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Some executives are climbing to the top of the corporate ladder only to find once they get there, they are unfulfilled. No longer content to spend their entire working lives chasing a bigger salary and the corner office, they are leaving the corporate world behind to take up roles in not for profit organisations.
After 25 years in banking, including her most recent role as a Vice President with Citibank, Kate Frost (pictured) joined a colleague in the not for profit sector six years ago. Today Kate Frost is CEO of the YWCA in NSW and despite earning only a fraction of what she use to earn in banking, Kate says she has never been happier.
“The not for profit sector is a growing industry and the calibre of people who are joining us is just incredible. For me I guess the opportunity to make a difference has really over-taken my desire to generate a large income,” Kate Frost told Australian Women Online.
“Six years ago I was a corporate banker with Citi Group, happily living a very nice life with my husband. Then one day my PA was trying to pull me out of a meeting because my husband Simon had had a heart attack and I needed to go to the Royal North Shore Hospital. I remember driving across the Sydney Harbour Bridge thinking ‘Oh my God, if he dies what am I going to do?’ As a result of this we both decided to take some time out and went overseas for a year.”
“When we came back from overseas we really started to re-evaluate our lives and it was my choice, after being approached by a colleague who had recently joined The Smith Family as their Chief Operating Officer, to join the not for profit sector.”
“Working for the bank had allowed me to set up a very nice lifestyle and money isn’t the thing that drives me at this time of my life. There are things I get out of this industry that I would never hope to get out of the banking industry. I truly believe that we can make a difference and helping people at those critical times when they absolutely need support, is what drives me now.”
YWCA NSW delivers programs related to a number of issues that affect the health and well-being of individuals and families. They provide practical support to the homeless, the unemployed, people in serious financial difficulty, and pregnant teenagers with no skills and nowhere to turn. The focus is on early intervention and getting to people when they’re young, before they fall through the cracks.
One area the YWCA is focusing on is breaking the cycle of ‘generational violence’. Exposure to violence and violent behaviour can be passed down through generations, and YWCA NSW works to break young people out of this cycle before they get caught in it. This is done through mentoring, training and leadership coaching.
“Our work with the disadvantaged is a two-fold approach, providing them with the knowledge and skills so they don’t fall through the cracks, but for those who do, we’re there at the other side to pick them up and offer practical assistance,” said Kate Frost.
“The YWCA is a global brand in 132 countries which impacts 25 million people. Here in New South Wales we are a $17 million business. We run two hotels, employment and training services, and a childcare centre. The profits from all of these businesses get re-invested back into our community services to help disadvantaged people.”
Although her husband Simon, returned to banking, Kate says her career change has had a positive effect on them both.
“We often have conversations at home about what’s happening in the not for profit industry. We don’t have kids and one of the challenges when you don’t have kids is that you don’t actually know what’s happening in the community. When I was a banker, The Smith Family, Mission Australia or St Vinnies would come to the front door and we’d give them fifty dollars, but I didn’t really care where the money was going. So this opportunity to understand what’s happening in a broader sense and being exposed to a number of people with business backgrounds who are now in the industry, has really changed our life.”
Working for the not for profit sector has brought Kate Frost into contact with people in the community she would never had met had she continued to work as a banker. Not only has she been getting an education about the disadvantaged in our society, she has also been exposed to a wonderful group of volunteers.
“I met a lovely lady at our Annual General Meeting recently who had been volunteering for the YWCA NSW since 1954. She came from a business background and in those days it would have been really challenging, but she worked her way up through the ranks, and she had always had a vested interest in what was happening in society and in her community. She is still vibrant and a contributing member of our community.”
“We also have a senior ladies group that comes together about every six weeks and I think the youngest of them is probably around 80 years of age. When I grow old, I really want to be like them – they inspire me,” said Kate.
With so many volunteers over retirement age, one of the challenges for not for profit organisations like the YWCA, has been finding ways to engage the younger generations in activities so they too will want to get involved in the community.
“Recently we took the senior ladies group out to our community hub in Ambarvale near Campbelltown. We call it the Yummy Cafe and it’s a place where anyone can go, which has healthy nutritious food and the other not for profits come and deliver their services. The Benevolent Society bring their mobile playgroup and the local council brings their mobile library and we do a weight loss program there. It’s basically a place where people can come together and get some sort of support and actively engage with other people.”
“Hopefully we’re also going to see more corporations position themselves as an employer of choice, offering opportunities for some type of employee engagement through volunteering or workplace giving. The X and Y generations are demanding that type of corporate responsibility when they’re choosing who to work for. When I first joined the not for profit sector it was just getting started, but it is now becoming a critical part of the recruitment process more and more.”
Another challenge for the not for profits has been engaging the corporate sector, particularly during periods of economic downturn.
“When I first joined the industry it was either a sponsorship or getting a cash donation. The industry is now moving towards multi-tiered, multi-faceted partnerships, where organisations start to invest in the not for profit sector. For example, we had a consulting firm give us ten days of free consulting to review our business risks; and we had a building company provide project management skills for a development we doing in the hotel.”
“Some organisations have some capacity to give volunteering time and that’s always incredibly valuable. Some will share their networks with us to deliver our message and that’s also really important. And some are able to give some dollars. So we’re seeing corporate partnerships being developed on a much broader sense then what was the case when I first joined the not for profit sector.”
For more information about YWCA NSW visit the website www.ywcansw.com.au