A diversity program showcases a commitment to equal opportunity and inclusive approach. Even when companies have adopted and publicized a supplier diversity program, they may be failing to walk the talk and implement their program and its goals effectively and successfully.
There is no scarcity of diverse businesses which can meet a company’s requirements, as proved by the data provided below, which shows the exponential manner in which loans to minority groups have increased, and the additional support provided by the government.
Corporations are not only expected to build a diverse supplier base – they are also expected to submit to an audit of their supplier data, with transparency and accountability. The audit is enforced far more seriously for companies which have business relations with the federal government.
These companies need to ask themselves some hard questions about their program and its objectives:
Companies that fail to evaluate the genuineness of their supplier diversity programs and diligently track their performance will also fail to derive the true benefits offered by a truly well-managed program by way of customer loyalty and enhanced revenues.
Mail (will not be published) (required)
9 − = six
Thanks for Subscribing to DCR Blog.