Daily CSR
Daily CSR

Daily CSR
Daily news about corporate social responsibility, ethics and sustainability

Embracing Diversity: Our Journey to the Billion Dollar Roundtable and Beyond


As a multinational corporation with a diverse range of sectors, operating in over 160 countries and employing 115,000 individuals globally, our business and organization inherently embrace diversity.
The Billion Dollar Roundtable (BDR) is an organization committed to encouraging top American companies to enhance and extend their collaborations with diverse businesses nationwide. To become a member of the BDR, companies must annually spend over $1 billion with diverse suppliers. This is a significant measure of the positive influence businesses can exert in enriching lives and fostering opportunities in diverse communities.
At the recent BDR Summit in Chicago, we were honored to join the exclusive Billion Dollar Roundtable membership. We have made considerable strides in broadening our collaborations with diverse suppliers in recent years. We now collaborate with over 1,300 diverse suppliers, including certified minority-, women-, disabled-, LGBTQ-, and veteran-owned businesses, spending $1.7 billion in 2022, a 63% increase from the previous year.
Supplier diversity is a crucial component of our larger efforts to establish a resilient and sustainable supply chain and our commitment to diversity, equity, and inclusion. A more extensive pool of potential suppliers aids in bolstering supply chain resilience and ensuring business continuity. It also fosters competition within the supply chain, potentially improving products and services while reducing costs.
Our efforts are also having a substantial economic impact. Recent analysis indicates that our supplier diversity initiatives have supported over 7,500 jobs and generated over $4.5 billion in economic impact in the communities where we operate across the U.S.
Looking Forward to Making an Even Bigger Impact
Our inclusion in the Billion Dollar Roundtable is a significant achievement. However, we understand that it’s not just about buying more products and services from diverse companies.
Diverse small business owners face tangible obstacles in expanding their businesses. Half of diverse businesses are unable to secure a loan. In healthcare, stringent regulations and systemic budget constraints make it challenging to compete with larger, more established competitors.
That’s why we’re collaborating with others to help bridge these gaps. For instance, the Abbott-LISC Initiative to Support Diverse Businesses in Health is investing over $37 million to equip diverse small businesses with the resources and support they need to compete, grow, and create jobs in the healthcare industry.
To know more, click here,