Do you know about the 15% pledge? The Fifteen Percent Pledge is a call to action for major retailers and corporations in the US to create sustainable and supportive ecosystems for Black-owned businesses to succeed. Black people make up 15% of the US population. The 15% pledge asked businesses to dedicate 15% of their shelf space to Black-owned brands. They work with companies to comprehensively re-evaluate their org structures, ways of working, funding, and resourcing in order to implement meaningful change and create greater equity for Black businesses. With over 28 retailers, they’ve been able to shift almost $10B of revenue to Black-owned businesses as of now.
When will we see such a pledge in Europe? We know from the EQUIP Europe Report that approximately 18% of the EU population are immigrants or their children and 10% of the EU population are from a non-white ethinc minority. So it’s time to take action!
There are some more great actions and committments which can be done to empower diverse owned businesses and support equality & equity.
An innovative solution that holds great promise is a growth-focused alliance. Sponsored by the purchasing company, it is intentionally structured to provide the participating diverse supplier with measurable opportunities to grow capacity, gain capabilities, and take on roles in senior management — which can then be leveraged to access larger, broader opportunities in the future. One of the pioneers of this approach is Google. Find the whole story: https://hbr.org/2022/10/how-google-approaches-supplier-diversity
Sodexo presented its 2025 strategic plan to generate sustainable, profitable growth and create value for its shareholders and all its stakeholders early November. Next to other actions, one of the supply chain actions is to increase Sodexo’s purchasing from SMEs, targeting 2 billion euros by 2025 for On-Site Services, to enhance local, responsible, and inclusive sourcing. Find all actions; https://www.ariva.de/news/sodexo-presents-its-strategy-to-refocus-and-accelerate-10403407
Macy’s, the largest department store in the United States, announced it will invest $30 million over the next five years to support minority-owned businesses in retail. The money will be offered in the form of loans for working capital, commercial real estate, and growth equity capital. In addition to helping minority businesses, the program will help boost profits for Macy’s by expanding and diversifying its vendor base for customers. Read the whole story in Black Enterprise online or in The NY Times (with subscription only): https://www.blackenterprise.com/macys-to-invest-30-million-over-five-years-to-support-minority-owned-businesses-entrepreneurs/ https://www.nytimes.com/2022/11/06/business/macys-minority-businesses.html