What is supplier diversity? It is a business that is owned and operated by at least 51 percent of groups that are underrepresented or underserved. A supplier diversity program holds a proactive business strategy that focuses on remedying discrimination and providing equal opportunity in the competition process. The program encourages supplier diversity in which minority-, women-, LGBT-, veteran-, and disabled-person-owned businesses are equally considered. An effective supplier diversity program’s primary goal is to remove obstacles standing in the way of a company’s diversity goal and prospective disadvantaged business owners. To remove obstacles, it is beneficial to create initiatives to learn more about diverse emerging markets, provide opportunities for multicultural markets, personalized service, lower costs, and buyers with a competitive advantage. To do this, commitment needs to begin with management to model the way with visible action. This visible action can cultivate a corporate culture that welcomes diversity.
How can this be achieved?
Start with diversity initiatives within your business. It is important to define and create a corporate policy to communicate clear intentions of diversity goals. Design diversity initiatives by taking the corporate culture into account. An alignment of organizational goals with diversity practices and subsequently the alignment of the design of diversity policies with implementation are essential. Training can be utilized to complement the diversity conversation and continue to bring about awareness. Diversity champions on all levels should be assigned to pursue the consistent and continuous conversation about diversity goals but it is conclusively top management’s role to articulate the importance of this continuous conversation and model the way with visible action. Too few companies have supplier diversity programs in place and some of those that do, have allowed them to become token gestures. Making diversity an important aspect of your internal business affairs permeates externally to prospective stakeholders. Its inward acceptance opens up awareness of the need for outward diversification.
Why is this important?
Businesses that show that they are socially conscious by providing programs that boost inclusivity like diversity initiatives and supplier diversity programs improve internal and external perception that in turn improve circumstances such as building the morale of their greatest asset – people. And yes, people of the world, make the world go round. Inclusivity introduces innovation, creativity, and a greater range of talent given from different perspectives and shows people that their input matters. Ultimately, having diversity programs creates awareness by providing information and education within businesses and to its stakeholders with buying power, which in turn encourages those who hold the buying power to provide business opportunities to the disadvantaged or minority population. These actions emanate benevolence, and ethicality, and strengthen brand reputation.
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Nancy Mues 