Recognizing National Black Business Month

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NORTHAMPTON, MA / ACCESSWIRE / August 21, 2024 / T. Rowe Price
T. Rowe Price's Commitment to Supplier Diversity

Our supply chain can provide significant access to small and diverse businesses-from the everyday actions of our associates to our long-term partnerships as a global asset management firm. In recognizing U.S. Black Business Month as we do every August, T. Rowe Price reflects on our goal to grow collaborations with Black small businesses and entrepreneurs. We recognize that supplier diversity is a business imperative, essential for our business and cultural growth.

Supplier diversity is integral to our mission of supporting the communities where our associates live and work. For instance, in Baltimore, we made a conscious effort to use local resources in the construction and buildout of our new headquarters. Leveraging our partnership with the Capital Region Minority Supplier Development Council, we were able to identify certified, locally owned, diverse, and small businesses to provide interior and exterior products and services, including the supply and installation of workspace furniture.

According to the U.S. Small Business Administration Office of Advocacy, there are 3.5 million Black-owned businesses operating across the country. Corporations should leverage these strategic, prosperous partnerships within their communities. In addition to creating opportunities for diverse and small businesses, these partnerships bring sustainable, community-driven thought leadership to key business strategies.

Corporations need to engage with suppliers who meet core capabilities and provide the best price, product, and service. Diverse ownership is a bonus. Suppliers want corporations to see them as a competitive source. It's the responsibility of corporations to create access and ensure fair consideration of all suppliers.

Our Supplier Diversity program is designed to promote an inclusive procurement mindset that encourages the consideration and use of diverse and small suppliers in the T. Rowe Price corporate supply chain. We achieve this by integrating supplier diversity in our business and sourcing practices to generate efficiency, promote innovation, develop sustainable partnerships, and increase opportunities for the diverse and small business community.

We urge other corporations to invest in supplier diversity while also inviting diverse and small businesses to explore our supplier diversity and sustainable procurement initiatives. Register your business with us at troweprice.supplierone.co.