It takes intentional actions to build a supplier diversity program and the processes to support it. Being an active member of several supplier development councils offers additional resources that can help.

Connections that count

Securian is a member of the North Central Minority Supplier Development Council (NCMSDC), a branch of the national council, NMSDC, as well as the Women’s Business Development Council (WBDC), the Financial Services Roundtable for Supplier Diversity (FSRSD), and Quorum, a local LGBTQ+ and Allied Chamber of Commerce.

For corporations and suppliers alike, a core benefit of these memberships is having expanded access to each other. Corporations get to connect with quality suppliers that are certified minority-owned business enterprises (MBEs) and can meet their business needs. In turn, MBEs get to introduce themselves to corporate procurement professionals and get a proverbial foot in the door.

These mutually beneficial connections can help advance economic opportunities for the underserved minority business community. For example, Kim Morelli, procurement consultant at Securian Financial, has served on the planning committee several times for the WBDC’s annual Midwest Business Conference, Insurance Immersion event, which provides services and resources to help women-owned businesses understand the insurance industry and overcome obstacles to partnering with larger corporations in this space.

“Minority suppliers can face barriers to having established business networks and the support they offer,” said Kim. “Our supplier diversity memberships have introduced us to several minority suppliers who we might not have had the chance to meet otherwise. It allows us to bring diversity into our procurement process while helping these suppliers expand their networks, grow their businesses and increase economic opportunities.”

Addressing common challenges

Supplier diversity programs can go beyond purchasing to learning about the challenges they face and helping address them. When minority businesses are set up for success, it’s more likely they can help create jobs and have an economic impact in their communities.

As recent political posturing threatens some of the challenging work of these business development councils and puts diversity, equity and inclusion efforts into the spotlight again, it’s more important than ever to connect with and understand the challenges these councils are hearing about and working to overcome.

Regular support and attendance at NCMSDC’s Annual Meeting, WBDC’s conferences, and the FSRSD meetings shows that Securian is committed to participating in this space and doing what makes sense for our business and our communities.

“We are in line with our peer companies,” noted Kim. “And forums like FSRSD help us compare progress and work together to identity how we can continue to improve these efforts.”