Supplier diversity should be a corporate strategy that removes barriers and provides access for diverse businesses to compete for contracts in an environment that fosters fair competition and equitable practices. Successful programs are built on deliberate actions and strategies supported
Did you make your goals for 2023? Do they include supplier diversity measures? At year’s end, leaders tend to focus only on results. Then they sharpen their pencils to calculate growth for the next year. But valuing growth often drives
Organized chaos associated with mergers and acquisitions can create the ideal environment to focus on cross-organizational disciplines like supplier diversity. During these periods of growth and transformation, companies shift their focus optimizing processes and procedures to incorporate the new entity.
An organization uses its mission, vision and values to demonstrate what matters to it. Messaging is carefully crafted and designed to make the organization attractive to consumers, investors and employees. Now more than ever, inclusion is a necessary pillar in
Benchmarking can help organizations become “above average” in their supplier diversity efforts. The practice of measuring performance and calculating potential based on external standards, benchmarking drives improvement by admitting that other companies may be doing some things better than you.
Tesla’s fall from the S&P 500 ESG Index due to poor environmental, social and governance (ESG) scores skyrocketed this acronym into the headlines, amid a flurry of confusion. How can a company whose products are designed to be environmentally responsible exhibit
Regarding supplier diversity, bigger is not always better. The most common way to measure a supplier diversity program’s performance is dollars spent with diverse suppliers. Companies often look at this figure as a percentage of total controlled spend or spend
For suppliers, being diverse can be a differentiator, enabling them to be noticed — and included in a bidding process. Winning the contract, however, requires demonstrated performance, quality and results. After all, selecting the best supplier is a business imperative for any
The word “diversity” has become corporate jargon; it’s a relatable buzzword, which makes it important not to simply group “all things diversity” together. That commonly happens when supplier diversity becomes entangled under the diversity, equity and inclusion (DE&I) umbrella or
A corporate awakening has brought diversity, equity and inclusion (DE&I) to the forefront, increasing visibility and funding for supplier diversity. But funding alone is not enough to drive sustainable and impactful change. It takes a higher level of understanding and