5 Ways to Meet Your Supplier Diversity Goals
For large businesses above a certain threshold, diversity in suppliers is a regulatory mandate. For the rest of the business world, supplier diversity is just as important— but not always easy to execute.
As a minority-owned business ourselves, our team at Encompass is always looking for ways to help lift up diverse suppliers in our own work— and help encourage other businesses to do the same. Marginalized people, minorities, and other groups that have been unfairly minimized in the business world deserve the space to make an impact based on their skills and potential.
Plus, diversity in business doesn’t just help make the world a better place— it makes you a better business. A broader range of thoughts, ideas, and perspectives expands what’s possible at your organization and beyond. We’ve seen this in action on a daily basis at Encompass.
Plus, diversity is a value that inspires loyalty and motivation in your employees and increased appeal for vendors and potential partners. You’ll attract better talent and more opportunities when diversity is a clear part of what makes your organization special.
But how do you meet your supplier diversity goals and make a positive impact on your business and the world? Here are 5 ways to start.
#1. Tap Into the Potential of Certifying Organizations
There is a wide range of organizations that exist to certify businesses and suppliers for various types of diversity, from the Women’s Business Enterprise National Council to the National Gay and Lesbian Chamber of Commerce and dozens more.
These organizations aren’t just there to hold businesses accountable, they’re there to act as resources for businesses like yours looking to identify databases of diverse suppliers, vendors, and partners. They also organize events and operate regional councils nationwide. If you want to identify great opportunities to meet your supplier diversity goals, these are an excellent place to start.
#2. Make Your Suppliers Transparent & Accountable
When it comes to your primary suppliers, you have a right to request they report on their diversity efforts, including who their diverse suppliers are, their relationships, and what they spend with each of them.
Setting clear expectations for your suppliers is critical in this effort. Establish clear goals for diversity and inclusion as well as total diversity spend, then ensure your prime suppliers know exactly what those expectations are and how they can report on them. This level of accountability and transparency won’t just happen— you need to build it into your supplier relationships.
#3. Put On an Event
Setting up and hosting supplier events designed to help foster diversity can be a great place to bring diverse suppliers into your organization and build strong relationships. This is a powerful tactic that’s long been employed by massive companies around the globe, but you can apply the same principles even if you’re a small- or medium-sized business. Putting on local or regional events for diverse suppliers can be a great way to identify and partner with suppliers that will help you meet both your business needs and your diversity goals.
#4. Establish a System
This may seem like common sense, but it’s surprising how many companies outwardly claim to be eager for more diverse suppliers but don’t have any sort of established system for finding, partnering with, and managing relationships with them.
If you want to hold your organization accountable for diversity spend, a spreadsheet won’t be enough to do the trick. Invest in some kind of vendor management software or a dedicated supplier management team that can help you reach your supplier diversity goals through advanced metrics and focused accountability.
#5. Write Diversity into Your Company Values
Why do companies explicitly state their values, write them on the walls of their offices, and share them with every new employee? Because these stated values help guide the company in ways both big and small, and it all adds up to a company trajectory that’s in line with the vision of its people.
If you really want to make supplier diversity a major part of your company ethos, make diversity and inclusion a central element of your company values. Then make sure that you have adoption and buy-in from the top of your company down. Then, diversity becomes more than simply a buzzword. It becomes a standard for your organization to live by, in suppliers and beyond.
Conclusion
At Encompass, we’re proud to be a minority-owned business that strives to encourage diversity within our organization and with the people and businesses we partner with every day.
“Our mission is to create awesome experiences within the properties we maintain,” says our CEO, Marcell Haywood. “We have assembled a community of professionals like none other, and the opportunity ahead for all Encompass customers, employees and partners is enormous.”
Want to learn more about Encompass and everything we have to offer? Contact us today!
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