Bartle Bogle Hegarty created the campaign, which is called "the gingerbread stall" and will first air on TV on 9 November.
The ad tells the story of a young girl who is asked to make gingerbread biscuits for her school fete. She struggles with her task until she gets help from a Waitrose worker.
A narrator explains, "when you own something, you care a little more. Everyone who works at Waitrose owns Waitrose, so they care a little more." The idea was first used by they brand in a TV ad earlier this year.
The soundtrack is Dolly Parton’s Try and was made by combining recordings by members of the public. The song will be available to download from 9 November, with profits going to charity.
Rupert Thomas, the marketing director Waitrose, said: "Because our partners own the business, they are motivated to go that little bit further for customers – and that’s what we want to portray in this ad.
"The extra dimension of the soundtrack means customers can also give something back. When they donated their voice, they also had a chance to support three worthy charities who will be receiving the profits from the song when it goes on sale as the ad airs."
The work was created by Fred Rodwell and Andy Parsons, and directed by Tom Tagholm through Park Pictures.