NEW YORK, Nov. 9, 2020 /PRNewswire/ -- Nearly 30 years ago, TIAA, a Fortune 100 financial services company, launched its Supplier Diversity Program in recognition of the need to build relationships with diverse and diverse-conscious enterprises. The program endeavors to develop strong working relationships with suppliers owned by minorities; women; veterans; disabled people; and lesbian, gay, bisexual and transgender (LGBT) individuals. Today, our best-in-class program has never been stronger, and serves as a reflection of our company's – and our participants' – deepest values.
"We are proud of the work we've done to support and celebrate diverse and minority-owned businesses, but we know we must do more," said Glenn Richter, Chief Financial Officer at TIAA. "As our nation continues to reel from the lasting effects of COVID-19 and the ongoing racial and social tensions, we are committed to expanding and strengthening this program, especially as many minority-owned businesses continue to face unprecedented economic challenges."
Beyond providing TIAA with access to a wide range of talent, the Supplier Diversity Program has also created economic growth for many communities, including those of our participants.
Direct Impact at Small & Diverse Suppliers TIAA purchased $130 million from diverse businesses in the US. These purchases supported 825 jobs and $53 million in wages and benefits at these businesses.
Supply Chain Impact (Indirect) As a result of TIAA's purchases, these small and diverse businesses were able to purchase $51 million in goods and services from their suppliers and supported an additional 327 jobs.
Community Impact (Induced) Due to TIAA's direct and indirect impact, the employees in supported jobs at small and diverse businesses generated an additional $64 million in economic activity and produced 478 more jobs in their communities.
TIAA also committed to developing a broad range of capabilities within our supplier base by providing:
Diversity training for our suppliers, which helps them engage with TIAA and to educate non-diverse suppliers on working with diverse businesses.
Supplier diversity mentorship program, which connects diverse-owned businesses with experienced and committed mentors to expand the reach and support the growth of their companies.
Supplier summits, which include opportunities to hear from thought leaders and experts on industry best practices.
Scholarships providing diverse suppliers with full tuition to the Tuck Diversity Business Program at Dartmouth University, totaling $24,500 in 2019. In 2020, it will increase to 10 scholarships totaling $49,000.
You can view the full Supplier Diversity Program Economic Report here.
About TIAA With an award-winning1 track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $1.2 trillion in assets under management (as of 9/30/20202) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.
TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.