Deloitte Announces 10-Year, $1.5 Billion Social Impact Commitment
Global professional services firm Deloitte announced today a 10-year social impact commitment aimed at fostering a more equitable society, including investments of $1.5 billion, and focused on the key areas of education and workforce development, financial inclusion, and health equity.
The company said that through the new commitment, it will work with leaders, organizations, and communities to help build pathways for social mobility and economic prosperity, supporting community-driven change by bringing together key decision-makers and facilitating private and public sector collaboration.
Kwasi Mitchell, Chief Purpose Officer at Deloitte, said:
“Our three focus areas are inextricably linked to each other and to the opportunity for people to have prosperous lives in our society. Deeply-rooted inequities are larger than any single entity can take on alone. The broader ecosystem, and those proximate to the issues and their communities, can be powerful instruments for sustained change.”
Investments under the new commitment will span actions including venture philanthropy for social entrepreneurs, skills-based hiring and apprenticeships, and employee fellowship programs to supplement existing capabilities, among others.
Deloitte unveiled a series of organizations to kick off investments for each focus area, including OneTen to address education and workforce development, the Black Economic Alliance Foundation to promote financial inclusion, and Health Equity Catalyze Cohort to advance health equity. OneTen is a coalition of employers committed to help hire, promote, and advance 1 million Black Americans without a four-year college degree into family-sustaining careers by 2030; the Black Economic Alliance Foundation works to build economic prosperity and generational wealth for the Black community by harnessing the collective expertise and influence of Black business leaders; Catalyze Cohorts is an investment mechanism of venture philanthropy organization, New Profit, that supports organizations addressing systemic inequities.
Alicia Rose, Deputy CEO at Deloitte, said:
“Deloitte is proud to work with innovative and forward-thinking organizations to make a sustained impact together. At Deloitte, we strive to embed purpose in everything we do, and this is the latest step in our deep and abiding commitment to enact lasting social change.”