At gothamCulture, we conduct bi-weekly internal meetings dedicated to discussions about Diversity, Equity, Inclusion, and Belonging (DEIB) and how to continuously embed them in our operations, services and work. One of our ongoing initiatives is to ensure the diversity of our network of partners and suppliers and the fair opportunities for them to be included across our projects and workstreams. In other words, we are actively working on achieving and maintaining supplier diversity; a key item of any DEIB strategy.
So what is supplier diversity?
Supplier diversity is a proactive effort to ensure that all potential suppliers have fair and equal opportunities to conduct business within an organization’s supply chain. Organizations that exert this effort create opportunities for inclusion of minority, underserved and underrepresented group-owned businesses such as ethnic minorities, immigrants, women, LGBTQ+ people, armed forces veterans, and people with a disability.
Why is it important to achieve supplier diversity?
Like every genuinely developed and implemented DEIB initiative, supplier diversity is critical for your people, your customers, your business and the bottom line, and the wider community.
People: Across the nation, people have vocalized their expectations around prioritizing DEIB in their organizations. In our own State of Culture 2021 study, we found that organizations performed better from a culture perspective when they openly and honestly discussed diversity and social justice issues. Moreover, the new generation of candidates value working for organizations that are actively investing in DEIB. Therefore, supplier diversity can impact employee satisfaction and in turn retention as well as widen your talent pool for recruitment. Read More…