Truist has released their inaugural Supplier Diversity Economic Impact Report, sharing how they drive innovation, help small businesses grow and support local economies. The company state they have accomplished much of this by partnering with certified diverse-owned businesses when relying on services or products from third-party suppliers.
In 2020, their diverse supplier relationships helped create a total of $1 billion in economic impact.1 This impact includes $579 million in spend supporting nearly 10,000 jobs, resulting in more than $400 million in wages for small business employees.
“We’re proud of our supplier diversity program, where through qualified and innovative diverse businesses, we provide value-added supplier partnerships that enhance our client experience, strengthen our operations, and enrich our communities through economic advancement,” shared Brian Downer, chief procurement officer. As part of Truist’s Community Benefits Plan, they committed to spend at least 10% with diverse suppliers by the end of 2022. As of May 2021, we’ve spent 17.4%, exceeding our goal.
For more information on how they’re delivering on their purpose to inspire and build better lives and communities through diverse small business owners, read the 2020 Supplier Diversity Economic Impact Report, including testimonies from a few of their partners.
1. Economic impact modeling is used to quantify the economic contribution of an investment/company. This uses an “Input-Output” model to estimate the number of times each dollar of direct spend cycles through the economy in terms of “indirect and induced output,” or additional spend, personal income, and employment.