Hilton, CVS Health, Accenture, Pacific Gas and Energy Company, and Chevron are companies supporting supplier diversity initiatives through investments in upskilling of minority suppliers. The requested information about the firms is presented below.
- Hilton is committed to diversity in its operations. In an industry where its businesses have a direct impact on the community, embracing diversity is critical.
- As a result, the company has given priority to its supplier diversity program, which is one of the best in the industry. Since its launch 10 years ago, the program has nurtured links with over 3000 diverse businesses, including minority, LGBT, and veteran-owned.
- Hilton plans to double its sourcing from diverse suppliers by 2030. In 2019, the company spent over $593 million on diverse suppliers.
- As part of its efforts to upskill the minority suppliers, Hilton has hosted events and sponsored suppliers to help them hone their skills. For example, in 2019, the company attended the US Hispanic Chamber of Commerce’s 40th Year National Convention.
- Hilton also sponsored a supplier diversity best practices training and forum for Hispanic Business Enterprises. The theme of the training was how to venture into a multicultural and inclusion-oriented supply chain.
- Accenture believes that embracing inclusive procurement practices nurtures long-term value for its clients and competitiveness.
- The company engages various diverse businesses in its supply chain through membership organizations such as National Minority Supplier Development Council (NMSDC).
- To upskill the diverse suppliers, who also include the minority, Accenture has initiated the Diverse Suppliers Development Program (DSDP). The 12-18 month program matches mentors from the company with diverse supplier firms to help them expand their businesses.
- In 2019, Accenture graduated 165 diverse suppliers. The company has an objective of graduating 170 more in 2020.
3. CVS Health
- CVS Health’s supplier diversity program is a key component off its sustained growth, development, and success. The company has endeavored to ensure that all suppliers are accorded equal opportunity in the procurement process.
- The program targets minority business enterprises, LGBT enterprises, small disadvantaged enterprises, and disabled veterans, among others.
- To ensure that the suppliers are well-prepared to engage and present their product and/or services to the decision makers in the company, CVS educates them. The company also maximizes the potential of the collaborations through training and other upskilling programs.
- One such program is Executive Learning Series for Diverse Suppliers, which is offered in partnership with Rodger Williams University College. The program helps vendors obtain critical management skills to grow their business links.
- In 2018, CVS worked with numerous diverse businesses including 373 owned by minorities.
4. Pacific Gas and Energy Company (PG&E)
- For almost 40 years, Pacific Gas and Energy Company has been working with diverse suppliers and other small firms as it strives to offer reliable, safe, clean, and affordable energy to its clients.
- The company’s supplier diversity program is an essential facet of its dedication to service its customers better. PG&E prioritizes business enterprises owned by the minority, LGBT, and disabled veterans.
- To help the business operate more sustainably, the company improves their skills through training sessions and workshops.
- PG&G also sponsors educational scholarships for diverse suppliers to learn how to manage supply chain risks and enhance quality through International Organization for Standardization (ISO) certification. The scholarships enlighten them on how to implement ISO standards.
- The upskilling is aimed at helping the suppliers improve and grow. In 2019, the company spent over $3.4 billion with such suppliers. Out of this, $1.55 billion was spent with minority-owned business enterprises.
- Chevron reiterates its commitment to an inclusive and diverse supply chain. According to the company, a diverse supply chain is integral to the success and growth of the company. It has the same impact in a company as a diverse workforce.
- In pursuit of supplier diversity, Chevron works with certified minority-owned businesses, small disadvantaged businesses, and certified LGBT-owned businesses, among other minority businesses.
- To help the minority-owned businesses work with the company, Chevron provides education and training to improve their skills.