Supplier diversity
What is a supplier diversity program?
A supplier diversity program is a strategy used to incorporate diverse suppliers into a supply chain. The aim is to source suppliers from diverse businesses and helps to promote inclusivity across various minorities, and contribute to an organisations ESG values.
Goals of a supplier diversity program
Supplier diversity programs are part of an organisations efforts to uphold high ESG standards.
- Environmental: Opting for local suppliers means there are less transportation and fewer logistics, resulting in lower carbon emissions.
- Social: Commitment to inclusivity that empowers communities and contributes to a broader economic growth.
- Governance: Companies can enhance governance standing by ensuring fairness which eflects well on the company and attracts investors.
Why do you need a supplier diversity program?
Supplier diversity is not only needed to meet your ESG goals, but also helps to drive innovation by widening the pool of potential suppliers, which can improve quality and drive down costs. It’s vital to expand into new markets, that helps with economic growth and job-creation, particularly in minority communities.
Supplier diversity
Our playlist on YouTube features guidance from credible experts in this space to help you build a more diverse and inclusive supplier base.
Further resources
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