There is absolutely no reason for an EITHER OR … on the contrary, an inclusive sourcing program supports and complements a company’s ESG efforts in its supply chain.
Many companies think of ESG solely in terms of sustainability. In fact, environmental, social and governance commitments are much more than sustainability. The same is true for inclusive sourcing. A diverse and inclusive procurement base helps your company be more innovative, attract more diverse talent, positively impacts your company’s growth strategy, and even increases YOY procurement savings (just to name a few of the many benefits!).
Next to some other statistics around Supplier Diversity, this article fom Oliver Wyman, ‘How successful are Supplier Diversity / Inclusive Sourcing programs really? ” is providing 5 points which successful supplier diversity efforts have in common:
- Get support from top management – SET THE TONE FROM THE TOP
- INVEST in RESOURCES – Diversity champions are great, but consider the impact a person fully dedicated to Supplier Diversity / Inclusive Sourcing can have
- Expand the DIVERSE SUPPLIER NETWORK- Connect with the networks, organization, agencies and other corporates who are on this journey
- SET GOALS & PUBLICIZE PROGRESS – set your targets, work towards them & talk about what you do
”We believe that having the right supplier diversity programs in place will be instrumental in not only helping organizations efficiently and ethically source products and services but will play a key role in recovery and growth.”
Find the whole article here: https://www.oliverwyman.com/our-expertise/insights/2021/apr/tracking-the-supplier-diversity-dollar.html
As mentioned in earlier posts, 60-90% of a company’s environmental, social, and governance (ESG) impact can be traced to its supply chain. A logical conclusion from that fact is, that if a companies supply chain and suppliers are involved, ESG targets can be met easier. Read more in this article on Supply & Demand Chain Executive.