According to its latest figures, Moody’s donated a total of $4.9 million in 2013. Raymond McDaniel’s commitment to philanthropy has benefitted Moody’s overall business. The company saw its revenue increase from $3 billion in 2013 to $3.3 billion in 2014.
Since McDaniel took over as the CEO in 2005, Moody’s annual revenue has nearly doubled from $1.7 billion to $3.3 billion.
On top of that, more than half of Moody’s 9,900 global employees participate in at least one community service event annually. To express his appreciation, President and CEO Raymond McDaniel has written each of them a personal thank you note.
“Moody’s primary social purpose is to help facilitate the flow of capital from people who have money to invest to those who are seeking it,” (Raymond McDaniel, 2013)
Some ways the company facilitates this is by rating bonds that, when they find investors, might help improve school facilities or help build water treatment plants in third-world countries.
The company’s charitable endeavors also come directly from Moody’s employees.
McDaniel has implemented a company-wide afternoon of service where employees take half the workday to give back to their community in some way. In 2013, the company completed a total of 13,498 hours of volunteer service during that one afternoon.
The Moody’s Foundation provides additional ways for employees to increase their social footprint. It matches an employee’s personal gift to any eligible, tax-exempt nonprofit or governmental organization, up to $5,000 per calendar year. For employees who volunteer 40 or more hours in a calendar year at a single nonprofit, Moody’s will donate $500 to that organization on the volunteer’s behalf.
Moody’s presents its employees who have demonstrated outstanding community involvement with its prestigious Global Volunteer Award. The recognition provides the volunteer’s nonprofit organization with $2,500 in the winner’s name.
“Our involvement in the community has been aligned very closely with the attributes people associate with Moody’s, such as promoting education and making sure that students have the specialized skills that are necessary to function in an increasingly complex world,” McDaniel told Leaders magazine.
To encourage high school students to pursue math and science fields, Moody’s sponsors its signature youth program, the Mega Math Challenge. The competition pits high school teams from 45 states against one another to find math-based solutions to real-world problems. A total of $125,000 in scholarship prize money is distributed to the top finishers.
McDaniel, who has been with the company since 1987, encourages his employees to apply their business expertise to nonprofit boards. Moody’s provides these employees with both the tools and the training to explore board-service options.
“We see a lot of engagement from senior managers who sit on the boards of nonprofits and from our associates worldwide who actively embrace volunteerism,” writes McDaniel.
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