In recent years, many companies and organizations have reexamined strategies within Supplier Diversity programs to improve outcomes and advance diversity, racial equity and inclusion. One of the companies at the forefront of these efforts is Partnership member JPMorgan Chase.  The financial services firm showcased how it has transformed strategies to be more intentional during the Partnership’s One Houston Together Spring CPO Convening. Improving outcomes for Minority Business Enterprises is one of the two priorities of One Houston Together alongside talent advancement and board representation for people of color. In 2020, JPMorgan Chase committed $30 billion over a five-year period to advance racial equity. The firm is harnessing its business, policy, philanthropy, and data expertise to reduce the racial wealth gap in Black, Hispanic, and Latino communities. Part of the bank’s commitment includes $750 million in additional spending with Black and Latinx suppliers.  JPMorgan is using five focus areas to drive a comprehensive strategy across the entire supply chain that includes:  Billion Dollar Roundtable membership  Tier 2 Program  City/Local Market Strategy  Supplier Diversity and Strategic Sourcing  Education and Development of Diverse Suppliers  Jim Flynn, Executive Director of Global Supplier Diversity at JPMorgan, said implementing a place-based strategy has allowed the firm to understand the ecosystems and cities where targeted minority business enterprises (MBEs) reside to either bring them into the procurement process or connect them with other community partners or resources. Houston is one of five cities where JPMorgan is implementing the place-based strategy.  “The old supplier diversity model was all about finding diverse suppliers and asking them to spend,” Flynn said. “The new model is about ‘what are all the things you can do within your organization to uplift those businesses and do more.’” One example is what Flynn calls the now, near and far strategy, which focuses on what the JPMorgan Global Supplier Diversity team can do for MBEs depending on the MBEs’ needs and where they are as a business.   “Many of these MBEs are corporate ready now, they just need access. So [it’s about] how can we help them break down barriers and become a disruptor in a convivial way with our colleagues to open a door,” Flynn said.  Flynn said measuring outcomes has been key to ensuring the sustainability and success of the program. JPMorgan’s Global Supplier Diversity team includes a business development group that is tasked with managing a portfolio of newly onboarded Black and Latinx businesses. Their job is to connect them to resources and be their internal champion. In addition, JPMorgan has started to measure the economic impact on an individual business level by collecting feedback from MBEs through a survey that asks questions such as:   Did your sales increase? Did your staffing levels increase? What other good things happened?  Flynn said asking businesses what they need on an individual level has allowed them to learn that it is important to create multiple pathways “because each journey is different.”   Learn more about One Houston Together and take the 2023 Equity & Inclusion Assessment. 

The Greater Houston Partnership has launched the 2023 Houston Regional Equity & Inclusion Assessment, a robust tool to help businesses and organizations of all sizes enhance their equity and inclusion strategy and increase community impact. The Partnership held an in-person kickoff event on March 31, with over 40 organizations attending. Attendees heard from past participants about the benefits of the assessment for delivering business results, communicating progress, and generating value for shareholders, employees, customers and the community. The assessment is a standardized diagnostic tool based on the Global DEI Benchmarks and helps organizations evaluate their performance on 275 indicators across 15 different categories. The assessment, which is conducted biennially, is open to all organizations with five or more employees in the 12-county Houston region and closes June 1.   Participants will receive a confidential individual scorecard and the aggregate assessment results will provide industry benchmarking and a collective look at the progress the region has made over the last two years. Hear from previous participants on how the assessment has helped their organization:  The tool is a major part of the Partnership’s One Houston Together commitment to leverage the power of the business community to address racial inequities.   If your organization did not participate in 2021, please complete the form on this page to receive your organization’s unique password and view frequently asked questions and a fillable PDF of the assessment questions. A total of 120 companies and organizations took the inaugural assessment in 2021, providing a baseline for the region and serving as the first of its kind among major U.S. metros. View key findings from the assessment here.