MBN USA

October 27, 2021

UnFollow View Profile Send Message Copy Link

UnFollow View Profile Send Message Copy Link

JPMorgan Chase joined BDR in 2019

“We believe in bringing our best to everything we do. The Billion Dollar Roundtable represents supplier diversity excellence and being a part of this organization not only shows that we have high standards for supplier diversity, but that we are consistent in reaching the goals we set for ourselves.” — William Kapfer, Ph.D., global head, supplier diversity

Q: When did your company begin its supplier diversity program?

A: 1994.

Q: Can you tell us a bit about your supplier diversity program history?

A: JPMorgan Chase’s Global Supplier Diversity program is 27 years old. Just over the last six years, the firm has spent about $11 billion with diverse suppliers, including $2.7 billion in 2020 alone.

JPMorgan Chase is the 28th member inducted into Billion Dollar Roundtable and only the second financial institution since the organization’s inception in 2001.

Supplier diversity is a key component of the firm’s overall diversity and inclusion strategy, which helps ensure diversity in our workforce, workplace and marketplace. Our goal is to develop a supplier base that mirrors the communities we serve, and for over a quarter-century, we have been committed to cultivating business relationships with firms owned and operated by historically underrepresented groups.

As part of the firm’s recent $30 billion commitment to advance racial equity, we have made the commitment to spend an additional $750 million with Black, Hispanic and Latino-owned businesses over five years. And we are mobilizing our top suppliers to mirror our values by increasing their spend as well.

Q: Why did your company decide to become a BDR member?

A: We believe in bringing our best to everything we do. The Billion Dollar Roundtable represents supplier diversity excellence and being a part of this organization not only shows that we have high standards for supplier diversity, but that we are consistent in reaching the goals we set for ourselves.

Q:  Besides having a $1 billion annual spend with diverse suppliers, what does it take to be a BDR company?

A: It’s important to have a clear and ongoing supplier diversity strategy. Your company must invest in the necessary tools, personnel and programming to ensure that there is a platform and support for reaching a large spend target. You will need to incorporate other people — both inside and outside your company — including senior executives, supplier diversity professionals at other companies and diverse business advocacy organizations.

Q:  How has your company benefited from BDR membership?

A: Membership in BDR has provided our team with a great community of like-minded executives with whom we can learn and share best practices in supplier diversity, as well as think about how we’d like to shape the future of the discipline.

Q: What advice would you give to corporations that would like to become BDR members?

A: Don’t try to do it alone. Enroll your sourcing and finance teams to ensure that you have the support and infrastructure that you’ll need to examine your baseline; set and monitor the necessary multiyear spend goals that will get you to BDR and help you to successfully maintain your membership. Additionally, enlist current BDR members for mentorship and advice as you embark on your journey.

Q:  What advice do you have for MBEs interested in doing business with your company?

A: First, make your company known to us by registering your company in our Supplier Diversity Network at jpmorganchase.com/supplierdiversity. This is the first and most important step a supplier can take toward working with JPMorgan Chase because we rely on this database of information as a means of identifying suppliers for business opportunities.

Our team evaluates each company that registers and partners with our business development and sourcing teams to identify the best project opportunity.

The types of product and service categories JPMorgan Chase purchases include marketing, construction, facilities, technology, loan services, legal, professional services, security and travel.

To learn more about JPMorgan Chase’s supplier diversity program, visit jpmorganchase.com/supplierdiversity.