Inspiration can be found in many places. In stories and in experiences, shared or otherwise. This past weekend I was reading the September 18th issue of Fortune magazine and in it was an article about the New York City based Robin Hood Charity, a venture philanthropy that was founded by hedge fund guru Paul Tudor Jones.
The name alone gives a sense of its mission - to take from the rich and give to the poor. The Robin Hood Charity and its well-heeled benefactors as the article attests is about " leaders of the hedge-fund world banding together to fight poverty - taking gobs of money from the rich, applying strict financial metrics in giving it away, and making philanthropy cool among the business elite."
What makes this story compelling is that in addition to the extraordinary amount of good will delivered to the most needy - it has distributed over $500 million through 200 programs - is the code or guiding principles it follows to keep the donations rolling in and the program meeting its objectives.
I reference this article because I think there are many lessons to be learned - for staffing executives - from other industries, institutions, and entities relative to best practice design and implementation. As you reflect on the Code below ask yourself if there are lessons to be learned from the strategies and tactics used by Wall Street´s charitable team to fight the war on poverty.
A Rebel´s Code
What makes Robin Hood different from other charities.
Every Dollar Counts
To entice donations, board members cover all administrative and staff expenses - meaning all contributions go 100% to funding programs.
Follow the Metrics
Robin Hood spends more than $500,000 a year gathering data on the agencies it funds, and $300,000 on a staff economist who crunches numbers. Programs that don´t satisfy their benefit/cost benchmarks are out.
Don´t Save Your Powder
Robin Hood doesn´t have an endowment and doesn´t want one. It aims to spend everything it raises each year.
Be Cool
Poverty-fighting goals may be wonky, but Robin Hood´s stylish courting of celebrities gives it unmatched cachet.
Note: see www.fortune.com
