. Through FairPrice Foundation, we embrace the spirit of corporate philanthropy in supporting social causes to strengthen our community - a commitment that we undertake to create a caring and sharing society.

Alberto Guerra CEO UniTeller Financial Services

THE digitalisation of the cross-border payments industry has enabled major breakthroughs in the convenience and reach of financial services. As business leaders, we should conduct business with sustainable development as a priority even as the industry continues to evolve. With a significant population of the developing world that is still largely ''unbanked'', the responsibility is on us to champion innovative solutions that improve financial inclusion and access. By ensuring that consumers can fully harness the benefits of these technologies, we can then help to bridge inequality and build a better economic future for many of the world's communities.

Alice Bentinck Co-Founder Entrepreneur First

WHILE technology may not be a silver bullet in eliminating inequality in the world, there is tremendous potential in using cutting-edge technologies to solve real-world problems and level the playing field. For instance, space technology startup Transcelestial is pioneering a space laser network that could replace wireless networks to deliver high-speed Internet anywhere on earth, including the four billion people globally who do not have Internet access. At EF, we invest in talent who use deep tech to develop world-changing solutions such as this, that more often than not create a positive social impact. Business leaders, and the investor community, have a big role to play as well in investing in these solutions and in the talent who can develop and bring these solutions to market.

Chia Ngiang Hong President Real Estate Developers' Association of Singapore (REDAS)

INEQUALITY is like a hidden cancer that could spread insidiously and lead to conflicts and unrest. For long term sustainability, corporate and societal interests must converge. It is imperative that business leaders embrace ''conscious capitalism'' ie ensure their businesses create value not just for shareholders but also for customers, employees, suppliers and the communities, and support social and environmental causes. They can work together and with governments to champion and implement a deliberate strategy and framework which serve to even out unequal outcomes and create innovative solutions to try to improve the lives of everyone. Many businesses have already stepped up to take on greater social responsibility by launching initiatives to support sustainable development goals, gender equality and promoting job creation. Focusing on education and investing in people, enabling them to upgrade or pick up new skills through lifelong learning, improving healthcare and related benefits, and levelling wage differentials through mechanisms like progressive wage model, etc, will go a long way to reduce the gap.

Dolly Goh CEO Singapore National Co-operative Federation (SNCF)

INEQUALITY has been rising across the globe and is becoming a priority for policymakers in many countries. Beyond the government, business leaders including co-operators are key in narrowing the divide between the haves and have-nots. With equality as a value, co-operatives promote the fullest possible participation in the socio-economic development of all communities, and facilitate a more equitable distribution. For instance, in Singapore, surpluses of the co-operatives are ploughed back to members through value-added benefits such as dividends, educational awards and welfare benefits. NTUC First Campus Co-operative's recent effort to make quality pre-school education more affordable for disadvantaged families, NTUC LearningHub Co-operative's offerings to enhance career shifters' employability, and GP+ Co-operative's affordable, quality healthcare services are some examples of how co-operatives promote equality. We encourage more people to come together to form co-operatives, take ownership and help themselves and others so that more people can benefit from a level playing field.

Leslie Ong Country Manager, Southeast Asia Tableau Software

IN combatting issues such as inequality and social cohesion, technology can be the great equaliser by opening up opportunities for all and being used as a force for good. For instance, in today's world, we have the opportunity to leverage resources such as data to tackle pervasive social challenges like poverty, education and healthcare.

Business leaders have a role to play in ensuring equal opportunities, re-skilling when it comes to implementation of new technologies and, at the same time, collaborating closely with the government and education sector to make resources and technology accessible for everyone.

Maren Schweizer Director Schweizer World Pte Ltd

EQUALISING opportunity - rather than attempting to equalise outcomes - is the path we advocate. We believe in levelling the playing field by equipping people with the tools they need to achieve success and income growth.

Technology has accelerated workplace change. One of the building blocks is a talent development focused not on the last job but on the next one. Employees who can add creativity to any part of the production or delivery process generate innovation. Under our multi-stakeholder model, it is in the best interests to provide rewarding employment.

Loyalty and a strong sense of shared purpose have proven to yield the best business results.

Lucien Mounier Head of Asia Pacific Beazley

WE must strive to bring greater equality into the workplace while also promoting a competitive environment in which people can aspire to achieve ambitious goals. This way we as individuals can progress, as well as our organisations. As business leaders we are empowered to build and promote an environment where individuals and groups have an equal voice, can contribute, gain recognition, be celebrated and rewarded for their successes. It is crucial for leaders to make an impact on society, starting within our respective companies, through the creation of sustainable, innovative businesses that encourage inclusiveness and diversity of thought.

Matthieu Imbert-Bouchard Managing Director Robert Half Singapore

A modern company should not operate only on behalf of its stakeholders but the society in which it thrives, and this often starts with establishing inclusive value chains internally. In Singapore, one key focus of this should be diversity of gender representation within the workforce and leadership profile, which can be developed through succession plans, talent pipelines, and mentoring initiatives. Corporate social responsibility can often fall victim to a 'set and forget' mentality, so companies should develop an Environmental, Social, and Governance framework that forms the direction of their philanthropic and environmental endeavours, guides their Corporate Social Responsibility programme, and establishes metrics against which to measure their performance.

Martin Hayes President Bosch Southeast Asia

BOSCH has been committed to mixed-age teams as part of our diversity strategy for some years, bringing people from different life stages and background together through experience and knowledge exchange. From placement of experienced retired expert as consultant and mentor to younger associates, to reverse mentorship where digital natives help older employees with new technology such as data structure and algorithm - generation equality at Bosch produces a workplace, culture and innovation that is inclusive for all.

Nilesh Mistry VP, Head of APAC World Wide Technology

BUSINESSES possess the ability to decrease (or even increase) inequality. With healthy societies going hand-in-hand with strong economies, businesses must do their part by operating in a just manner. Often viewed as role models, business leaders must lead by example by treating all employees equally and use their influence to spearhead initiatives that promote equality.

For example, WWT has a Women's Leadership Forum that's designed to empower women to take up leadership positions in the company. Initiatives like this helps bridge the gender gap found in the tech industry and enable us to be recognised as one of the top workplaces for women.

Sudhanshu Tewari Co-founder & CEO Rewardz

ECONOMIC inequality affects all and there is a desperate need for responsive leadership. Increasing economic inequality is a defining challenge of our time.

To start with, we need to avoid discrimination at the workplace based on someone's background. Look out for the passion, capability and role fit instead of formal education. Good education and practical training is obviously a big leveller for society in general.

We strongly promote a culture of giving at the workplace and encourage our team members to volunteer to train underprivileged kids. We find ways to join community events to share stories of entrepreneurship and self-achievement to build confidence and a survivor spirit.

Responsive leadership is what is required for organisations to address the issues we face.

Lionel Lim VP and MD, APAC and Japan Pivotal

AT Pivotal, we believe workplace inequality is reduced by tracking employee metrics and championing diversity & inclusion (D&I) from the top down.

Our Diversity Metrics Calculator enables leaders to measure gender and ethnicity data while employees are empowered to lead D&I initiatives such as creating resource groups like women@pivotal and parents@pivotal. All leaders also undergo continuous training to ensure they instill Pivotal's core values of ''Do the right thing, do what works, and be kind'' across the organisation.

Having a diverse and inclusive environment creates a positive workplace for employees and leads to a more equal society.

Jean Drouffe Chief Executive Officer AXA Insurance Pte Ltd (Singapore)

OUR recent AXA Better Life Index found that only one in 10 Singaporeans considers community engagement a priority in their lives. In this time of unpredictable and complex risks and rising inequality, we must focus on strengthening cohesion by cultivating a caring, inclusive and resilient society. As a company whose purpose is to empower people to live better lives, we not only work to deliver economic and societal benefits through our solutions and services, but we also strive to foster a community of care and contribution. That is why, besides creating opportunities for our employees to give back, we rally the community in Singapore to do good together with us such as through our yearly 'For Good' challenges.

Tan Mui Huat President and CEO, Asia International SOS

BUSINESSES can definitely make a positive impact on inequality through inclusive business models that focus on looking after the wellbeing of not only employees but also the communities they operate in.

In line with our business of medical and travel security risk management where prevention and education are key, our philosophy for corporate citizenship focuses on Healthcare and Education to look after the wellbeing of our employees and communities. It also extends to ethical conduct in our dealings with suppliers, clients and other stakeholders.

Investing in the academic development of children will have far-reaching outcomes on social inequality if the effort is sustained. We have had the honour of working with Melrose Home, a Children's Aid Society of Singapore, for the past two years. Through different programmes, International SOS supports the development of children aged four to 18 years old, providing them opportunities for enrichment and recreation, as well as enhancing their existing facilities and infrastructure for education.

Adrian Chng CEO GoBear

AT GoBear, we're working to reduce inequality by giving individuals the knowledge, tools and access to suitable financial products that improve their financial health.

There's an opportunity for us to create an infrastructure that will improve financial literacy, inclusion, and security for hundreds of millions across Asia.

And no single entity can do it alone, which is why we continue to invest in products and technologies that help people who lack financial access, including our partnership with Credolab. We developed a mobile app that gives the underbanked across S-E Asia a predictive scorecard for credit card or loan applications.

Ari Sarker Co-President, Asia Pacific Mastercard

IN today's trying times, the sooner we can agree that our success is intertwined, the better off we'll be. Tackling inequality starts with inclusion. Today Mastercard is on the cusp of achieving financial inclusion for 500 million unbanked people by 2020, which is just the beginning. This requires dedicating our people, technologies, data and brand to innovative public and private partnerships that enable smallholder farmers or tens of millions of factory workers to be paid digitally, directly, safely and immediately. But this is not about philanthropy or corporate social responsibility. This is about businesses realising that strong financial performance depends on taking responsibility for changing the world around us so that everyone benefits. We will either sink together or swim together.

Walter de Oude CEO Singapore Life Pte Ltd

TECHNOLOGY is the key to everything. It can be used negatively to widen the divide (as we've seen with political polarisation) but it can also help to narrow financial inequality - by giving greater access for all to good quality financial products. With this, everybody - rich and poor, young and old - can get better access to solid financial products. Tech is reducing costs too, so fees are no longer a barrier to entry either. Social media, used responsibly, is a great way to share these potential solutions that can improve the lives of many.

Prabhakar Rajagopal VP, President, Software & Services APAC, Europe & MEA Motorola Solutions

SINGAPORE is well placed to reduce inequality by harnessing its natural advantages - multiculturalism, a commitment to innovation and a strong business acumen.

Our experience shows that embracing diversity and inclusion leads to greater collaboration, sharing of experience and, ultimately, more advanced solutions. By making STEM-related career pathways more accessible for women, Singapore can cultivate the already strong talent within its indigenous workforces.

Meanwhile, as rapid advances in innovation including artificial intelligence take hold, opportunities for responsible intelligence sharing between Singapore's citizens and public safety agencies will help to create safer cities for the future.

With business and government leaders working together, this is how Singapore can renew its social contract with citizens, close the gap on disadvantage and further enhance its global reputation.

Magesvaran Suranjan President, Asia Pacific, Middle East and Africa Procter & Gamble

AT P&G, we take the call to business leaders to ''do more'' to help foster social cohesion as a business imperative. As business leaders, I feel it is our responsibility to help tackle some of the most pressing global challenges that divide our societies. One of the issues that need immediate attention is the persisting gender gap that holds so many women back from achieving their full potential. At P&G, we are convinced that promoting gender equality will lead to communities being healthier and economies thriving better. Together with our network of partners, we are committed to be the force for good and force for growth focusing on three key areas where we can make the biggest impact - our voice in media and advertising to spark conversation on gender bias; our work to promote girls' education and women's economic empowerment; and creating an inclusive, gender-equal workplace in P&G. With that strong intention, we will surely move past the tipping point to an equal and better world with equal representation.

Helen Ng CEO Lock+Store

THE rising income inequality gap has partly fuelled the surge of populism worldwide. The schism between the haves and have-nots is especially pronounced in countries where pay increases of low-and middle-income earners have largely stagnated. Businesses can help reduce social inequality by ensuring fair compensation and committing to an equal opportunities policy that does not discriminate on the basis of race, colour, gender or sexual orientation. Businesses should also encourage their employees to take advantage of government schemes and subsidies to upskill for the digital age. Education is a great social leveller, especially when employees pick up skills that help them stay relevant professionally.

Paul Henaghan SVP, Data Centre Solutions, APJ Dell Technologies

WE believe that technology can help business leaders create solutions that alleviate socio-economic inequality. For this to work, those solutions need to be applied from the ground up. For instance, we support disadvantaged communities by providing them with better access to technology, allowing them to use technology as a resource and facilitating innovation. Leaders can also use technology to tap non-traditional talent pools, to build a diverse and inclusive workforce, empowering people regardless of gender, race, or socio-economic status. At Dell Technologies we are leading programmes that enable us to better work with and recruit minority groups and adults on the autism spectrum. These are practical steps that leaders can take to bring about meaningful change.

Andrew Hexter VP and GM, Asia 5 Gilead Sciences

INEQUALITY exists in various forms, from socio-economic differences to discrimination based on gender, sexual orientation, or health status. We believe that business leaders need to examine the impact in the workplace and address practices that may perpetuate these prejudices and biases.

At Gilead Sciences, we embrace diversity and inclusivity, and have been deliberate and resolute in making sure our hiring, performance measurement and compensation reflect these values. We also work in partnership with other companies, business associations and stakeholders to encourage a discrimination-free work environment.

Leaders need to be responsive and open to rethinking the way business is conducted, not just because it is good for business, but because it is also the right thing to do.

Atul Temurnikar Co-founder and Chairman Global Schools Foundation (GSF) Singapore

LEADERS have the responsibility and power to build an equal society, and there are numerous ways in which we can facilitate this. Providing equal opportunities based on merit instead of race, religion or gender is instrumental to creating an equal playing field. It also ensures the growth of the individual and the organisation as skills are placed first and foremost. Educational institutes play a key role in laying the foundation for a meritocracy while equipping students with the necessary knowledge and skills. Furthering this belief, we provide scholarships for students to ensure they have equal opportunity to maximise their potential, regardless of their financial or social background. We also believe in supporting students, beyond academic learning, to become the best in their chosen fields.

Celine Siow Regional VP, Asia and Japan Alteryx

TECHNOLOGY is lauded as the enabler for many things. In today's data-driven world, we recognise the potential for businesses to leverage data analytics as an agent of change for equality. Unfortunately, data is often siloed, and change can only happen when companies come together and think about how they can better harness the power of their data. Often, the catalyst is as easy as starting a conversation within the organisation.

To address this, we've established Alteryx for Good. Through this initiative, we empower employees with paid time-off to partner with corporate customers to provide analytic expertise for non-profit organisations to tackle issues such as food insecurity.

Lynette Chew Director CMS Holborn Asia

BUSINESS leaders are well placed to lead by example, and can commit their organisation's particular resources and skills to serving the underserved. We encourage our lawyers to commit to pro bono legal services each year, including participation in community legal clinics. As a firm, we provide pro bono legal services to non-profit organisations whose mission is to serve vulnerable individuals and communities, such as the Caregiving Welfare Association and the Catholic Welfare Services Singapore. We also advise on the provision of nursing home and caregiving services for the elderly, and night shelters for the economically disadvantaged.

Leonard Cheong Managing Director AdNovum Singapore Pte Ltd

BUSINESS leaders have huge roles to play when it comes to addressing inequality. Starting with hiring at the workplace, cultural fit, attitude and values alignment of the candidates, along with experience and skills, need to be considered. This process should be unbiased - regardless of nationality, race, age and gender - to get the right people for the right job. Top management and senior positions likewise should be filled with a diversity of talents - a mix of local and foreign, in view of the tight labour situation.

In AdNovum, aside from attracting talent, employee retention is also well taken care of through an annual review of their remuneration and compensation packages. Opportunities for employees to upskill are available through employee exchange programmes and courses.

Fortunately for businesses operating in Singapore, a society based on justice and equality, reducing inequality is not a major concern.

Andre Musto Regional VP - APAC Merck Biopharma

THE healthcare industry has a critical role to play in improving lives around the world. Roughly 1.3 billion people currently lack access to effective, affordable healthcare. We have made it our top priority as a responsible business to help improve their situation. This means doing things better - business and beyond. Which is why we have established the Merck Global Health Institute to accelerate R&D, incorporate access provisions and build capacity for projects and initiatives targeting schistosomiasis, malaria and bacterial infections. We also see partnering with other organisations, public and private, as a key element in delivering meaningful therapies to patients with unmet medical needs and improving equality in access to healthcare.

Chung Heng Han SVP, Oracle Systems, JAPAC & EMEA Oracle

IN the past decade, we have seen how emerging technologies are empowering the digitally native. As a large multinational technology provider, Oracle can play a part in reducing the digital divide by helping to facilitate access to modern information and communications technology. Through Oracle Academy, Oracle advances computing education around the world to increase knowledge, innovation, skills development, and diversity in technology fields. Partnering 12 institutes of higher learning, 56 educators and over 300 students in Singapore, Oracle Academy offers educators and their students free resources to teach and learn computer science.

Wissam Khoury SVP and MD, MEA and APAC Finastra

ACCORDING to the World Bank, more than 1 billion people across Asia have no access to proper financial services. Leaders can close the wealth gap by being part of the movement providing the unbanked population with access to these critical resources using digital technology. For instance, Myanmar's Yoma Bank has brought digital banking services to people who can't get to a physical branch, while Singapore fintech Credolab produces a credit score using mobile phone data points, allowing unbanked clients to access previously unattainable lending. Governments must also play their part and adopt regulation which allows people to access digital banking, while incentivising fintechs to partner with not-for-profits to drive financial inclusion. We must take hold of this opportunity to create a more trustworthy, sustainable and inclusive financial ecosystem, as these values will be reflected in society.

Naveen Menon President, ASEAN Cisco

ONE of the main reasons I joined Cisco is because it is a company that cares about its people, society and planet. Last year, our CEO Chuck Robbins doubled down on a commitment to positively impact one billion people by 2025 by directing business, technical and financial assets to accelerating global problem solving. There are three proven ways how companies can do well by doing good. Firstly, as business and society are highly interdependent, driving momentum in shared value initiatives needs to start from the top. CEOs need to lead social investments and steward sustainability across the business. Next, they should nurture innovative solutions, public-private partnerships and entrepreneurial ecosystems that support inclusive growth and development. Lastly, businesses must invest in ICT education programmes. This will not only enable people to succeed in the digital economy, but will also create a new generation of young global problem solvers who will leverage technology for social impact.

Azman Jaafar Managing Partner RHTLaw Taylor Wessing LLP

INEQUALITY can deal a fatal blow to the moving escalator of social mobility by hindering equal access to education and other opportunities. Low-income households with limited resources at their disposal will be constantly disadvantaged when they compete for limited education and employment opportunities.

Corporate citizens have a big role to play in alleviating inequality in our society. More companies can come together to undertake corporate social responsibility initiatives that can create lasting and meaningful impact on the communities around us.

Our own RHT Rajan Menon Foundation has galvanised corporate giving to support beneficiaries in education, through scholarships, bursaries, grants and book prizes, as well as building school facilities in Vietnam.

Jessie Xia MD, Southeast Asia ThoughtWorks

TODAY'S impactful emerging technologies - like AI, IoT and fintech - have the capability of empowering or dividing communities. For example, the elderly and underserved segments are especially at risk of being left behind in the fintech revolution, as they may not have the knowledge or access to leverage new platforms and devices. Continuous prototype testing, collaboration with government and community groups can help businesses uncover insights about the needs and capabilities of these groups. Using continuous feedback mechanisms also plays a crucial role in ensuring that continuous improvements are made to boost inclusivity and meet the changing needs of users as technology evolves. ThoughtWorks strives to promote diversity by making the industry more reflective and inclusive of the society that we serve.

Kwan Chi Man CEO and Founder Raffles Family Office

AT Raffles Family Office, we treat gender equality as one of our business priorities and it is exemplified through our actions in bridging the gender gaps that are prevalent in the finance industry. We encourage healthy debate and competition among our staff. Career progression and learning opportunities are strictly based on performance. In both our Hong Kong and Singapore offices, we are close to having an equal percentage of females and males.

We believe that equality in a workplace encourages employees to try their best, knowing that regardless of their background, experience, age, nationality or gender, all efforts are appreciated. This will definitely create a stronger talent pool which companies can tap on to help Singapore progress.

Mario Singh CEO Fullerton Markets

THE Gini coefficient is a statistical measure of distribution that is commonly used to gauge income inequality among a population. The coefficient ranges from 0 to 1 with 0 representing perfect equality and 1 representing perfect inequality.

In February 2019, the Singapore Department of Statistics reported that the Gini coefficient remained relatively stable in 2018. It was 0.458 in 2018, similar to the 0.459 in 2017 and 0.458 in 2016, and was among the lowest in a decade. These figures are based on income before taxes and transfers. After adjusting for government transfers and taxes, the Gini coefficient in 2018 fell from 0.458 to 0.404, which puts us as having a lower level of inequality than most OECD (Organisation for Economic Cooperation) countries globally.

One of the ways business leaders can help to reduce inequality in Singapore even further is to raise the wages of lower income workers; for groups just entering the workforce and for those in their sunset years. However, this initiative needs to be worked hand in hand with the government for it to be sustainable. This is so that other initiatives like the Workfare Income Supplement Scheme and the Silver Support Scheme can be utilised effectively as well.

Lim Soon Hock Managing Director PLAN-B ICAG

ALL companies can give accordingly to their capabilities and capacities to the needy in society. When more companies commit and deliver, collectively it will make a big difference to reducing inequality in society.

For example, companies must not exploit labour. Wages and benefits must be equitable and take account of the costs of living and inflation. Offering bursaries or scholarships for children of employees who need it most is another way of reducing inequality in society, as education is a great social leveller.

Other than monetary contributions, companies can also give the gift of time. Nothing is too small or too insignificant to give by way of talent, skills, expertise and experience, which can go a long way to uplift those in society who need it most, especially to enhance social mobility and to eradicate elitism.

Zhou Junjie Chief Commercial Officer, Shopee, and Head, Shopee Singapore

AT Shopee, we are firm believers in equal opportunity and inclusivity through a strong emphasis on growth and development. The economic and social benefits that e-commerce brings are far-reaching and allows groups of individuals who may otherwise be left behind to reap these benefits.

We want to provide ample opportunities for personal development by offering training workshops to all employees across different backgrounds, income and experience levels.

Beyond the workplace, we are committed to nurturing an entrepreneurial ecosystem for smaller players who traditionally have been priced out of the retail sector due to high rental and operating costs. We recently partnered NTUC LearningHub and SkillsFuture Singapore to provide additional training content to upskill Singapore workers for the digital age.

Tho Kit Hoong Co-Founder Swingvy

BUSINESS leaders across industries should practise neutrality across the board with regard to race, nationality, gender or age. People will always be our biggest asset, so empowering them, giving them a voice, and letting their ideas shine through by providing encouragement should be ever-present across all levels of the organisation. Investing in HR and human issues should always be the number one priority. Cultivating happiness and nurturing talent could benefit organisations to achieve heights they could never imagine.

That's why at Swingvy, we have LIFT -- a platform we look to provide in November - as an initiative to help challenge the issues of inequality faced today, and specifically at the workplace. By having various leaders and employees gather to share their stories, we hope to inspire and, more importantly, drive positive change.

Hari V Krishnan CEO PropertyGuru Group

TECHNOLOGY is a key tool through which business leaders can tackle inequality, due to its immense power to help democratise access to information.

At PropertyGuru, we are always on a quest to see how we can leverage technology to help educate, inform, and make the home ownership journey as transparent and accessible as possible, to all. We firmly believe that education and access are the first steps to empowering more to make informed decisions, towards home ownership - especially for those who face various challenges achieving this aspiration.

Ng Aik-Phong Managing Director Fave Singapore

INEQUALITIES in different shapes and forms have found its way into the workplace - whether it's age, education, ethnicity, gender or physical ability. As Singapore's population ages and the retirement age is raised, discrimination due to age needs to be addressed. Beyond achieving business objectives, all companies big and small should be committed to fostering equal opportunities for everyone.

To tackle this, three major steps are required: (1) Awareness of the problem (2) Appreciate that older employees bring in wisdom and experience to complement your workforce, and (3) Encouraging managers to have open minds and to take concrete measures to effect change.

At Fave, we have a zero-tolerance approach to ageism by ensuring that all hiring and employee evaluations are done on merit, talent and ability. I'm proud that we have a diverse multi-generational mix of employees, ranging from youth to adults, from those in their early-20s to late-50s and beyond. Older workers can also help themselves by continuously learning new skills and be on top of the latest technologies and trends.

Willie Lee MD and Founder Big 3 Media

THE level of workplace equality has been improving in Singapore, though some pockets of inequality still do exist. To ensure that exclusivity is not a problem within my business ecosystem, these are what I try to consciously practise regularly: develop a culture of inclusiveness, and choose leaders who possess and display the values of inclusivity.

Leaders have a duty of care to ensure that the culture and values of the organisation are maintained and inculcated. They are also responsible to weed out behaviours and individuals who do not and cannot align with those values.

Seamus Phan Chief Content and Technology Officer McGallen & Bolden

HAVING served in humanitarian missions to far-flung lands and nearer home, and disability causes, I have seen first-class egalitarian leadership in action. This is the eternal debate in a capitalist society - the battle between elitism and egalitarianism. For an egalitarian world to exist so that equality can thrive, leaders must strip themselves of the ''better than thou'' mentality, and think of leadership as service to people, and not continue the notion of leadership as command and control. Pity and sympathy will never be true origins to reducing inequality; humility will. With the mindset of humility as the starting point, all initiatives will be done in the spirit of service, enablement and enrichment to all. It is 'heart' that will solve inequality problems in society, not mere donations or the occasional afterthought of community programmes.

Annie Yap CEO AYP Group

PATRIARCHAL systems still exist where men still have the edge over women in terms of job opportunities, salary and perceived value. Business leaders could use their business as a channel to promote reduction of inequality in the workforce, as that will reflect the social environment their employees are operating in. Hiring criteria should be reviewed, to ensure a fair gender mix in each department and an open mind in employing people of any age if they have the requisite skills. Also, both men and women should have a fair chance of getting promoted - or stipulate that each round of department head promotion will rotate between the two genders.

Henry Tan Group CEO Nexia TS Group

BUSINESS should not exist purely for profit. Like a citizen of a country, businesses are corporate citizens and hence have a social justice role. Businesses can do this through a number of ways. In our case we have decided to do these: Giving towards the education of those in financial need; reskilling staff for the new economy with continuous education programmes; offering global mobility opportunities to staff to gain global skills; and contributing to nation building and sustainability practices by signing up to the UN development goals.

Toby Koh Group MD Ademco Security Group

INEQUALITY is one of the biggest concerns in Singapore which may fragment the social cohesiveness that we enjoy now. Businesses have the power to help address this issue starting with hiring practices. Even now, many companies in their talent quest use academic grades as a first sieve irregardless of the candidate's experience. This may not be the best gauge as good talent may, for a variety of reasons. not have been top of the class. Non-academic factors should be considered for fair employment. Hiring with a blind eye to race, religion, gender will also help reduce the sense of inequality in Singapore. No doubt inequality is a complex matter that requires a lot of thought, action and heart. Let businesses start off with fair hiring practices.

Dora Hoan CEO Best World International Ltd

FROM a fundamental and long-term perspective, the main concern for business leaders to tackle inequality is to ensure that everyone in the society keeps progressing along with economic growth. In line with this, Best World's grand vision of ''World at its Best'' is to be realised through the growth of every individual. We value lifelong learning and so we provide well-designed training programmes for our staff and distributors, not only to improve their skills and knowledge, but to enrich their inner qualities. We encourage business-driven poverty eradication. In fact, there are countless distributors all around the world whose lives have been transformed due to our business platform and educational programmes.

Furthermore, corporate social responsibility should be highlighted by business leaders to create opportunities that promote more equitable distribution of resources. For years, we have been active in the World Learners' Student Exchange Programme as a charitable cause to rebuild schools and to spread compassion for the less privileged. While business strives to be inclusive, it is critical that there be effort from everyone to achieve inequality reduction.

Zaheer K Merchant Regional Director (Singapore & Europe) QI Group of Companies

IRONICALLY businesses (and their leaders) may be as much responsible for reducing inequality in society as for causing it. We drive technology, social attitudes, economic structures and factors, and thereby influence how income is generated and distributed. To me, the key issues of inequality stem from the need to show constant (and quick) profit, leveraging technology and being resource driven. Scalability in business should reduce costs of goods and services. Business leaders must work towards an equitable profit mechanism. Next is consumption of raw materials and resources. In sourcing resources, business leaders should be mindful of environmental elements, land, raw materials and labour overall. The cheapest and most exploited on any scale here all contribute to inequality. Reversing this will help reduce inequality. Both public and private sectors have a hand in conterminously determining these issues, so some fiscal aid or other benefits will make a significant difference in the cycle and chain. Lastly, a system of support from businesses for their employees will help reduce inequality. Training grants and aids, even private sector loans for upskilling, all work to add value. It's Utopian to envisage across-the-board implementation of such measures, but they accord directly to the calls to foster social cohesion.

Quek Siu Rui Co-founder and CEO Carousell

CAROUSELL started with a purpose to address and solve a decluttering problem. As people buy more, the inequality margin in society widens. We occupy a unique position as a classifieds marketplace that offers people a platform to find a new home for things they no longer need. Underused or unused items can find a new lease of life with those who would value them more or with might not be able to afford the full price.

As we get more environmentally-conscious, we hope that Carousell will continue to thrive in communities and we're able to give people access to excess.

Roshni Mahtani CEO and Founder theAsianparent

BUSINESS leaders can address and resolve this by leading and driving multifaceted equality movements in their companies, gradually leading to such values being inculcated throughout the organisation and indirectly having a positive impact on the greater community. At theAsianparent, we promote an open culture that facilitates cohesion, which in turn helps discourage discrimination of any form within the organisation.

David Leong Managing Director PeopleWorldwide Consulting Pte Ltd

EMPLOYERS, business owners and organisations can propagate the value of equity and not equality. At work, work performance and value-add to bottom lines count. CEO-to-employee pay ratio is clear evidence that there is a divide. This ratio can never be equal. But what business can promote is meritocracy and to catalyse this enterprising and hardworking spirit among staff to give each employee the chance to excel.

It must be all about merit, performance and equal access to opportunities to maintain a level of equity.