Expanding supplier diversity
We source products and services from businesses that reflect the diversity of our markets and contribute to the sustainability of our communities, customers and company.
Selecting our suppliers
Lincoln Financial’s procurement team identifies, evaluates and qualifies suppliers to support our business. While we seek suppliers that provide first-rate goods and services at the best total value, we also consider innovative ideas and solutions. A diverse and inclusive supplier base enhances our brand, expands the breadth of our supplier talent and reinforces our commitment to the communities where we live and work.
Supplier goods and services
Our procurement organization works diligently to identify, evaluate and qualify potential suppliers to support the ongoing needs of our business. Among the goods and services we commonly buy from external suppliers are:
- Consulting/Professional services
- Contract labor
- Facilities services
- HR/Employee services
- IT software and services
- IT hardware
- Office equipment and maintenance
- Office supplies
- Promotional items
- Underwriting services
- Supplier diversity is an important component of the Lincoln Financial Group procurement strategy and aligns with our diversity and inclusion commitment.
The following primary supplier diversity classifications align with Lincoln’s supplier diversity program:
- Minority owned
- LGBT owned
- Small business
- Small disadvantaged business
- Veteran owned
- Women owned
- Disabled owned
- Disabled veteran owned
Minority Owned- Individuals within the following racial or ethnic groups: Black, Hispanic, Asian-Pacific, Asian-Indian or Native American
HUBZone- A business that is operating in a certified, historically underutilized business zone. There are 7,000 qualified census tracts (HUD) and 900 qualified nonmetropolitan counties. Certified by SBA.
LGBT owned- Lesbian, gay, bisexual, transgender owned
Small business- A business concern that is eligible for assistance from the Small Business Administration (SBA). Eligibility requirements include:
It must be organized for profit, with a place of business located within the U.S.
It must operate primarily within the U.S. or make a significant contribution to the U.S. economy through the payment of taxes or use of American products, materials or labor.
Together with its affiliates, it must meet the numerical size standards as defined in the Small Business Size Regulations, 13 CFR 121.
Small disadvantaged business- A business that meets certification eligibility criteria established by the SBA effective 7/1/99. All firms must be certified by one of the small disadvantaged business (SDB) certification agencies designed by the SBA. To qualify, it must be a small business, not to exceed standards for primary SIC, meet contracting officers’ assigned SIC code, be a U.S. citizen, and be 51% owned and controlled by one or more socially and economically disadvantaged individuals. Per SBA.gov, socially disadvantaged individuals are those who have been subject to racial or ethnic prejudice or cultural bias because of their identity as members of a group. Social disadvantage must stem from circumstances beyond their control. In the absence of evidence to the contrary, individuals who are members of the following designated groups are presumed to be socially disadvantaged: Black Americans, Hispanic Americans, Native Americans (American Indians, Eskimos, Aleuts, and Native Hawaiians), Asian Pacific Americans (persons with origins from Japan, China, the Philippines, Vietnam, Korea, Samoa, Guam, U.S. Trust Territory of the Pacific Islands (Republic of Palau), Commonwealth of the Northern Mariana Islands, Laos, Cambodia, Kampuchea), Taiwan, Burma, Thailand, Malaysia, Indonesia, Singapore, Brunel, Republic of the Marshall islands, Federated States of Micronesia, Macao, Hong Kong, Fiji, Tonga, Kiribati, Tuvalu, or Nauru; Subcontinent Asian Americans (persons with origins from India, Pakistan, Bangladesh, Sri Lanka, Bhutan, The Maldives Islands or Nepal), and members of other groups designed by the SBA.
Veteran owned- Generally, this certification is non-industry specific but requires that the company is at least 51% owned, operated and controlled by a veteran. There may be additional requirements related to the size of the organization. Organizations wishing to become verified as a veteran-owned business can submit an application to the Department of Veteran Affairs (VA).
Woman owned- A business that is at least 51% owned by, and whose management and daily business operations are controlled by, one or more women who are U.S. citizens.
Disabled owned- A business that is at least 51% owned by one or more disabled persons who control and operate the business. “Control” in this context means exercising the power to make policy decisions, and “operate” means to be actively involved in the day-to-day management.
Disabled veteran owned- A business that is at least 51% owned by one or more veterans with a disability that is service connected.” The term “service connected” means, with respect to disability or death, that such disability was incurred or aggravated in the line of duty in the active military, naval or air service. (38 U.S.C. ‘101(16)).
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