A strong, companywide commitment to philanthropy, community service and volunteerism is nearly ubiquitous among recipients of Pensions & Investments' 2019 Best Places to Work in Money Management awards.
All but two of the 76 winning money managers, consultants and asset owners in P&I's eighth annual program said their organization sponsors and/or actively supports community initiatives and 76% provide paid time off to employees for a wide range of charitable endeavors in response to the survey, conducted by Best Companies Group, Harrisburg, Pa.
From packing backpacks with school supplies for kids in need to serving food in homeless shelters, matching employee charitable contributions, companywide service days/weeks/months/summers, and international service trips to improve the lives of people in desperate need, this year's group of P&I Best Places to Work winners is devoted to giving back.
In addition to improving the world outside their offices, money managers are finding that a philanthropic culture is an increasingly important factor in employee recruitment and retention.
Quantitative equity manager Bridgeway Capital Management Inc., Houston, Texas, explicitly incorporated volunteerism and philanthropy into its business through the creation of the Bridgeway Foundation at the time of its launch in 1993. The company donates half of its investment management profits to non-profit groups through the Houston-based foundation.
The foundation's mission is to be a catalyst for hope and reconciliation, a cause the firm's 39 employees fully embrace, said Tammira Philippe, CEO and president.
"Giving back is part of our culture and something that everyone shares," said Ms. Philippe, stressing that "we try to filter our emphasis on giving back into the discussion at the beginning of the recruitment process, and we are attracting extraordinary people.
"There will always be companies that will offer more money; I want to hire people who share our values of community service and won't be easily pulled away," Ms. Philippe said.
Bridgeway Capital employees have many opportunities to support causes of their choice with a paid day off each quarter for volunteer work as well as more paid time off to participate in service trips for which Bridgeway pays 50% of expenses for the employee and his or her family. The firm also matches employee contributions to charities of their choice.
Bridgeway Capital ranks fourth in the small-employer category for firms with between 20 and 49 U.S. employees in this year's Best Places program.
The firm managed $8.3 billion as of June 30. The size of the foundation could not be learned.