Month: September 2024

By Kim Borges

During National Black Business Month, Regions Bank is highlighting the powerful difference Black entrepreneurs make in our communities. Here, we revisit a teenaged small-business owner who created a solution to address a real challenge. Read about her growth – and her company’s – and discover how insights she gained from a Regions-sponsored program continue to help her grow her business.

Every facet of Jordyn Wright’s life these days is taking flight.

“It feels like being a butterfly,” she said. “But you only see your legs, you don’t always see the wings on your back.”

The self-proclaimed “teenpreneur” is spreading her wings once again as she heads to the University of Houston for her freshman year.

“I’m studying business and pre-med to become a dermatologist because of my skin condition,” she said. “I want to continue with my entrepreneurship, to make good connections with like-minded businesspeople and then go to medical school.”

She has a great foundation.

A couple years ago, she took part in the Regions Bank-sponsored Inner City Capital Connections (ICCC) program in Houston. ICCC connects business owners with mentors, financial insights, advice, guidance and follow-up coaching – and it’s all free of charge thanks to financial support from the bank. The program, which traces its roots to the Harvard Business School and Dr. Michael Porter, is dedicated to helping ensure more entrepreneurs from more communities have access to essential tools for business growth.

I want to continue with my entrepreneurship, to make good connections with like-minded businesspeople and then go to medical school.

Jordyn Wright

Since graduating from ICCC, Wright’s focus on growing her two entrepreneurial ventures has resulted in them soaring like she has. The first? J. Brielle Handmade Goods, the bath and body products company she launched in 2018 to help people like her with eczema and similar skin conditions.

“I’m always creating new products,” said Wright, who’s currently exploring entering retail locations. “We’ve developed two new scents – lavender petals and eucalyptus mint – and we have a new body oil that’s also been a huge hit. I use it all the time on my skin and hair.”

Wright has also expanded Passion to Purpose, the platform where she teaches youth entrepreneurship classes through organizations like the Boys and Girls Clubs of Greater Houston, HYPE Freedom School, Inc., Pearland Innovation Hub and area churches. She credits winning a business pitch competition for giving her the courage to launch the initiative that’s reached 200 budding small-business owners so far.

Regions’ next ICCC workshop is in Miami this October; the application period is under way until Sept. 13, 2024 – or whenever the program fills up.

“There haven’t been many resources I’ve seen made by youth and made for youth,” said Wright of her ‘why’ behind Passion to Purpose. “Business networking events and courses are typically made for adults with youth left out. I wanted to see more youth represented in business spaces.”

While Wright’s audience skews slightly younger, the topics she covers are serious business.

“We discuss everything from business concepts to pricing, profit and marketing,” Wright said. “We also cover financial education and budgeting. At the end of the program, we hold a mock market where the entrepreneurs can apply what they’ve learned. Then they participate in a real market.”

Brandy Guidry saw those lightbulb moments occur with their students during Wright’s sessions at the Pearland Innovation Hub.

“When Jordyn spoke at a Youth Shark Tank Camp we hosted, she held our students’ attention the entire time,” said Guidry, inaugural Pearland navigator of the Pearland Innovation Hub. “She does a wonderful job relating to the students, providing encouragement, letting them know they can be successful. She also makes sure to have engaging activities providing valuable lessons for the students.”

Wright herself is continually learning valuable lessons with both J. Brielle and Passion to Purpose. Her latest self-discovery? The value of pivoting.

When Jordyn spoke at a Youth Shark Tank Camp we hosted, she held our students’ attention the entire time.

Brandy Guidry, inaugural Pearland navigator of the Pearland Innovation Hub

“My business was initially pretty consistent, but there are a lot of ways I’ve recently had to pivot, whether that’s financially or with ingredients,” she said. “I want to share with entrepreneurs it’s OK to pivot. If you have to change some things to keep your vision, that’s OK; remember, this is your future.”

Helping Wright shape J. Brielle’s future? Practical insights she still calls on from the ICCC Houston workshop two years ago.

“The financial principles covered in the course were invaluable for me,” Wright said. “Learning more about effective budgeting and cash flow management have been crucial for me in sustaining and growing my business. It’s really helped me make informed decisions for my company.”

For entrepreneurs considering applying for the ICCC Miami cohort, Wright offers this guidance: “Try it! You have absolutely nothing to lose by going,” she said. “The speakers were so inspiring and motivating. I had so many notes to take home. My advice is to bring an extra notepad, I filled up my first.”

Interested in nominating a small business or applying for the October ICCC Miami workshop? Learn more.

Read about more ICCC alumni.

When Yoo-Kyung (Karen) Choi was in the first grade in her native South Korea, she was nominated as a candidate for class president along with one of her friends, a little boy. As part of the process, each child had to give a speech to their classmates.

Karen recalled how nervous she was as she prepared to speak. And then their teacher pre-empted her by telling the class, “It’s always good to have a boy as the leader. And Karen here will play an amazing supporting role as vice president.”

She lost by a handful of votes. When she went home from school that day, she told her mother what had happened. And her mother responded: “You know, that’s why you have to always be better.”

Today, those words of advice still resonate with Karen, who is Viatris’ Head of Compliance for Japan, Australia, New Zealand and South Korea. And they remind her of how many women have had to become overachievers just to secure their place in the world.

Speaking at an event hosted by EmpoWer, the company’s employee resource group (ERG) for women and their allies, Karen was part of a discussion about the experiences she has had working around the world, including the U.S., Canada, Australia, Cambodia and Japan.

“It did really affect me a lot in my way of working and my way of study,” she recalled of the school election. Nowadays, a teacher would never say such a thing in the classroom, and she welcomes the change.

Kristen Beatty, who is based in the U.S. and is the Head of IT for Corporate Functions, moderated the event. She noted that she had the same kinds of conversations with her parents growing up, and their response was the same: push yourself to be even better.

“So here we are, on the opposite sides of the world and hearing that same story,” she said.

Rania Gabr, Head of Marketing and Business Excellence for Japan, Australia, New Zealand and Emerging Markets, grew up in Egypt in a family that supported her efforts to succeed. A pharmacist by profession, she joined Viatris 20 years ago as a medical representative for a legacy company.

She recalled how she won a role in another country, but when she revealed that her husband – who supported her plan – was going to remain in Egypt while she traveled, the hiring manager at the legacy company decided on her behalf that she should stay with her family. Though it was a difficult lesson, Rania said it helped her to build resilience and inspired her to work even harder to prove herself.

“Since then, I’ve been traveling all over the globe, working across multiple countries and geographies,” she said. “So it was a good learning for me.”

In many situations, Rania has been the only woman in the room. “At that point, you can imagine it’s very hard to negotiate,” she said. “It’s not as easy as it should be when you have (a more) diverse setup.”

But she said the hard work that so many women and allies have invested is paying dividends.

“It’s taking a lot of power from our end, and energy, to assure that we are able to prove that a female is capable to do the work,” she said.

Karen agreed.

“I don’t think there’s any country, any culture where we can say it’s perfect in terms of women’s equity or empowerment,” she said. But she added that even if transformation is slow, changes are still happening: “And those small steps we take, they do contribute to those positive changes.”

Rania urged the women participating in the forum to clearly define their career goals and stay focused on them.

“Learn, grow, define your goal and work towards it,” she said. “Don’t let anyone deviate you from your career goal, and make sure you’re able to do it because you are capable of achieving more.”

Originally published on Life at HARMAN

A Culture of Openness and Collaboration 

At HARMAN, our culture thrives on collaboration, innovation, and a commitment to nurturing future talent. Rebecca, who joined HARMAN in April 2019, embodies these values every day. As part of the R&D Engineering team for North American Automotive programs, she’s not only passionate about her work but also about giving back through mentorship.

HARMAN’s open and approachable culture played a significant role in Rebecca’s decision to join the company. “Everyone, including senior leadership, is very approachable, which is something you don’t often find in most other companies,” she shares. This environment has enabled Rebecca to thrive and make a difference, including through her involvement with the Winning Futures mentorship program.

Leading With Authenticity 

Rebecca’s journey with Winning Futures began when she attended a meeting hosted by a colleague and strong advocate for the organization. Winning Futures is a structured program that uses mentoring to teach essential life skillst to teens and young adults. “The organization has done a tremendous job pairing its mentoring program with topics like career fit and personal brand, and fun games to bond with mentors during the sessions,” Rebecca explains.

As a mentor, Rebecca’s approach is rooted in authenticity. “I think everyone has a story to tell. I wanted my mentees to know that I can relate to some of the challenges. I was a teen once,” she says. By focusing on solutions and what her mentees can control, Rebecca provides guidance that is both empathetic and empowering.

It was eye-opening to witness a lot of the struggles our youth are facing nowadays. I’m talking about social media and the stress that comes with it. I have a lot of respect for this next generation. They operate differently from how many of us grew up.

-Rebecca

The Impact of Mentorship 

One of Rebecca’s most rewarding moments came when a shy mentee, who typically avoided speaking in front of others, stood up on the last day of class and shared, “I think you’re phenomenal.” This unexpected acknowledgment highlighted the deep impact Rebecca had made. “I don’t take lightly what she said, and I was incredibly surprised to hear this,” Rebecca reflects. She believes that being authentic is key to effective mentorship. “When you are your authentic self, you can rarely go wrong.”

Finding Balance 

Balancing a demanding role at HARMAN with her commitment to mentorship wasn’t always easy, but Rebecca made it work by treating her mentoring sessions like any other important meeting. “Each Tuesday, I started my day extra early to carve out some time to drive to the school,” she shares. Her dedication didn’t go unnoticed, and her colleagues’ understanding made it possible for her to continue making a difference.

Outside of work, Rebecca finds balance by weightlifting, a passion she picked up 1.5 years ago. “Weight-lifting has been a great way to challenge myself physically and mentally,” she says. It’s a practice she’s even shared with her 8-year-old daughter, teaching the importance of making healthy choices and finding balance in life. Rebecca also enjoys coaching her daughter’s sports teams, finding it rewarding to share this health journey together.​​

Winning Futures is an amazing program that should be at more schools. Every student deserves to have access to a mentor and learn valuable life lessons.

-Rebecca

Rebecca’s time with Winning Futures has left a lasting impression. “Winning Futures is an amazing program that I wish could be at more schools. Every student deserves to have access to a mentor and the training Winning Futures offers,” she says.

Rebecca’s story is a testament to the power of mentorship and the incredible impact that caring, dedicated individuals can have on the lives of young people. At HARMAN, we’re proud to have employees like Rebecca who go above and beyond to make a difference in the world.

Follow us on LinkedIn, Instagram​, and Facebook to learn more about our view on leadership and innovation driven by people who feel valued.

At LyondellBasell (LYB), we champion people by putting them at the heart of everything we do and by embracing a diverse, equitable and inclusive culture. One of the ways we reinforce our dedication to this LYB value is through our People and Culture Equity Committee. Equity is about providing everyone with the resources they need to succeed and ensuring that employees are treated fairly.

The role of the Equity Committee

In 2023, we established an Equity Committee comprised of all key functional groups in the People and Culture (P&C) function with the intention of leveraging the interconnectivity to create a path to greater equity and improve the understanding and impression of fairness among employees.

The committee was instrumental in driving the completion of the equity projects detailed in the 2023 Sustainability Report. For example, committee representatives from the Talent/Performance team introduced an Equity Champion role into the year-end performance management process to listen for equitable discussions on performance and help identify potential biases.

Also, committee representatives from our benefits team (Total Rewards) engaged an external consultant in 2023 to provide a holistic review of our U.S. benefits programs through a DEI lens. This provided an in-depth look at our U.S. healthcare, retirement, risk protection, time off, financial resilience, well-being perquisites, worksite resources and policies. We assessed benefit participation and affordability based on cohorts of interest (age, gender, race, location) and identified vulnerable populations to inform benefits review and opportunity prioritization. Following this review, LYB made a significant number of enhancements to our U.S. benefits offerings for 2024, and we are exploring options to conduct similar in-depth benefit reviews in other countries where we operate.

From hiring to workplace flexibility to pay and performance, this committee identifies and addresses equity issues by utilizing cross-collaborative expertise from all aspects of People & Culture, leadership and other business functions.

Why equity matters at LYB

Our vision for the future is that LYB is a place where there is genuine equal opportunity for all and diversity, equity and inclusion are embedded within our culture as deeply as safety. Our goals and strategies for creating a diverse, equitable and inclusive culture are intertwined. Developing such a culture fosters the growth of others, creating a harmonious environment that benefits everyone. Equitable practices level the playing field for all employees and establish a sense of fairness. This, in turn, creates an inclusive environment where everyone feels valued and encouraged to contribute to the company’s collective success. An environment like this can boost collaboration, innovative thinking and allow for talent to be recruited, retained and advanced. The People and Culture Equity Committee’s continuous effort to monitor and improve our systems ensures that equity is a living, evolving practice within LYB, which underscores our commitment to making our vision become our reality.

If you want to be a part of our cultural transformation, please visit the LYB careers page to find the opportunity that best fits you.

Feature by Gordon Donovan

The 2024 Economist Impact report highlights the strategic importance of procurement in managing risk and driving sustainability. As previously reported, procurement is gaining prominence in the C-suite, and it can play a critical role in driving resilience, including with environmental, social, and governance (ESG) objectives.

In the Economist Impact report, titled “Across the procurement-verse: Changing trends in the procurement function” and sponsored by SAP, surveyed executives share increased confidence in procurement to deliver against risk-mitigation objectives. Particularly when it comes to internal risk, which involves stakeholder management and strategic alignment, confidence levels rose to 83% this year, from 64% last year. This illustrates that procurement is becoming more aligned with key stakeholders across the organization.

However, a “state of permanent crisis” has shaken executives’ confidence in procurement’s ability to manage external risks such as geopolitical shifts, supplier threats, and liquidity risks.

Procurement’s role in business strategies is ever-growing, but it is imperative to maintain agility.

Heightened Attention to Risk Management

Ongoing inflation, global conflicts, and fluctuating commodity prices have placed risk management at the center of business strategies. Procurement plays a pivotal role in this effort by identifying high-quality alternative products and services while limiting costs.

Yet, respondents noted concerns over procurement’s ability to manage external risk factors, as only 41% of respondents said they are highly confident in its ability to control vulnerabilities. Comparatively, in 2023, 62% of business leaders expressed assurance in procurement’s handling of these factors, like supplier shortages, market fluctuations, and supply chain disruptions. Several drivers are pushing this trend, as the report notes that organizations experience four supply chain disruptions every day. Also, inflation continues to influence organizational decision-making, as monetary uncertainty was listed as the top organizational risk priority for procurement. Additional key external factors impacting organizational strategy over the next 12 to 18 months are macroeconomic (71%) and legal and regulatory risks (70%).

Diversifying Supplier Relationships

Businesses have looked to ease fears of shortages by moving away from sole sourcing suppliers. According to the survey, 40% of executives aim to prioritize supply chain diversification to build trusted and long-lasting relationships. In fact, three of the top five strategies listed in the survey are focused on mitigating risk, including reshoring/nearshoring and multi-sourcing.

Visibility has also been listed as one of the highest two priorities for a second consecutive year, proof that it is an urgent need for organizations to invest in technology that increases access to supply chain metrics, develops connections with suppliers, and identifies alternative sellers. Platforms that utilize automation, AI, and advanced analytics are another way to enable procurement teams to make data-driven decisions that improve efficiency and reduce risk.

Sustainability: Procurement’s Green Thumb

ESG ranked second on the list of priorities for the next 12 to 18 months, an increase from fifth in 2023.

“Procurement’s work at the convergence between the business and wider supply-chain ecosystem thus offers it a unique strategic opportunity to lead the sustainability agenda,” the report states. By engaging with sourcing and suppliers, two critical stakeholders in achieving sustainability KPIs, procurement can use its role to translate companies’ green ambitions into tangible results.

New regulations such as the European Sustainability Reporting Standards (ESRS) and Corporate Sustainability Reporting Directive (CSRD) have driven companies to enhance their sustainability practices.  According to the Economist Impact report, procurement has capitalized on this opportunity to gain the confidence of executives across the C-suite, with 68% of business leaders expressing belief in procurement’s abilities to deliver against ESG objectives. This is an increase from 49% in 2023, signaling that procurement’s remit has expanded beyond cost management.

Sustainability has also become a critical risk category, as 39% of respondents listed compliance as a driver to becoming greener. A failure to conform to governmental policy can lead to penalties and fines that limit growth.

SAP recently hosted a webinar to discuss strategies that leading companies are using to develop sustainable supply. The discussion also includes insights into how procurement can add value to ESG initiatives beyond compliance and reporting.

Leveraging Technology for Sustainable Sourcing

Procurement’s role in engaging buyers and suppliers to drive sustainability is pivotal. CPOs can set standards for sustainable sourcing and supplier practices, reducing carbon footprints and helping reach ESG benchmarks.

The increasing alignment of procurement with C-suite priorities is seen through the increased focus on sustainability and risk management. The shift in reporting lines toward COOs and the greater involvement in strategic discussions highlight the growing influence of procurement in organizational decision-making.

The expanded role of procurement has placed it at an inflection point, with heightened expectations to deliver results beyond cost mitigation. How will procurement leaders meet these new demands? Investing in technology offers a solution for uncovering valuable insights that to demonstrate procurement’s value. Coupled with developing people and processes, this approach allows procurement leaders to successfully fulfill their increasing remit.

Utilizing SAP Business Network for Strategic Priorities

Business leaders should look for a platform to bridge the gap between companies and buyers and suppliers, enhancing visibility, collaboration, efficiency, and compliance. By leveraging such a comprehensive solution, companies can streamline their procurement processes, reduce silos, mitigate risk, and achieve substantial time and cost savings.

SAP Business Network can align these benefits with the strategic priorities of risk management and sustainability. The technology has facilitated 780 million B2B transactions and $5.8 trillion in annual commerce, highlighting its vast influence across 190 countries. There has also been a 13% growth in transacting relationships and a 7.3% increase in B2B transactions over the past 12 months, a testament to our growing global community.

Embracing the Future of Procurement

With growing confidence from executives and risk-focused strategies, procurement is well-positioned to lead organizations through today’s complex business environment. The Economist Impact report underscores this belief, but procurement teams must aim to ensure long-term success by leveraging digital transformation.

Through in-depth interviews and targeted research, the Economist Impact report provides a broad analysis of the state of procurement.

View the infographic and download the report.

Gordon Donovan is global vice president of Research, Procurement & External Workforce at SAP.