Program Supports Economic Development within New Jersey Communities
Submitted by Public Service Enterprise Group (PSEG)
NEWARK, N.J., June 13, 2022 /CSRwire/ – Public Service Enterprise Group Inc. (PSEG) is proud to announce the 2022 graduates of its first Supplier Diversity Mentorship program. The six-month program supports the New Jersey CEO Council’s1 pledge to spend an additional $250 million on procurement with state-based, diverse companies by 2025.
As part of that pledge, PSEG committed to increase its business with diverse suppliers to at least 30% of spend by 2023. The company met this commitment two years early in 2021. This year’s graduates are from Bush Electrical Services (Pompton Lakes, NJ); J&L Electrical and Communications (Rockaway, NJ); Martinez Associates, Inc. (Montville, NJ); and WillDog Property Preservation & Management (East Orange, NJ).
Many diverse suppliers are unfamiliar with the internal processes required to complete successful RFPs for large companies and may benefit from guidance and support in strengthening their skills in business areas related to such areas as human capital management, accounting, and business development. The PSEG Supplier Diversity Mentorship program aims to remove barriers and facilitate access to opportunities to bid on projects for PSEG and other large organizations. As graduates, each company is eligible to qualify and receive contracts as a tier 1 or 2 PSEG supplier.
“We are committed to strengthening our communities and ensuring our suppliers better reflect the diversity of our region,” said Kim Hanemann, PSE&G president and chief operating office. “The PSEG Supplier Diversity Mentorship program is a model for developing the skills of diverse suppliers and preparing them to support not only PSEG but other organizations throughout New Jersey and beyond.”
Each participant in the program received ongoing mentorship from leaders of PSEG and PSEG prime suppliers to advance a range of skills in areas they identified. Based on a mentoring framework developed by the Rutgers Business School, mentors and mentees met bi-monthly to discuss goals, challenges, and progress. In addition, each participant received on-the-job training by shadowing a prime supplier to help develop their capabilities and build experience.
“It is unusual for companies to invest in a supplier, especially a supplier that that company is not even in business with yet,” said Kevin Lyons, Ph.D. Associate Professor of Professional Practice, Supply Chain Management and Director, Public Private Community Partnership Program, Rutgers Business School, who supported PSEG in the development and implementation of the program. “PSEG is meeting their pledge, recruiting state-based, diverse companies, then mentoring these suppliers and giving them opportunities for work.”
“The opportunity to participate in the program will help us grow our business,” said Kenneth D. Jenkins of Martinez Associates. “It allowed us to see how engineers on PSEG teams look at aspects of the work and how we should do things. I now look forward to showing a company like PSEG what my company can do.”
PSEG’s Commitment to Supplier Diversity
PSEG is committed to doing business with certified minority, women, veteran, service disabled veteran & LGBTQ+-owned business owners.
PSEG’s supplier diversity program has been in place for more than 30 years. During the past decade, the company has done more than $1 billion dollars of business with diverse suppliers. In addition to its Supplier Diversity Mentorship program, the company hosts external supplier diversity procurement fairs to connect and interview qualifying businesses for potential procurement opportunities. The company also encourages its prime suppliers to create supplier diversity strategies and goals for the products and services they supply. Learn more here about supplier diversity at PSEG.
Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company focused on a clean energy future. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it’s cleaner, safer and delivered more reliably than ever. PSEG’s commitment to ESG and sustainability is demonstrated in our net-zero 2030 climate vision, our pursuit of science-based emissions reductions targets and participation in the U.N. Race to Zero, as well as our inclusion on the Dow Jones Sustainability North America Index, the Bloomberg Gender-Equality Index and the list of America’s most JUST Companies. PSEG's principal operating subsidiaries are Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. (https://corporate.pseg.com).
1PSEG CEO Ralph Izzo is a member of the New Jersey CEO Council.
Public Service Enterprise Group Inc. (PSEG) (NYSE: PEG) is a publicly traded diversified energy company with approximately 13,000 employees. Headquartered in Newark, N.J., PSEG's principal operating subsidiaries are: Public Service Electric and Gas Co. (PSE&G), PSEG Power and PSEG Long Island. PSEG is a Fortune 500 company included in the S&P 500 Index and has been named to the Dow Jones Sustainability Index for North America for 11 consecutive years (https://corporate.pseg.com/).
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