Supplier Diversity Statement

Supplier Diversity Goals

Transact is recognized as a leading provider of education technology software and consulting services. We take this responsibility seriously and strive to seek, create, and develop strategic business relationships that meet the needs of the colleges and universities we serve. We are committed to developing mutually beneficial relationships with small, women-owned, veteran-owned, minority-owned, disadvantaged/disabled, and LGBTQA+ businesses.

Transact’s supplier diversity efforts center around our corporate commitment to diversity and our desire to support clients in achieving their diversity goals. We seek to offer our clients quality solutions at competitive prices while creating business relationships that allow diverse organizations to succeed. Our goal is to provide viable business opportunities for diverse suppliers that fulfill mutually beneficial business needs and enable the growth of diverse businesses in our communities.

One of the challenges we face in our commitment to supplier diversity is opportunities to engage diverse suppliers in the provision of our services. As a software and consulting provider, Transact employs staff to perform all duties associated with our work, and opportunities to subcontract are rare. Additionally, when we do partner with vendors, the services are within highly niched specialized areas, such as door locks, security software, card manufacturing, or merchant services. Still, over the past year, we’ve made it our mission to determine how we can better engage diverse suppliers and challenged ourselves to set benchmarks for supplier diversity. Below we have outlined our current objectives and strategies related to supplier diversity.

Objectives

With our supplier diversity goals clearly in focus, we have established the following objectives:

  • Actively explore diverse businesses that can provide competitive, high-quality services and whose business models are aligned with Transact's business strategy
  • Ensure diverse suppliers have opportunities to be part of Transact's business partnerships
  • Continually communicate the value of supplier diversity with internal and external stakeholders
  • Leverage supplier diversity results to help meet our clients’ supplier diversity requirements

 

Strategy

As a broad strategy, Transact is continually exploring national, regional, and local efforts that enable us to be aware of diverse resources. Working closely with Transact's Diversity, Equity, and Inclusion (DEI) Council and under the guidance of the DEI Council's Strategic Partnerships Pillar, our supplier diversity efforts help us identify ways for departments to explore partnership opportunities with diverse businesses and our clients whenever possible. For example, we recently partnered with Arrow Payments—a certified WBE specializing in secure payment processing and PCI compliance solutions.

Transact encourages all departments to identify and include diverse providers to help fulfill business needs whenever possible. Diverse businesses that add value, demonstrate their ability to provide high-quality solutions, and are competitively priced, reliable, and aligned with our values are included in our strategic business model. This company-wide policy reflects Transact’s commitment to creating opportunities for diverse companies to market to Transact and encourages Transact to offer opportunities to diverse companies.

Broader Scope

Our supplier diversity initiatives are part of a broader commitment to Corporate Social Responsibility and DEI. Transact supports the notion that being in an organization that has an engaged and empowered workforce allows employees to bring their authentic selves to work, which in turn allows Transact to provide the best solutions and services to our clients in ways that positively impact our communities.

Transact strives to find ways to attract, develop, and retain the talent needed to meet business objectives and to recruit and employ highly-qualified individuals representing the diverse communities in which we live. To prioritize this goal, Transact has employed Mechelle King as its VP of Inclusion, Diversity, and Engagement. Mechelle leads Transact’s Engagement Council (established in 2020), which focuses on fostering DEI at Transact through: 

  • Support from senior leadership
  • The ability to link the organization’s DEI strategy with the overall business strategy
  • Emphasizing the importance of DEI in and to the organization
  • Diverse representation
  • Metrics to measure progress
  • Consistent communication of goals and efforts
  • A long-term strategy
  • Fostering impactful client outreach and engagement programs

The council focuses on communication and accountability, educational programs, partnerships, and policies and practices that foster DEI. As an example of policy commitments to diversity, in 2020, Transact created a program to match employees’ charitable contributions toward social justice or other approved 501c3 charitable organizations that combat discrimination and racism. Our company also provides two additional days of PTO to employees who commit time to the critical imperative of social justice and volunteering.

Transact also supports a diverse workforce through Employee Resource Groups (ERGs) for women (Transact Women’s Interest Network – T-WIN), minority ethnic groups (Transact Tapestry), Military Veterans, and LGBTQA+.