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Prudential's Supplier Diversity Program
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Our Commitment to Diversity and Inclusion and Information on Supply Chain Diversity
Prudential has a long-standing commitment to Diversity and Inclusion which includes the use of diverse vendors. By leveraging the talent which comes in every color, gender, origin, religion, sexual orientation, and physical capability imaginable, Prudential seeks to provide opportunities to diverse firms within a deep pool of accomplished suppliers to the financial services industry. Our goal is to utilize these diverse firms as fully as possible and to establish long-term agreements with non-diverse vendor partners who share our vision for and dedication to supplier diversity.
We recognize that a diverse vendor base:
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Enhances our reputation and brand.
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Supports our aspiration to be a most admired company.
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Supports our long-standing commitment to the communities where we live and work.
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Expands the pool of vendor talent, capabilities and perspectives.
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Addresses the interests of a variety of Prudential constituencies including our institutional and individual clients as well as our Board and senior leadership.
To find suppliers, we reach out to the diverse business community in a variety of ways, particularly through our memberships in prominent supplier diversity organizations: the National Minority Supplier Development Council, the Women’s Business Enterprise National Council, the National Gay Lesbian Chamber of Commerce, the US Business Network and the National Veteran-Owned Business Association.
Recent Recognition
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Minority Business News USA (MBN USA) 2016 Buyer of the Year
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Minority Business News USA (MBN USA) 2016 Champions of Supplier Diversity
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DiversityBusiness.com Div50 – 2016
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Women’s Enterprise USA 2016 Top 100 Leaders in Supplier Diversity
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DiversityPlus 2016 Top 25 Women In Power Impacting Diversity
Supply Chain Diversity
In addition to procuring goods and services from diverse vendors, we seek strategic opportunities to partner with our non-diverse vendors to expand opportunities for diverse vendors within our supply chain. Vendors who report Tier 2 spend to Prudential are viewed as adding additional value.
Prudential’s preferred method for Tier 2 spend is Tier 2 Direct where the non-diverse supplier’s spend with the diverse firm is directly attributable to the product or service purchased by Prudential. Alternatively, we accept Tier 2 Indirect which attributes to Prudential a portion of the non-diverse suppliers’ spend with diverse firms based upon the percentage of the supplier’s revenue received from Prudential.
Our vendor diversity program includes the following diverse classifications (Diverse Vendors). A diverse firm must be at least 51 percent owned, operated and controlled by one or more individuals within the same diverse category or, in the case of publicly owned firms, at least 51 percent of the stock must be owned by individuals within the same diverse category, as follows:
Minority-owned Business Enterprise (MBE): individuals within the following racial or ethnic groups: Black, Hispanic, Asian-Pacific, Asian-Indian or Native American.
Women-owned Business Enterprise (WBE): women, regardless of race or ethnicity.
Veteran Business Enterprise (VBE): individuals who have served in active duty in the United States military.
Service-disabled Veteran-owned Business Enterprise (SDVBE): individuals who have served in active duty in the United States military and were disabled as a result of that service.
People with Disabilities (PWD) – owned: individuals who have a disability regardless of how that disability occurred.
Lesbian, Gay, Bisexual or Transgender (LGBT) – owned: individuals that are lesbian, gay, bisexual or transgendered.
Additionally, we support the communities in which Prudential operates by seeking opportunities for Small Business Enterprises (SBEs) and Local (Newark, NJ-based) firms.
Prudential requires that diverse firms provide certification of their diverse status. Third-party certification indicates that the firm's ownership structure and operations have been thoroughly reviewed and deemed consistent with the definitions above. Prudential requires certification for all categories of diverse spend except Local.
Below is information on Prudential’s preferred certifying agencies for diverse firms. These sites are provided for convenience. Prudential is not responsible for either the sites or the information that appears on them.
www.nmsdc.org
Women's Business Enterprise National Council (WBENC)
www.wbenc.org
US Business Leadership Network (USBLN®)
www.usbln.org
National Gay & Lesbian Chamber of Commerce (NGLCC)
www.nglcc.org
Department of Veterans Affairs
www.vetbiz.gov
If you are an employee of a firm that meets our certification requirements and you have authorization to accept and agree on behalf of the firm to abide by our Prudential Vendor Code of Conduct and Terms of Engagement For Vendors, then we invite you register through ourVendor and Contingent Worker Portal. Please note that Diverse Vendor status is not a guarantee of business.
Related Links
Vendors
Contingent Workers
Registration
Registration Terms & Conditions
Vendor and Contingent Worker Portal
Vendor Terms of Engagement
Terms of Engagement For Vendors
Information Security Terms and Conditions