Time to Pony Up

Some pretty big names are making some pretty big splashes in the world of philanthropy. Recently Dolly Parton announced that all employees at the Dollywood Park and Resort complexes would be given free college tuition. This includes full-time, part- time and seasonal employees. Go Dolly!

In similar fashion pop music icon and recently minted billionaire Taylor Swift has given away millions of dollars to help storm ravaged areas and food banks in cities where she performs. Her donation to the Second Harvest Silicon Valley is enough to feed 500,000 every month in Santa Clara and San Mateo counties. She also gave her entourage, those responsible for transporting her sets and equipment, $100,000 EACH as a thank you for making her shows possible. Go Taylor!

A California company, Tom’s Shoes, gives HALF of all its profits to non-profits promoting mental health awareness and anti-gun violence. The company also donates one pair of shoes for every pair of shoes sold. Go Tom’s Shoes!

Novo Nordisk, Goldman Sachs, Microsoft and Ben and Jerry’s are among the most philanthropic companies in the United States. They still post record profits, but their giving/profit ratio is a little higher than some other mega-companies in the United States.

Consider Starbucks. The company made $24.56 billion in profits in 2023. It could give each of its 400,000 employees an $11,000 raise and still have $20 billion in profits. But instead, workers rely on tips.

Exxon Mobil made $9.1 billion dollars profit in the third quarter of 2023. They recorded the highest ever profits for2023, exceeding $55.7 billion. This as gas prices reached outrageous heights and people struggled to put gas in their vehicles. In 2022 they gave 158 million in community social investment. Against the billions in profits, it is a drop in a very large bucket. Since the year 2000 Exxon Mobil has donated $1.6 billion dollars to educational programs around the world. Before you give them a pat on the back, know that these programs are designed to increase workforce development in areas where there are untapped natural gas and oil reserves. Nothing like generosity with an agenda.

Blue Cross/Blue Shield health insurance giant recorded $7.5 billion dollars in profits for 2023. This as health care premiums continue to increase 5-9% every year. Other mega-companies post similar profits: Tesla, $13.6 billion, Walmart, $155 billion, Verizon, $78.6 billion. And the list goes on. Most of the Executives of these companies make at least 344 times what an average worker in their company makes.

Some of these companies have charitable foundations that give grants to non-profits and make contributions to community needs. But the donations of these foundations in no way mirror the vast profits the companies make.

Taylor Swift, Dolly Parton, and Tom’s shoes are setting an example that other companies would do well to follow. Returning massive gains to shareholders and paying Executives millions of dollars while employees rely on tips and make minimum wage should make anyone with a conscience shiver with guilt and embarrassment. But they post their profit statistics with pride because their job is to make money for their shareholders. And sometimes those shareholders are us.

While the topic itself is huge and seemingly unchangeable, three people and their companies are making a tangible difference in the lives of countless numbers of people. Hey Exxon Mobil, Walmart, Starbucks, Tesla, Blue Cross/Blue Sheild, Verizon and all the rest of you: Be like Dolly, Be Like Taylor, Be like Tom. The world is in need of its share of goods and services and you have more than your fair share. Pony up!