Deloitte US pledges US$1.5bn to create an equitable society

Deloitte US has announced a US$1.5 billion social impact investment aimed at fostering a more equitable society.

This new 10-year commitment builds on Deloitte’s existing social responsibility efforts and leverages cross-sector capabilities that have been established and evolved over the organisation’s more than 175-year history.

Deloitte will work with leaders, organizations, and communities to help build pathways for social mobility and economic prosperity – with a focus on education and workforce development, financial inclusion, and health equity.

“Our three focus areas are inextricably linked to each other and to the opportunity for people to have prosperous lives in our society,” says 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.”

Organisations and initiatives Deloitte has chosen to work with

To kick-off the investment, Deloitte has selected organisations and initiatives that are demonstrating impact, innovation, and the ability to advance equity:

• 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 (BEA Foundation) to promote financial inclusion: The BEA 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 organisations 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 organisations working to shift the underlying conditions that produce health inequities across an individual lifespan and generations.

Among other organisations and initiatives Deloitte will engage with over the 10-year commitment: the Black Directors Health Equity Agenda, Braven, Greater Washington Partnership, Morehouse School of Medicine, The Posse Foundation, Robin Hood, and World Economic Forum.

New pledge expands upon Deloitte’s existing investments

This commitment further expands 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 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 organisations to make a sustained impact together,” says 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.