Morgan Stanley’s annual pro bono program, the Strategy Challenge, capitalizes on the financial analysis and business strategy expertise of its professionals, who work in teams to provide needed services to nonprofits. Over the next two years, the firm has committed to expand the Strategy Challenge in its key areas of children’s health, the environment and economic development, and to expand its geographic reach.
The Strategy
Teams of Morgan Stanley employees work with up to 15 nonprofits annually, providing pro bono strategic advice on critical growth and business issues. Each year, 75-100 employees participate, ranging from the up and coming Associates and Vice Presidents who volunteer as team members, to senior Firm management who advise the teams on their projects. Appealing to the competitive nature of their best and brightest, Morgan Stanley’s Community Affairs and Global Sustainable Finance offices designed the Challenge as a tournament-style competition between teams to deliver the best set of recommendations and services to their nonprofit partners. After their 8-week assignments, the teams are judged by a committee of senior Morgan Stanley executives, academics and NGO experts. The winners receive a high degree of internal recognition and key promotion opportunities within the Firm.
The Impact
In one instance, a Strategy Challenge team saved New York Cares $150,000 annually in staff time by recommending improvements to its volunteer on-boarding process. Gary Bagley, Executive Director of New York Cares (at the left), spoke about this highly impactful partnership with Morgan Stanley at A Billion + Change's campaign event in NYC on February 27. In 2011, another pro bono team helped Feeding America improve its strategy for providing shared services to affiliates, generating an estimated $3 million in potential savings across its network.
The Strategy Challenge has also proven to be a valuable talent management and development tool for Morgan Stanley. In the current global war for talent, pro bono programs like this help attract and retain key talent, especially from the younger, more socially-conscious workforce. “The Strategy Challenge suits Morgan Stanley’s culture perfectly, in a way that captures our employees’ interests and passions,” added Audrey Choi, Managing Director of Global Sustainable Finance at Morgan Stanley.
Morgan Stanley was named as one of CNN Money’s “15 Top MBA Employers” in 2010, with the chance of competing in the Strategy Challenge a major selling point for the Firm. According to feedback from program participants, 98% felt that the pro bono program improved their financial knowledge and strategic thinking skills, helped build their network within the company, and gave them valuable exposure to senior staff. Over 90% said the program improved their client interaction skills and increased their engagement with the Firm.
A Billion + Change heartily thanks Morgan Stanley for joining the campaign as a founding sponsor, and for committing to expand its pro bono efforts to build nonprofit capacity!
- Read about A Billion + Change’s campaign celebration, hosted by Morgan Stanley, in