How diverse is your supply base? It’s an important question because, as we’ll see in this article, there are significant business advantages to working with diversity suppliers.

But what exactly is a diversity supplier? It is any business that is (at least) 51% owned and operated by a group or individual that’s part of an underrepresented section of society. That’s a pretty wordy definition, but essentially, we’re talking about minority-owned and women-owned enterprises, as well as LGBTQIA-owned, disability-owned and veteran-owned business enterprises.

Here are five compelling reasons to bring more diversity into your supply base.

1. It demonstrates your company’s commitment to diversity – and your interest in working in diverse markets. Basically, it signals that your company is striving to be more inclusive.

2. It promotes innovation and creativity. Working with diverse suppliers allows your business to tap into new perspectives and mindsets. Diversity of thought, to put it another way. What’s more, because diversity suppliers often tend to be smaller organizations, they’re well placed to innovate, adapt to market changes, and stay agile.

3. It will boost your company’s resilience. Because diverse suppliers are so agile and responsive, they can bring more flexibility to your supply chain – which is increasingly important in these, let’s say, changeable times. If that wasn’t enough, having multiple procurement options can help you improve the quality of your goods and services, and reduce costs.

4. It will make your company more attractive to candidates. Nearly 80% of people want to work for a company that values diversity, equity, and inclusion. And you can’t have a robust DEI program without considering supplier diversity. Interestingly, the same survey also found that employees who were happy with their employer’s DEI efforts were happier in their jobs overall. Win-win, then.

5. It’s the right thing to do. Clearly, there are commercial advantages to working with diversity suppliers. But more importantly, every organization has a moral and ethical obligation to do what’s right. Championing diversity suppliers is part of that.

Given the many advantages, why wouldn’t you want to work with diversity suppliers? One great way to broaden your supply base is to work with a talent business partner that’s also a diversity business. As a women-owned enterprise, certified by WBE Canada, Expertis Solutions is on a mission to connect organizations with expert IT talent. Let’s make IT happen and bring more diversity to your supply chain!
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Source: https://www.cnbc.com/2021/04/30/diversity-equity-and-inclusion-are-important-to-workers-survey-shows.html