Black Enterprise releases its list of the Top 50 Companies For Supplier Diversity
Black Enterprise (BE) has released its list of the Top 50 Companies for Supplier Diversity. The supplier diversity industry focuses on the spend organizations have with diverse suppliers including but not limited to black-owned businesses. When taking a hard look at the corporations included, top five states included California and New York (both with six companies listed) followed by Michigan, Illinois, and Texas (with five companies each). These 5 states accounted for over 50% of the Top 50 organizations supporting supplier diversity. When highlighting industry makeup, the Automotive lead all others with seven corporations represented, followed by Technology (with six), and Financial Services sector (with five).
In addition to top industry and states, 92% of corporates listed are members of the National Minority Supplier Development Council, 52% are members of the Billion Dollar Roundtable, and 50% were listed as members of Black Enterprise’s Top 50 places for Diversity
According to Black Enterprise, their “editorial team researched corporate purchasing programs, supplier diversity initiatives, and D&I surveys as well as talked with entrepreneurs, corporate directors, supplier diversity executives and experts to find the diversity procurement leaders among the 1,000 largest publicly-traded corporations.” The selection criteria of this year’s 50 Top Companies for Supplier Diversity contained the following:
- Corporations that were members of the Billion Dollar Roundtable.
- Companies that had been recognized and honored by the National Minority Supplier Diversity Council over the past five years as growth leaders in procurement spend and capital access for minority suppliers.
- Major companies that have completed surveys and consistently have been identified among our BLACK ENTERPRISE’s 50 Best Companies for Diversity and BLACK ENTERPRISE Top Companies for Supplier Diversity lists as leaders for minority procurement spend and supplier development, especially with African American firms.
- Companies that have been noted by chief purchasing officers, chief diversity officers and supplier development consultants, experts and advocates as having designed and instituted the best supplier diversity programs related to financing, outreach, orientation, mentorship and management development initiatives to strengthen vendors and place them on track to becoming prime suppliers