$1.5 billion Social Impact Investment by Deloitte to foster a more Equitable Society
Deloitte recently announced a $1.5 billion investment in social impact focused on three areas vital to helping create equity in society: education and workforce development, financial inclusion, and health equity.
This investment builds off Deloitte’s existing social responsibility efforts and leverages cross-sector capabilities that have been established and evolved over the organization’s more than 175-year history.
Through this 10-year commitment, Deloitte will work with leaders, organizations, and communities closest to the issues to help build pathways for social mobility and economic prosperity.
Deloitte will support community-driven change by strengthening local efforts, bringing together key decision makers, and facilitating collaboration to help drive collective action across the private and public sectors.
The combined knowledge and experience of Deloitte and local leaders within each organization will serve as a catalyst for innovation and approaches that can contribute to change at scale.
“Our three focus areas are inextricably linked to each other and to the opportunity for people to have prosperous lives in our society,” said Dr. Kwasi Mitchell, chief purpose officer at Deloitte.
“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.”
To kick-off the investment, Deloitte selected organizations and initiatives that are demonstrating impact, innovation, and the ability to advance equity, including:
OneTen to address education and workforce development: Deloitte is a founding member of OneTen, a coalition of more than 70 employers committed to help hire, promote, and advance 1 million Black Americans without a four-year college degree into family-sustaining careers by 2030. Deloitte is consistently looking for ways to increase access and opportunity for diverse talent.
The Black Economic Alliance Foundation to promote financial inclusion: The Black Economic Alliance Foundation works to harness the collective expertise and influence of Black business leaders to drive economic prosperity and generational wealth-building for the Black community with a focus on improving work, wages, and wealth. To start, Deloitte is making a five-year investment to supplement capabilities that can enhance the Foundation’s efforts to deliver on its mission.
New Profit’s Health Equity Catalyze Cohort to advance health equity: Catalyze Cohorts are an investment mechanism of the venture philanthropy organization, New Profit, that supports organizations addressing systemic inequities.
Deloitte is providing financial support and pro bono services to help New Profit curate and run the programming of its Health Equity Catalyze Cohort, a collaboration with Deloitte that supports an initial eight organizations working to shift the underlying conditions that produce health inequities across an individual lifespan and generations.
Additional organizations and initiatives Deloitte will engage with over the 10-year commitment include the Black Directors Health Equity Agenda, Braven, the Greater Washington Partnership, Morehouse School of Medicine, The Posse Foundation, Robin Hood, and World Economic Forum.
This commitment will also expand upon Deloitte’s existing investments that have shown success in driving equity, including being the premier sponsor of the Black Boardroom Initiative, Deloitte’s Making Accounting Diverse and Equitable (MADE) commitment, and with support from Deloitte Foundation investments at the intersection of education and equity.
“Deloitte is proud to work with innovative and forward-thinking organizations to make a sustained impact together,” said Alicia Rose, deputy CEO at Deloitte.
“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.”
Deloitte’s investment will span actions that include venture philanthropy for social entrepreneurs, skills-based hiring and apprenticeships, Deloitte employee fellowship programs to supplement existing capabilities, and much more.
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 7,000 private companies.
Their people come together for the greater good and work across the industry sectors that drive and shape today’s marketplace — delivering measurable and lasting results that help reinforce public trust in our capital markets, inspire clients to see challenges as opportunities to transform and thrive, and help lead the way toward a stronger economy and a healthier society.
Deloitte is proud to be part of the largest global professional services network serving clients in the markets that are most important to them. Building on more than 175 years of service, their network of member firms spans more than 150 countries and territories.