Macquarie grads learn philanthropy

Katja Buhrer | December 8, 2008

Article from: The Australian Financial Review

As the credit crunch takes its toll on the banking sector, graduates are expanding their skill set beyond the world of high finance and turning to community activities.

One lesson learned from the financial markets dislocation is that chunky pay packets aren’t everything. Employees are also pursuing a keen interest in philanthropic ventures.

‘‘Investment banking is a tough place, especially at the moment,’’ the head of the Macquarie Group Foundation, Julie White said.

‘‘It’s competitive and people work very hard. So it’s important graduates have a little bit of space to think... about what they’re doing and what their organisation’s doing in the community.’’

The foundation is only too keen to encourage involvement in the not-for-profit sector, regarding pro-bono work as a way to hone professional skills.

‘‘Work that the foundation can do internally with staff is very much about strengthening team work and
collegiality . . . which are core values at Macquarie,’’ Ms White said. ‘‘It’s good for personal development and it’s good for professional development.’’

The chance for community work also helps to attract and retain graduates.

‘‘The human resources team gets asked on their recruitment drives across campuses, ‘What is Macquarie doing in the community?AmI going to get a chance to do community activities as well as my work?’,’’ Ms White said.

‘‘It begins to play a factor in employer of choice [considerations].’’

Macquarie’s graduate volunteering network, which began in 2006 and now boasts more than 70 members, works with community organisations over a 12-month time span. Whatever money they raise, the foundation matches.

One of the latest organisations that graduates have lent their support to is the Country Education Foundation of Australia (CEFA), a national not-for-profit group which provides post high school education support to young people in rural and remote areas of Australia. CEFA members raise funds which are used to provide grants to local youth to assist in the transition from high school into further education.

Macquarie graduates recently held a trivia night to raise funds to establish a new education foundation in Moree, a town known for high levels of crime, unemployment, drug and alcohol abuse and below average secondaryschool completion rates. Around 200 Macquarie employees turned up at the fundraiser, bringing in almost $20,000.

Aside from assisting those worse off, the social element of the foundation’s philanthropic activities helps fresh graduates find their feet in the fastpaced world of investment banking.

‘‘It’s a terrific way of bringing grads together and getting them to know their colleagues,’’ Ms White said.