Together with the African American Chamber of Commerce New Jersey, we are working to advance supplier diversity and foster economic growth within underserved communities. How? By connecting employees with New Jersey’s diverse suppliers to discover new partnerships and contracts that will benefit both parties.
And our efforts are paying off. In 2022, we increased our investment in goods and services from diverse suppliers to over $1 billion, representing a 35% increase from the previous year. This accounted for more than a third of our total purchases. Additionally, our procurement team has onboarded over 200 certified minority-, women-, veteran-, and service-disabled veteran-owned businesses, while also overseeing a substantial 78% increase in our prime suppliers’ engagement with diverse subcontractors.
Recently, in partnership with the AACCNJ, we held a Supplier Diversity Fair – an event that serves as a strategic platform for us to engage with local suppliers through rapid-fire networking sessions. Throughout the morning, diverse suppliers spoke with different employees to understand what skills they may be able to leverage to secure future contracts. Suppliers also had the opportunity to network among themselves, identifying ways to partner and collaborate in the future.
“This event goes beyond exchanging business cards or making introductions; it’s about forging meaningful connections that will drive our collective success,” said Michael Hyun, PSEG vice president – Procurement and deputy general counsel. “From a procurement standpoint, I cannot emphasize enough the importance of these collaborations, particularly here in New Jersey, where we are surrounded by so much talent and expertise.”
The event also underscored the pivotal role of clean energy initiatives in advancing supplier diversity. AACCNJ’s involvement in our Clean Energy Jobs Program Steering Committee highlights the significance of partnerships in ensuring that supplier networks reflect the diverse communities they serve.
The vendors attending the event agreed.
“PSEG’s intentional commitment to embed diverse supplier programs into its practices sets a new standard of engagement,” emphasized William Bowie, president and CEO of Empower Construction.
As CEO of Empower Construction, I’ve seen firsthand the transformative power of partnerships with PSEG, which not only uplifts businesses but also empowers communities.
William Bowie, president and CEO of Empower Construction.
William elaborated on PSE&G’s proactive assistance, highlighting how they not only facilitated his team’s understanding of conducting business with the utility but also extended a Storm Restoration contract. This collaboration enabled his team to contribute to restoring power in emergency situations, aiding those impacted by power outages.
With an emphasis of promoting inclusivity and equity, the event highlighted our support for small, diverse and New Jersey-based firms. However, the recent disparity study commissioned by the State of New Jersey served as a stark reminder of the persistent opportunity gap within the state. We reiterated our dedication to narrowing this gap and encouraged collaborative efforts to explore potential solutions.
Through accountability, reciprocity and unwavering dedication, partnerships like the one between AACCNJ and PSEG give unique opportunities to the people who need them the most.
John Harmon, president and CEO of the African American Chamber of Commerce NJ
“In encouraging diverse collaboration, we foster innovation, drive profitability and enrich our communities,” said John Harmon, president and CEO of the African American Chamber of Commerce NJ. “Through accountability, reciprocity and unwavering dedication, partnerships like the one between AACCNJ and PSEG give unique opportunities to the people who need them the most.”
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