[Sponsored Report] Business community looking to give back

In today’s world, people want more than just good products and services from companies.

They’re also demanding that firms return some of their wealth to society and serve as pillars in their communities.

“Social responsibility fulfillment has become a major focus of many companies,” said an official from the Federation of Korean Industries. “The social contribution work of companies not only reinforces the competitiveness of firms but also contributes to the continuous development of the country.”

Executives in many industries see the value of funding philanthropic efforts - from both a business and community perspective.

Simply put: “Companies can make better decisions” if they’re more involved with society, said one local executive.

A new trend is now emerging in which businesses are actually trying to one-up each other in the realm of social responsibility, adding a new dimension to competition.

Many companies are striving to come up with innovative programs and activities.

Posco’s multi-cultural program is a good example. Through this effort, the steelmaker attempts to help foreign members of multi-cultural families feel more welcome here.

The program - operated in conjunction with the Ministry of Gender, Equality and Family - offers language courses as well as loans that can be used to start businesses and find jobs. It also creates customized support initiatives to help a broad range of people who need help adjusting to life in Korea.

Other major companies are targeting different areas.

Hyundai Card, for example, is involved in numerous efforts, including projects to support a popular walking trail on Jeju Island and those that give up-and-coming designers some recognition.

Meanwhile, LG Chem is hoping to get teenagers interested in chemistry in an effort to foster talent for the future. It also provides after-school science classes for elementary school children and those who take advantage of services provided by welfare institutes, among other initiatives.

By Lee Ji-hyun [Concordia@joongang.co.kr]