CEO and President, Timothy Sloan, states his commitment to supplier diversity and its importance to our business.
We help provide MWDSBEs with a broad range of opportunities to participate as diverse suppliers.
We collaborate with regional and national organizations that assist us in building a more inclusive practice.
Mission and approach
To build relationships within the communities we serve through the development, inclusion, and utilization of certified minority, women, disadvantaged, and small business enterprise (MWDSBEs).
Diversity is a business imperative. Aligning with our customer base, engaging our communities, and attracting and retaining talented individuals are critical to our success. To integrate supplier diversity into all aspects of our business we focus on three areas:
- Education and awareness. Assist MWDSBEs in becoming competitive performance leaders in their industries by coaching, creating programs, and developing business models that support entrepreneur development.
- Partnership development. Collaborate with leaders across our enterprise and advocacy organizations to provide certified MWDSBEs equal opportunities to compete for business.
- Measurement and accountability. Support sourcing of products and services from certified MWDSBEs while monitoring program effectiveness through performance goals and feedback sessions with Wells Fargo and community leaders.
Through our outreach efforts, we help strengthen the economic base of communities where we do business by developing diverse suppliers. Our Leaders of Change program supports qualified minority, women, disadvantaged, and small business enterprises (MWDSBEs), and aspiring entrepreneurs through key initiatives:
In communities where we do business, we partner with external groups to develop the capacity of MWDSBEs by:
- Enhancing their business and strategic plans
- Increasing their ability to define and communicate their strategic direction and value
- Retooling their competitive position
- Strengthening their communication effectiveness and executive presence
- Establishing trusted relationships
- Doing business with targeted prospective clients
We contribute to the growth of our next generation of MWDSBEs by partnering with external organizations to educate youth about the principles and values of entrepreneurship through:
- Relevant networking opportunities
- Coaching and mentoring
- Leadership development
- Entrepreneurship curriculum
Leaders of Change
Since 2010, Leaders of Change has impacted 1,958 diverse businesses, students, and advocacy organizations.
The success of Leaders of Change requires commitment from three groups —internal stakeholders, external partners, and diverse supplier participants. These groups commit to:
- Communicate and collaborate effectively
- Maintain ongoing engagement
- Ensure accountability and follow-through to enhance growth and development
- Track effectiveness to evaluate impact and return on investment
It is a practice of Wells Fargo that certified minority, women, disadvantaged and small business enterprises (MWDSBEs) have a broad range of opportunities to participate in supplier contracts. An integral part of our commitment is to develop and expand opportunities for second-tier suppliers.
Second-tier suppliers are subcontractors hired by a Wells Fargo contracted supplier to provide products or services under its Wells Fargo contract. This approach provides business opportunities for companies that may not qualify as a first-tier supplier. Gaining experience as a second-tier supplier also helps build relationships with us which may lead to potential first-tier supplier opportunities in the future.