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Two of the world’s richest men, Warren Buffet and Bill Gates have been hosting a series of dinners over the past year in the United States for their super-rich friends and peers. The objective of these soirees has been to encourage a new era of philanthropy. It is an invitation, named ‘The Giving Pledge’, to see the billionaires publicly commit to giving at least half of their wealth away to charity and philanthropic causes during their lifetimes or immediately following their deaths.  During these difficult economic times and as the recession continues to affect the poorest and most disadvantaged in America, the Giving Pledge seeks to act as a catalyst for the wealthy to see philanthropy as a positive social norm amongst their peers. The recession in America has seen a 3.6% drop in donations from $315 Billion in 2008 to $303 Billion in 2009. The Buffet and Gates partnership is impressive in that both men are considered amongst the most influential (and wealthiest!) in the world. The Bill and Melinda Gates Foundation is one of the largest and most lauded philanthropic organisations in the world

However, the rise in unemployment and corresponding knock-on effect amongst the world’s most poor or disadvantaged people has created a need for more than just financial donations. As government trims social services and public services budgets the effect multiplies across society as homeless centres close, Food Banks become the only source of food or medical services for the poorest in a nation. As many corporate and community fund raising charities scale back, so too does the flow of aid to lesser developed  nations or people and places in distress such as Haiti or Darfur. The encouragement of philanthropy amongst companies who are the primary source of income for many charities must begin at the top amongst the CEO’s, owners or entrepreneurs whose sphere of influence extends amongst peers and the corporate hierarchies. By linking philanthropy with a social norm and ‘legacy mindset’ it encourages a role model for behaviour and status. It is not only ‘on trend’ with a generational mind-set of ‘giving back’ and ‘making a difference’ but it reinforces the role of private money making a public difference. In the U.K., Prime Minister David Cameron has called for a ‘big society’ in which government, business and private citizenry and faith based organisations should more fully cooperate and collaborate to help the ‘greater good’. Consumer goods companies are eager to point to their support for ‘good causes’ and for ‘target campaigns’ like that for Breast Cancer Awareness or RED. And, the plethora of ‘Walks, rides, climbs, swims, runs and dances for LIFE’ reinforces and provides a means by which everyone can make a difference. The branding of ‘Good Causes’ and philanthropy has made it a competitive marketplace for funding. However, it is now very much part of modern society to create, to lead, to sponsor or to participate in philanthropic behaviour. And, it is not just about money as the recession has seen an increase in applications and participation in volunteerism related activities, work or counselling.  The ability for people to donate or contribute time or skills has made it an attractive way for school leavers to bridge University and employment, working sabbaticals to be profoundly meaningful or early retirement to be a positive reprise of talent.

Yet, the message has clearly not been heard in some circles or by certain individuals. The papers of late have also told of the excesses in Wall Street Bonus cheques, salaries, exorbitant property prices and indulgent spending. Perhaps the most ‘off trend’ was the legal dispute over the will of the late Gail Posner of Miami, Florida. Ms Posner died at the age of 67 and left a sizeable amount of money to her spa loving and diamond draped pet Chihuahua, Conchita. Much to the dismay of her son, Conchita was left a $8.3US home and a $3m trust fund. And $26M was bequeathed to ‘support’ Conchita with bodyguards, housekeepers and personal aides. To be fair, Ms Posner did leave a portion of the remainder of her estate to animal shelters, breast cancer charities and a suicide prevention hotlline. However, her son is currently disputing the overall will and bequests. It reminds one of the late will of the heiress, Leona Helmsley in 2007 who left a $12m trust fund for her dog which was later reduced by a judge to $2m and the remainder left to various charities. Interestingly, perhaps that will occur in the Conchita case as the legal view often reflects the public view when it comes to ridiculous and self-indulgent inheritance.
Today, the era of excess and indulgence is over. However, the problems and challenges of the world have only multiplied and especially for the poorest and most disadvantaged. It is even more important for people to donate their time, their efforts and their money to the causes that have no sponsor, or the weakest amongst the population who have no champion. It is not so much about what branded causes one supports, but that one supports causes!  The ability for someone to give their time, their money or their skills –or, indeed to leave a legacy donation via their last will and testament is a wonderful idea. Michael Bloomberg, the wealthy mayor of New York City said it best…”I am a big believer in giving it all away and have always said that the best financial planning ends with bouncing the check to the undertaker”.

At FutureBrand, we encourage employees to contribute their personal time and efforts to charitable causes and campaigns. We are active in a number of charities, initiatives and events worldwide to ‘make a difference’. Most importantly, we are a primary supporter of Malaria No More and the eradication of deaths from Malaria in Africa by 2015. (www.Malarianomore.com). A colleague of mine recently said that his mantra in life was to ‘live generously’ – and, I thought it an apt phrase and career enhancing trait. To live generously is to give generously – to friends, colleagues and strangers/fellow mankind. Perhaps it is time for a period of more social and community minded philanthropy – for skills, money, time and talent? Perhaps there is a new opportunity for legacy thinking and behaviour? Though I am sure many of us would like to leave a few dollars to our favourite Chihuahua, we cannot just leave it to Bill Gates and Warren Buffet to be the only philanthropists.