The NTUC Social Enterprises (SEs) have concluded their Financial Year 2010/2011 Annual General Meetings on a high note. It was clear that as they continue to deliver social impact (Do Good) and attain financially profitable business models (Do Well), the SE2015 Vision launched in April this year has spurred them to develop new and innovative ways to create bigger social impact for workers and their families.
To this end, the NTUC SEs have delivered much in the three strategic thrusts outlined in the SE2015 Vision: “Affordable Enough” or expanding their role in keeping the prices of essentials affordable and stable; “Good Enough” or breaking new ground to develop new offerings to meet new needs and preferences; and “Care Enough” or expanding their product and service offerings to support the three-generation (3G) family and the community.
Commenting on the performances by the NTUC SEs, Social Enterprise Development Council (SEDC) Executive Chairman Lim Boon Heng, said: “The SEs have delivered much good to society in the past year. With the global economy looking uncertain, it is important that our SEs continue to hold fast to their commitment to make a difference in society. I would like to acknowledge the Chairmen and the board of directors for steering the SEs in the right direction, and for guiding their performance towards our SE2015 Vision; which is to build on the SEs' existing contribution to do even more for working families. I am indeed proud of their good work.”
Moving forward, NTUC Competency Director (Group Development) Adeline Sum reaffirmed the NTUC SEs commitment towards the SE2015 Vision: “The mission of our SEs to support working families through their products and services, while remaining financially sustainable, is a challenging one. As we journey towards the SE2015 Vision, we will continue to work closely with the SEs to enable shared learning experiences and best practices, and to do more together.”
Key Achievements In 2010 And 2011
Over the years, the NTUC SEs have built a strong foundation in delivering their social impact, and in 2010 and 2011, stepped up their efforts to make further progress.
As part of their mission, NTUC SEs meet customers’ needs for quality and accessibility at an affordable price for a wide variety of goods and services in three key ways. Firstly, they set benchmark prices for key essential products so that more families will find them affordable and value for money.
For instance, the attractive pricing of NTUC Income Insurance Co-operative Limited’s life, health and motor insurance policies, as compared to similar products in the market, has helped an estimated 1.2 million customers save $37 million in 2010.
In response to public concerns on rising inflation, the NTUC SEs expanded their role in keeping the prices of essentials affordable and stable. NTUC Foodfare Co-operative Limited, who committed to hold off increasing the prices of basic foods and beverages at all its 40 foodcourts, coffee shops, cafes and takeaway kiosks this year, is one such example.
Secondly, the NTUC SEs also gave out LinkPoints, rebates, cash bonuses and direct price discounts. Some of the top contributors include NTUC FairPrice Co-operative Limited, who disbursed $32 million worth of rebates and $1.8 million worth of savings to senior citizens; NTUC Link Private Limited, who issued $20 million worth of LinkPoints under the Plus! rewards programme; NTUC Income Insurance Co-operative Limited, who gave out special cash bonuses worth $8.6 million to 250,000 long-standing life policyholders and $1.5 million worth of direct vouchers for special group policies taken by NTUC members; and NTUC Club who gave out $10 million worth of direct discounts and privileged pricing.
Thirdly, NTUC SEs also find ways to create value for their customers. For example, customers who bought NTUC Fairprice Co-operative Limited’s housebrand products instead of equivalent national brands saved $27 million in 2010. This year, NTUC Link Private Limited acquired one of Singapore’s leading online group discount portals, BigDeal.sg, to provide better value to its Plus! Members. Plus! Members can now look forward to bigger deals on goods and services and receive LinkPoints at the same time. The NTUC SEs are working together with newly launched Plus!BigDeal to bring more exciting deals to Plus! Members.
As they aim to maximise their social impact, the NTUC SEs strive to deliver it with excellence. In this area, they have received several accolades in recognition of their business excellence efforts over the past year.
In line with its mission to be the best place to shop, NTUC Fairprice Co-operative Limited launched a service motto “Service from the Heart” to affirm its commitment towards providing excellent service and create a service oriented culture in the organisation. It was also certified by SPRING Singapore as a Service Class organisation. NTUC Fairprice Co-operative Limited also received several prestigious business excellence awards, including the Gold Award for top retailer in Singapore and the Best-of-the-Best Retailer Award in the Asia Pacific region. In addition, NTUC Fairprice Co-operative Limited’s hypermarket brand FairPrice Xtra received the ‘Businesses for Families Mark’ from the Businesses for Families Council which recognises companies that have implemented initiatives to cater to the specific needs of families. FairPrice Xtra is the first supermarket brand in Singapore to receive this certification.
NTUC LearningHub Private Limited was also honoured for their efforts in instilling quality and business excellence and developing people. They received the Enterprise 50, Singapore Prestige Brand, WSQ Distinguished Partner, Singapore Service Class and People Developer awards. NTUC Income Insurance Co-operative Limited also received a nod for business excellence. Bucking the trend in an industry that has been experiencing challenging years, it became Singapore’s top motor insurer in 2010.
NTUC First Campus Co-operative Limited was also recognised for its high quality preschool education. Seven of their preschools were awarded the Certificate of Achievement for the Singapore Preschool Accreditation Framework (SPARK) certification in 2011.
As they strive to be “Good Enough”, the NTUC SEs have also developed new offerings to meet new societal needs in 2011. NTUC First Campus Co-operative Limited, for example, endeavoured to bring out the best in its children and teachers. It pioneered “Project Eureka”, which puts together innovative early childhood teaching best-practices that help inspire creativity in young children. In partnership with an international infant care expert with support from the National University Hospital, NTUC First Campus Co-operative Limited also launched the “Learning for Life: Birth-To-Three Curriculum Framework”, a new curriculum framework to raise the quality of infant care service.
Another good example is NTUC LearningHub Private Limited, which stepped up its efforts to reach out to Professionals, Managers and Executives (PMEs). Next U, its executive education arm, recently announced its partnership with the Singapore Management University School of Information Systems to help groom PMEs for the next wave in info-technology. It will deliver short professional courses in Cloud Computing and Business Analytics, which were identified by an IBM survey as the top two technology priorities for mid and top-tier companies across all major industries in the near and mid-term.
Many NTUC SEs have in place specific initiatives to help ease the burden for low income union members and their families. NTUC First Campus Co-operative Limited’s Bright Horizon Fund, for instance, provided assistance to more than 150 families in 2010, and supported over 200 children in various programmes. NTUC Club organised a series of Family Recreation and Fun Carnivals, and disbursed $1.5 million worth of privileges to lower income union members and their families.
In 2010, NTUC Income Insurance Co-operative Limited established OrangeAid, a corporate social responsibility initiative to benefit youths and children, especially the disadvantaged. It disbursed $1.6 million or one per cent of its operating profits in 2010 to various homes, societies and schools. It also launched the Income Family Micro-Insurance Scheme.
Policyholders receive a pay-out of $5,000 in the event of death or total and permanent disability of the main caregiver. To date, this scheme has benefited some 13,000 lower income households. In 2011, NTUC Fairprice Co-operative Limited launched the “Breadwinners – We Care, U Care” campaign. Through this programme, it donated $1.35 million to the NTUC U Care Fund to help low income union members and their families cope with the rising cost of living. Its charity arm, NTUC Fairprice Foundation, partnered the People’s Association, and donated $1 million worth of food vouchers to needy families at mass community participation event “One Community Walk”. Another good example is NTUC Income Insurance Co-operative Limited’s Kite Festival 2011, a community event which brought together the beneficiaries of OrangeAid and other beneficiaries for a fun-filled day of kite flying.
As part of the SE2015 vision, the NTUC SEs have also been expanding their product and service offerings to support 3-generational families and the community.
NTUC Foodfare Co-operative Limited, for instance, introduced Singapore’s first 3-generational food court at Clementi Mall, which is specially designed for families with young children. NTUC Choice Homes Co-operative Limited pioneered a first-of-its-kind offering with the launch of Belysa, its latest Executive Condominium. Union members who purchased units in Belysa enjoy special benefits, which include free three-year U Live memberships for two parents, as well as priority placement for their children at any five of NTUC First Campus Co-operative Limited’s preschool centres within the vicinity.
The Years Ahead
NTUC SEs will look to build on their efforts to support the three strategic thrusts of the SE2015 Vision of being ‘affordable enough’, ‘good enough’, and ‘caring enough’, so as to realise the SE2015 Vision to expand their social impact and make a difference.
