Fifth Third Bank

Fifth Third Bank Elevates Its Supplier Diversity Program

By Sonja Whitemon

Arecent study in the Harvard Business Review examined supplier diversity programs among large corporations and concluded that, too few companies have supplier diversity programs, and among those that do, many have allowed them to become nothing more than “token gestures.” But there are companies that do take supplier diversity seriously. Fifth Third Bank, for example, has taken supplier diversity to a whole new level.

Long devoted to diversity throughout its organization, Fifth Third Bank now has a renewed focus on equity and inclusion that goes well beyond meeting established diversity metrics. Its Accelerating Racial Equality Equity and Inclusion initiative is a $2.8 billion commitment that will provide $2.2 billion in lending, $500 million in investments, $60 million in financial accessibility and $40 million in philanthropy.

Fifth Third is using standards in its supplier program that help new and small minority businesses prepare themselves to compete for Fifth Third contracts and help them grow their businesses once they are Fifth Third vendors. These programs become competitive equalizers for minority vendors.

“There is a big difference between equality and equity,” said Senior Vice President and Director of Project and

Program Management Curtis Bodison. “Equality is being even across the board. Equity is based on need,” Bodison said. “For me to expect that a 10-year-old minority vendor would have the same level of business infrastructure as a 100-year-old competitor would not be reasonable. It’s important that we come to the table understanding who we are working with and where we need to lead them over time.”

Fifth Third makes efforts to give their vendors the best opportunities to be successful from the point of application to project completion by teaching them banking industry protocol.

“We are not a very forgiving industry,” Bodison said. “So, one of the cultural things I preach is, ‘Let’s lead with empathy.’ We have to remember where every business starts in the overall equation. Many of the diverse businesses we work with are new to the industry — maybe not new to the expertise of the industry but new to ownership and business; so, they are not all starting from the same place as a 100-yearold business.

“There is a big difference between equality and equity. Equality is being even across the board. Equity is based on need”

— Curtis Bodison, Senior Vice President and

Director of Project and Program Management

Joel Dancy, Vice President and Regional Community and Economic Development Manager at Fifth Third Bank “We are happy to experience with Fifth Third the continuity of work, the conversation around growth and development, but in a live series of work where we are actually implementing …”

— Tino McFarland, CEO and President,

McFarland Construction

The Fifth Third Bank Ridgewood Branch was built by McFarland Construction.

One program they use to assist prospective vendors is the Advance Business Builder Program, which targets local businesses that are interested in becoming vendors or getting support so they can compete for bids. The bank works with local chambers of commerce to bring vendors into the program.

“Not all vendors have to go through it, but we usually like to support the opportunity so they come in and learn about Fifth Third to make sure they understand bank talk as it relates to their presentation materials so they can be ready to move forward rapidly into our procurement process,” said Vice President and Regional Community and Economic Development Manager Joel Dancy.

Fifth Third completes approximately 75 to 80 construction projects with vendors per year. The bank believes it is important for that work to be evenly distributed to Minority and WomenOwned Business Enterprise (MWBE) suppliers. At any given time, 10 to 15 MWBE vendors could be contracted.

The company’s retail and ground-up construction projects average about $1.9 to $2 million per job. McFarland Construction has been a Fifth Third vendor for just over one year and has won three of those engagements. CEO and President of McFarland Construction, Tino McFarland, praises Fifth Third’s approach to supplier diversity.

“As a minority-owned supplier, I’ve been through these [supplier diversity programs] before,” McFarland said. “It’s one thing to do things in a vacuum as some programs often do. They talk about contracting and how to engage, but there’s no work put around that vacuum.”

McFarland says his experience with Fifth Third has been different.

“We are happy to experience with Fifth Third the continuity of work, the conversation around growth and development, but in a live series of work where we are actually implementing through a series of projects which will increase over time in efficiency and will scale the opportunities that are presented to us and the partners that we bring to the table,” he said.

McFarland Construction is now completing its first retail banking center for Fifth Third and has broken ground on a second. The company is also in the planning process on a third. Their construction projects are in Raleigh, Chapel Hill and Charlotte’s Ballantyne area.

Fifth Third is affiliated with strong diverse organizations that support their diversity objectives. They include the National Minority Supplier Development Council, the Women’s Business Enterprise National Council and the Financial Services Roundtable for Supplier Diversity. P

Black Youth Suicide Rates Are Rising

Here’s How You Can Help

The suicide rate of Black youth is rising faster than any other demographic1. Black children under 13 are more likely to die by suicide than white children.

What’s happening to our kids? The Same Problems As 100 Years Ago

Unsurprisingly, researchers have found that racial discrimination (not to mention the social stress of being LGBTQ+) damages children’s mental health. And the symptoms of racism—police violence, unemployment and high incarceration rates—all contribute.

Other, less acknowledged issues plague Black children’s mental health. Black kids are more likely to face trauma, which—if not addressed—can lead to PTSD and mental illness. If they develop behavioral challenges, they’re more likely to be disciplined than connected to help2 . And many Black families are uninsured or underinsured and have little access to quality mental health care.

But these problems aren’t new. So, why is the suicide rate rising?

New Complications to Old Issues

A lack of research leaves us speculating. However, there are several changes that may be at fault.

The rise of social media and technology, for one. “In this tech era we live in, there’s a lot of intimidation, bullying and social isolation amongst teens. They communicate with their devices rather than having in-person conversations,” said Dr. John Johnson, newly appointed Chief Medical Officer of Cardinal Innovations Healthcare.

“We’re also recognizing the burden of change,” said Dr. Dawn O’Malley, Cardinal Innovations peer advisor and psychologist. Black teens can no longer escape trauma even at former “safe spaces” like home, church or community gatherings. Instead, CNN and Instagram stories play bodycam footage on a loop. Community trauma persists.

Teens also have greater access to firearms. As gun laws have loosened, gun ownership has skyrocketed. Four in five people who use a gun to attempt suicide will complete it. Attempts have become fatalities.

What Can Be Done?

All adults who interact with Black children and teens have an impact. Yes—there are systematic issues that must be addressed. However, as we fight for more research and better legislation, community members, faith leaders and parents have the power to lower these numbers.

Start talking about mental health, especially after stressful events. Whether these events are racial in nature — big or small — normalize talking about your feelings.

Encourage teens and children to get involved within the community. “Boys’ and Girls’ Club, the Y—a more integrated person feels more connected to society,” said Cardinal Innovations’ lead clinical psychologist Dr. Patricia Babin.

Dr. Johnson also advised adults to listen: “Instead of telling teens what they need, ask them.” By getting the teens’ perspective, you can better connect with them and build rapport.

An even simpler change: All gun owners should store their firearms unloaded and locked up.

Parents and community leaders may also consider training to prevent suicide. Courses like Mental Health First Aid and the QPR (Question, Persuade, Refer) training can equip adults with the skills to recognize suicidal behaviors.

Finally, it’s critical to infuse teens with hope that things will get better. Suicide is the ultimate expression of hopelessness. Parents and adults can help by getting teens to see what they do have control over. You can build up their selfconfidence so they know they can handle anything that comes their way.

“You can’t give anybody hope,” Dr. Babin said. “But you can guide them.” P

1. Ring the Alarm: The Crisis of Black Youth Suicide in America (2019) 2. “Why Are the Black Kids Being Suspended?” An Examination of a School District’s Efforts to Reform a Faulty Suspension Policy Through Community Conversations (2017)