The New York Life Supplier Diversity Program is designed to ensure that diverse businesses have equal access to our procurement process. Currently, our diverse suppliers include these groups: Minority-owned Business Enterprises (MBEs); Women-owned Business Enterprises (WBEs); Lesbian, Gay, Bisexual, and Transgender-owned Business Enterprises (LGBTBEs); Disabled-owned Business Enterprises (DBEs); Veteran-owned Business Enterprises (VBEs); and Service-Disabled Veteran-owned Business Enterprises (SDVBEs).
Some of our current initiatives involve exploring innovative approaches to facilitate diverse business inclusion in non-traditional areas, such as management consultants and investment firms. We will continue to expand our customer base for diverse businesses and participate in activities that will introduce the company to new diverse suppliers. We also encourage our prime suppliers to subcontract with diverse businesses in the performance of our contracts.
A diverse business is a for-profit enterprise that is owned, operated, and controlled by minority group members including African Americans, Hispanic Americans, Native Americans, and Asian Americans; women; lesbian, gay, bisexual, or transgender individuals; people with disabilities; veterans; and service-disabled veterans. The business must be at least 51 percent owned by such individuals. (In the case of a publicly owned entity, at least 51 percent of the stock must be owned by one or more such individuals.) Considering this definition, “controlled” means actively exercising power to make policy decisions, and “operated” means active involvement in the daily management of the business.
New York Life’s Supplier Diversity Program is structured to provide more opportunity for diverse businesses. Our goal is to provide greater value and enhanced service to our employees, our policyholders, and our future customers.
We are proud of our partnerships with the National Minority Supplier Development Council, the Women’s Business Enterprise National Council, and the National Gay & Lesbian Chamber of Commerce, in addition to their local affiliates, including the New York & New Jersey Minority Supplier Development Council Inc. (NYNJMSDC), the WBEC Metro NY (formerly the Women Presidents’ Educational Organization (WBEC), and the National LGBT Chamber of Commerce New York (NGLCCNY), respectively, as well as other local organizations that promote supplier diversity.
At New York Life, we strive to provide the highest quality products and services, at a reasonable cost, to all of our internal and external customers. We firmly believe that having a broad field of qualified suppliers brings a wider range of viewpoints and ideas—and, ultimately, adds value to our organization. As part of our centralized procurement process, we diligently seek out certified diverse businesses to ensure that they are afforded maximum opportunities to participate in all of our procurement processes. We also communicate this policy to our primary suppliers and encourage them to subcontract with certified diverse suppliers.
When you seek to do business with New York Life, you can be certain that:
The following is a representative, but not all-inclusive, list of the products and services we commonly buy:
Read more about New York Life’s family of companies, financial strength, and history.
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For more information about our Supplier Diversity Program, contact Joy Wong, Corporate Vice President, Supplier Diversity at firstname.lastname@example.org.