In this video, Vice President & Chief Diversity Officer at CVS Health David Casey discusses with DiversityInc CEO Carolynn Johnson the company’s best practices in supplier diversity.
Below are supplemental questions about CVS Health’s (No. 27 on the DiversityInc Top 50 Companies list) supplier diversity initiatives:
Does CVS Health still offer reduced payment terms for diverse suppliers since the typical 75 day terms can sometimes be too long for a vendor to wait to be paid?
To make things easier for our diverse suppliers, we extend Net 45 payment terms at the point of contract initiation or renewal to our certified diverse suppliers.
Does CVS Health offer any other programs, similar to the payment term one, that are designed specifically for diverse suppliers to help make it easier for them to work with a large company?
Where applicable, we encourage and assist diverse suppliers to partner and work with one of our primes (whether diverse or not). It is a great way for them to get a foot in the door, explore how we do business and be better prepared to scale for opportunities in the future.
Are diverse suppliers ever hired as colleagues?
While we have no formal program in place, we welcome our suppliers to apply for an open position within the company if they decide that is the right next step for them, should their own business change or end.