Hilton Supply Management (HSM) has introduced several initiatives aimed at supporting diverse suppliers and promoting fair procurement practices. A notable effort includes a partnership with Bridge to simplify loan searches, effectively connecting suppliers with affordable capital options. Additionally, HSM has "adjusted payment terms and insurance caps for certified small and diverse suppliers, demonstrating a commitment to enhancing their financial stability."
To promote accountability in its supplier diversity initiatives, Hilton established a 'Supplier Diversity Council' in 2023 and integrated specific key performance indicators into its business plan. The Board of Directors actively monitors progress related to inclusive procurement, underscoring its significance within the organization.
Moreover, HSM hosts an annual 'Supplier Diversity Summit,' offering "training, networking opportunities, and a US$10,000 Supplier Advancement Fund grant." Potential suppliers can join Hilton's Diversity Supply Team through a straightforward online process that involves completing a brief survey and submitting a form to Hilton's Smart Spend Database for eligibility.
Connective Supplier Initiatives
Hilton Supply Management Boasts Fair Procurement Practices
Trend Themes
1. Diverse Supplier Networks - Hilton Supply Management's initiatives create robust support systems for small and diverse suppliers, enhancing their market presence through strategic partnerships and financial stability measures.
2. Inclusive Procurement Practices - By integrating key performance indicators and establishing a Supplier Diversity Council, Hilton emphasizes measurable accountability within their procurement processes.
3. Supplier Diversity Summits - Annual events like the Supplier Diversity Summit provide essential training, networking, and financial resources, fostering growth and opportunity for diverse suppliers.
Industry Implications
1. Hospitality - Hilton's fair procurement practices and supplier diversity initiatives serve as a best practice model, influencing the broader industry towards inclusivity.
2. Financial Services - Partnerships designed to simplify loan searches for suppliers indicate a growing trend of financial service firms collaborating to support diverse suppliers.
3. Supplier Management - Evolving payment terms and insurance adjustments cater to the unique needs of small and diverse suppliers, setting new standards within supplier management systems.