Supplier diversity programs are proactive initiatives launched by corporations that commit to partnering with diverse businesses for essential services utilized by that corporation. Fifth Third launched its supplier diversity program in 2015 in order to progress an innovative, inclusive, and competitive supplier base.
From construction and staffing to marketing and facilities management, supplier partnerships include any business that works directly with Fifth Third. In 2022, Fifth Third exceeded its 2025 5-year supplier diversity spend target of 10 percent by achieving over 11 percent. Since the inception of the program, Fifth Third has grown spending with tier one diverse suppliers—those responsible for providing essential materials or services—from $7.5 million as of year-end 2014 to $119.6 million last year in 2022.
Carla Cobb, vice president of the Bank’s supplier diversity program, says that the company attracts diverse suppliers through various means; from participation in national affinity conferences, participating in panels, serving on committees and boards, and through hosting our signature invitation-only annual Supplier Diversity Summit. In 2023, Fifth Third hosted its seventh summit. “We work with our procurement team to help identify suppliers to invite to the event and our supplier diversity team looks for opportunities to partner with them,” says Cobb.
Meet Carla Cobb
Over the course of her career in procurement and supplier diversity, Carla envisioned the launch of a leadership program to bring supplier diversity professionals together from other organizations. “I’ve been in this area of supplier diversity for a number of years and I would frequently encounter supplier diversity leaders within the industry who were asking questions on how to set up their program. Often they would be new to the area of supplier diversity, and so, Fifth Third afforded me the opportunity to realize my vision and I was able to put together a support group so that we could do exactly that, ‘support’ one another.” The number of participating companies quickly grew from 10 to 24 in less than one year. The group meets monthly to keep a pulse on various industries, create an encouraging space for conversation, and discuss strategies to identify, support, and engage with the community of diverse suppliers. Carla says bringing together a diverse portfolio of companies and leaders is important to Fifth Third. “It’s the right thing to do for our consumers and for the community in which we live and serve,” says Carla. “Together the participating companies bring innovation, and they bring agility—it builds a better sense of community and it helps Fifth Third be a Fifth Third Better!
Learn more about the supplier diversity program
Read Fifth Third’s Sustainability Report to learn more about the company’s sustainable practices and the Supplier Diversity program’s success.
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