Prince Harry, Chief Impact Officer at coaching organisation BetterUp, has revealed that they are backing the Pledge 1% initiative, which encourages firms to give 1% of their equity, staff time, product or profit to their communities.
Pledge 1% is a global movement formed by software business leaders, including Salesforce Chairman and CEO Marc Benioff, Atlassian co-founder Scott Farquhar, and others.
BetterUp, based in San Francisco, US, has decided to donate across all four categories to ensure “maximum impact across all business areas.” Below is a breakdown of BetterUp’s current Pledge 1% initiatives and plans:
1% Equity
They have committed pre-IPO stock, ensuring that impact grows along with commercial growth. Together with other companies, they are working to unlock $5 billion of new philanthropy by 2025 to drive global social impact.
1% Employee Time
They give employees five paid days to volunteer in charitable activities of their choice, above and beyond the 1% commitment.
They recently implemented a new company initiative, volunteer month. The annual event will start on November 1 and end on #GivingTuesday, and will consist of “manager-sponsored volunteer days, internal dialogues about gratitude and giving, and group volunteer events.”
They are also encouraging their employee resource groups (ERGs) to lead and gain support for campaigns that matter to them. For example, their military ERG is partnering with organisations like veteran non-profit organisations Team Red, White and Blue on specific volunteer efforts.
1% Product
By providing free access to “life-changing personal growth and development” via their human transformation products to organisations that support underserved and marginalised communities, BetterUp aims to “drive positive change for leaders that will ripple through their teams and communities.”
The organisations receiving free access to their products are listed below:
1. Hidden Genius Project
To address the lack of representation of people of colour in tech companies, the Hidden Genius Project “trains and mentors Black male youth in technology creation, entrepreneurship, and leadership.”
2. The Queen’s Commonwealth Trust
The Queen’s Commonwealth Trust (QCT) supports young leaders in transforming their Commonwealth communities across Africa, Asia, the Americas, Europe, and the Pacific.
QCT provides organisations with “flexible funding to invest where it has the greatest impact” as well as tools and support to make their organisations sustainable and effective, including creating a “vibrant network of motivated young leaders to share learnings, ideas, and ground-breaking solutions.”
BetterUp’s collaboration with QCT includes offering 1,000 young leaders free access to the coaching platform to help them develop as entrepreneurs. This support includes helping them build their confidence, resilience, and mental fitness to help their organisations drive greater impact.
3. Belonging @ BetterUp
Belonging@BetterUp is an initiative to donate coaching hours to non-profit organisations focusing on underrepresented groups. For 2022, they have committed to donating coaching hours to additional organisations, including Upwardly Global, Defy Ventures, HBCU.VC, Black Women on Boards, and Echoing Green.
1% Revenue
BetterUp has supported company-wide donation drives that target diverse communities and those in need from the outset.
Prince Harry on Pledge 1% and social impact
Speaking on BetterUp’s new commitment to Pledge 1%, Prince Harry said: “We are thrilled to join the Pledge 1% movement and formally commit our time, product, profit, and equity toward those working tirelessly to improve our communities and keep us safe. We hope this inspires other organisations to take the pledge as well when it is needed most — which is now.
“Social impact is not some buzzword, secondary goal, or silo at the edges of our business — it’s intrinsic to the work we do here at BetterUp. Our success as an organisation is deeply dependent on the positive social change we can make in this world.
“The impact of our mission is on a global scale. We saw it, for example, in our partnership with the Queen’s Commonwealth Trust earlier this year, when 1,000 inspired young leaders across the Commonwealth gained tools for resilience and mental fitness that will be with them for life and will help accelerate their impact on the world.
“Our ambition is nothing short of improving the human condition. We envision a world where everyone has access to the support and care they need to thrive — personally and professionally. Pledge 1% is an important next step on our way to fulfilling that vision.”
Marc Benioff said: “We’re thrilled to welcome BetterUp as one of our newest partners, a fast-growing organisation that is not only helping humans thrive as part of their day-to-day business, but who is also committed to contributing time, product and services, revenue, and equity to the greater good. With organisations like BetterUp, we can continue to make a huge impact today and in many years to come.”
To find out more about Pledge 1%, click here.
