STRATEGIC SOURCING
JP Morgan Chase ’ s Global Supplier Diversity initiative has long been a gamechanger for businesses owned by historically underrepresented groups , with over US $ 3bn spent last year , directly and indirectly , on those companies .
Ted Archer , Head of Business Partner Diversity , says : “ JPMorgan Chase brings size , scale and expertise to all of its business practices and the long history of its supplier diversity strategy gives the firm the advantage of experience .
“ We ’ ve learnt over the years that local community and supplier relationships are key components to success .”
The initiative is about more than just money , as Ted explains .
“ Another important component is supplier development – through which we deepen relationships with our suppliers , surrounding them with all of the resources that JPMorgan Chase can offer , with the idea of ensuring their growth and success .
“ Their success is not just in fulfilling contracts for JPMorgan Chase , but also being connected to other prospective corporate contract opportunities .”
What are the key benefits of the programme ? JPMorgan Chase says that advancing supplier equity in corporate supply chains is not a “ philanthropic exercise ”. The programme offers numerous benefits , including access to innovative thinking and competitive pricing , ultimately serving customers and clients across all communities .
In 2023 , JPMorgan Chase ’ s diverse supplier spending supported over 13,900 new jobs and US $ 1.1bn in employee income , contributing to a stronger , more inclusive economy .
The company also helps alleviate typical financial obstacles encountered by small and underrepresented businesses pursuing corporate contracts through its Diverse Supplier Grant Initiative . This offers growth capital , aiding businesses
76 June 2024