Wells Fargo’s Salvador Enríquez On How Diversity Can Increase a Company’s Bottom Line

An Interview With Fotis Georgiadis

…My final point is about attracting top talent. Acquiring and retaining top talent is key to the bottom line. If you see a company that is bleeding its top talent, that is a huge red flag. Today, more than ever, employees want to work at companies that honor and celebrate diversity, if this is not happening, they will leave in search of companies where diversity is valued. When it comes to attracting and retaining employees in a competitive world, it’s important to understand the role increasing diversity plays in becoming an employer of choice.

As a part of our series about “How Diversity Can Increase a Company’s Bottom Line”, I had the pleasure of interviewing Salvador Enríquez.

Salvador Enríquez is a Supplier Diversity manager for Wells Fargo with more than 18 years of experience in supply chain management and business development. He is responsible for managing the supplier diversity capacity building programs for underrepresented business owners, including new programs in 2021 specifically developed for people with disabilities and veterans. Last year, the U.S. Department of Commerce honored Salvador with the 2020 Ronald H. Brown Leadership Award for his advocacy work on behalf of minority-owned businesses.

Thank you so much for doing this with us! Before we dive into the main part of our interview, our readers would love to “get to know you” a bit more. Can you share a bit of your “backstory” with us?

I came to this United States when I was 15 years old. My parents were strawberry farmers in Santa Maria, California. They had a strawberry stand, a small business that allowed my brothers and me go to college. My first job out of college was at the Pentagon with the Secretary of Defense in the Office of Special Operations. I also served as an economist at the State Department and Commerce Department. I moved to the private sector 10 years ago, and in the past five years have been a Supplier Diversity manager at Wells Fargo where my job is to train business owners on how to grow their businesses, and sell their products and services to Wells Fargo. Not in my wildest dreams did I ever think that I, a strawberry harvester, would rise to become one of the top subject matter experts on minority-owned businesses in the country. Nor did I think that I would get to brief U.S. presidents and CEOs of Fortune 100 companies. These stories only happen in the United States.

Can you share the funniest or most interesting story that happened to you since you started your career? Can you tell us the lesson or take away you took out of that story?

In 1996, while in college, I was an intern at the Office of the Secretary of Commerce and had the opportunity to meet former Secretary of Commerce Ronald H. Brown, the first Black American to hold the position. He was an inspiring leader who took the time to engage with interns. He would tell us to remember to keep the door open and the ladder down, so that others who look like us can continue to reach the top floors. Fast forward to 2020, the Department of Commerce and The White House awarded me the Ronald H. Brown Leadership Award for my advocacy work on behalf of minority-owned businesses. I continue to send the elevator down, so that the next generation that looks like my kids can reach new heights.

Can you please give us your favorite “Life Lesson Quote”? Can you tell us a story about how that was relevant in your own life?

One of Secretary Brown’s most famous quotes reads, “Politics, life and business are not spectator sports. You have to get involved to get ahead.”

I can proudly say that I have dedicated these past 25 years of my professional life to not being a spectator. I believe that diversity is the key to creating one of the strongest economies in human history. I celebrated diversity when I served as an economist in the federal government, and have taken this commitment to new levels here at Wells Fargo, where I am responsible for our capacity building programs for small and diverse suppliers. I am very blessed to work in what I enjoy, where many days, my job does not feel like a job and more like a passion project. Every day I advocate for underrepresented business enterprises, day in and day out, because I know that Wells Fargo is a better and more profitable company thanks to our supplier diversity.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are?

I sit on the shoulders of giants. I am the father to a boy and two girls, and they are my greatest motivators. I want to make sure that I leave them behind in a world that is more just and equitable for everyone. The secret to my success is my beautiful wife. If I have an amazing family and a successful career, it is because I have an amazing life partner. Since we married, more than 20 years ago, she has been my greatest cheerleader and has supported my professional dreams unconditionally.

What do you think makes your company stand out? Can you share a story?

Wells Fargo is home to one of the best supplier diversity programs in the country. These past five years, we have been Corporation of the Decade by the U.S. Pan Asian American Chamber of Commerce, Corporation of the Year by the U.S. Hispanic Chamber of Commerce, Disability:IN. and the U.S. Black Chambers, Inc. We also were inducted into the Women Business Enterprise National Council’s Hall of Fame. All of these awards and recognitions have shined a light on our advocacy work on behalf of diverse suppliers.

I am very proud of the capacity-building programs I get to manage here at Wells Fargo, where in the past five years these diversity-focused programs have impacted more than 3,000 suppliers from all over the United States and Puerto Rico. Just recently, we launched a program, in collaboration with Disability:IN, specifically designed to help disability-owned business enterprises (DOBEs) grow their businesses. One of the trainers for this program was a DOBE that we gave a scholarship to attend the Diverse Business Program at the Tuck School of Business (Dartmouth College) three years ago. It is great to see these businesses thrive. I tell my youngest daughter that my job is to help grow unicorns, and this particular DOBE unicorn is a disruptor that will definitely change the business development arena.

Are you working on any new or exciting projects now? How do you think that might help people?

The pandemic changed how we do business in our country. Before the pandemic, around 15% of commercial transactions were done online. Today, more than 25% of commercial transactions are conducted online. We know that businesses that have a strong online presence fared better during the pandemic than their counterparts without a digital presence. We have been talking about closing the digital divide for underrepresented business owners for many years now. I’m very proud that all of our capacity-building programs have specific training that are teaching business owners to strengthen their online presence and level the playing field.

How have you used your success to bring goodness to the world?

There is a saying in Spanish that goes, “More knows the devil from being old than being the devil.” I’ve been working in the supplier diversity arena for closet to 20 years now. I’m using the knowledge that I have acquired these past 20 years with the hope that I’m making things better.

Can you articulate to our readers five ways that increased diversity can help a company’s bottom line? (Please share a story or example for each.)

At the top of the list is profitability. Over the past 10 to 15 years, we’ve seen multiple economic reports and studies by economists, the federal government and the top consulting firms conclude that more diverse companies have higher financial returns than their non-diverse counter parts.

Second is innovation. Last year, The Wall Street Journal’s first corporate ranking examined diversity and inclusion among S&P 500 companies, and confirmed that socially diverse groups are more innovative, and in turn more productive than homogenous groups. Listening to the viewpoints from people who have different lived experiences creates richer brainstorming sessions that foster higher levels of creativity for today’s companies.

The third is competitiveness. When Wells Fargo opened for business in California in 1852, the company already offered in-language services and hired Spanish-speaking employees to meet the needs of its customers. Today, one in five employees at Wells Fargo is of Hispanic or Latino descent, and that number is only getting bigger. We knew back then if we wanted to compete for the Hispanic client, we needed to welcome our clients in their own language.

The fourth is customer satisfaction. A diverse team will relate to a particular audience’s wants, needs and pain points, creating greater opportunities to successfully satisfy customers and potentially reach new diverse customers. Ultimately, more customers and equally important more satisfied customers can be improved through higher levels of diversity.

My final point is about attracting top talent. Acquiring and retaining top talent is key to the bottom line. If you see a company that is bleeding its top talent, that is a huge red flag. Today, more than ever, employees want to work at companies that honor and celebrate diversity, if this is not happening, they will leave in search of companies where diversity is valued. When it comes to attracting and retaining employees in a competitive world, it’s important to understand the role increasing diversity plays in becoming an employer of choice.

What advice would you give to other business leaders to help their employees to thrive?

I love reading about how companies can maximize profits and profitability by ensuring that their employees are thriving. According to a well-known professor from the University of Pennsylvania, employers can energize and motivate their work force through positive emotions, engagement, relationships, meaning and accomplishment (PERMA). If a worker possess these traits, they will perform at optimum levels.

What advice would you give to other business leaders about how to manage a large team?

I have the opportunity to work with many suppliers from all over the Unites States. Last year, through the capacity-building programs that I manage, I was able to impact more than 800 business owners from all over the United States. I have gotten to know some of these firms, and have recommended some for opportunities at Wells Fargo. I’ve seen many styles of management for small and large teams. What I see in teams that are thriving are empathetic and caring leaders. Empathy is the most important leadership skill that I see to successfully managing a team, particularly in troubling times. The pandemic turned our lives and our work upside down, and people need to feel understood.

We are very blessed that some of the biggest names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US whom you would love to have a private breakfast or lunch with, and why? He or she might just see this.

I have an aunt who tells me “I want to win the lottery.” And I tell her, “Everyone wants to win the lottery auntie.” She then tells me “No, I really want to win the lottery!” As for whom would I want to meet for a private lunch? That is an easy one to answer. I’m like my auntie here. I really want to meet Oprah Winfrey. She is the poster child of what a successful business owner can achieve. She has created a multi-billion dollar empire and is an incredible philanthropist that has impacted the lives of many individuals with her kindness, inspiration and generosity.

How can our readers further follow your work online?

I am active on LinkedIn and am always posting about my latest endeavors.

Thank you for these excellent insights. We wish you continued success in your great work.