Recognizing National Black Business Month

Rhea-AI Summary

T. Rowe Price (TROW) is recognizing National Black Business Month by highlighting its commitment to supplier diversity. The company aims to grow collaborations with Black small businesses and entrepreneurs, viewing supplier diversity as a business imperative essential for business and cultural growth. In Baltimore, TROW made efforts to use local resources for its new headquarters construction, partnering with the Capital Region Minority Supplier Development Council to identify certified, locally owned, diverse, and small businesses.

The company's Supplier Diversity program promotes an inclusive procurement mindset, integrating supplier diversity into business and sourcing practices. This approach aims to generate efficiency, promote innovation, develop sustainable partnerships, and increase opportunities for diverse and small businesses. T. Rowe Price encourages other corporations to invest in supplier diversity and invites diverse and small businesses to explore their initiatives through their supplier registration platform.

Positive

• Commitment to supplier diversity, potentially enhancing corporate image and community relations
• Strategic use of local resources for new headquarters construction, potentially reducing costs and strengthening local business ties
• Implementation of a Supplier Diversity program, potentially leading to increased efficiency and innovation in the supply chain

Negative

• None.

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.

T. Rowe Price Recognizes Black Business Month

View additional multimedia and more ESG storytelling from T. Rowe Price on 3blmedia.com.

Contact Info:
Spokesperson: T. Rowe Price
Website: https://www.3blmedia.com/profiles/t-rowe-price
Email: info@3blmedia.com

SOURCE: T. Rowe Price

View the original press release on accesswire.com

FAQ

How is T. Rowe Price (TROW) recognizing National Black Business Month?

T. Rowe Price is recognizing National Black Business Month by highlighting its commitment to supplier diversity, aiming to grow collaborations with Black small businesses and entrepreneurs. The company is emphasizing the importance of supplier diversity as a business imperative for growth and community support.

What specific actions has T. Rowe Price (TROW) taken to support supplier diversity?

T. Rowe Price has implemented a Supplier Diversity program to promote inclusive procurement. In Baltimore, the company used local resources for its new headquarters construction, partnering with the Capital Region Minority Supplier Development Council to identify certified, locally owned, diverse, and small businesses for various services and products.

How can diverse and small businesses engage with T. Rowe Price's (TROW) supplier diversity initiatives?

Diverse and small businesses can explore T. Rowe Price's supplier diversity and sustainable procurement initiatives by registering their business at troweprice.supplierone.co. This platform allows potential suppliers to connect with the company's procurement processes.