Supplier Diversity program
Each year, we evaluate our sourcing and procurement spend to identify opportunities to grow or expand relationships with diverse suppliers. In categories where we have low diverse spend, we work with our lines of business to develop plans that will enable diverse spend growth. Wells Fargo invests $1 million annually in diverse supplier development.
We’ve launched a Wells Fargo-sponsored diverse supplier development program with the Tuck School of Business at Dartmouth. Wells Fargo provides $100,000 in funding for 24 scholarships to help diverse business owners improve their business acumen, strategic planning skills, and technical capacity. We work directly with Tuck to identify specific Wells Fargo diverse suppliers for development that we believe we can grow spend with in low spend categories.
Wells Fargo is committed to ensuring supplier diversity is integrated into our strategic sourcing and procurement processes to generate efficiency, innovation, and increased opportunities for diverse suppliers. We’re committed to accomplishing this mission by establishing and supporting partnerships with the diverse business community, developing these businesses for growth, and engaging with community organizations that share our commitment. Our goal is to spend 15 percent of procurement dollars with diverse suppliers by 2020.
Reaching any ambitious goal requires specific, sustained commitment from leaders and engagement from all levels of the company, including our board of directors. At Wells Fargo, D&I is a core value, and we’ve made substantial progress in areas like developing diverse leaders, growing our diverse supplier base, lending to diverse customers, and supporting diverse nonprofit partners. We are working hard to build an even better Wells Fargo and to move closer to the goals we set for ourselves — both for our own team members and for the customers we serve. Learning from other great companies is one way to make that happen.