Have you heard the term Business Diversity and are not sure what it means?
A number of companies are calling their Supplier Diversity & inclusion efforts Business Diversity. But what is the difference to ”traditional” Supplier Diversity & Inclusion efforts ?
Some companies were looking at Supplier Diversity & Inclusion through a supply chain only lense. Other companies have already implemented Supplier Diversity & Inclusion actions within all company processes and strategies. At the end of the day it doesn’t really matter how you call your Supplier Diversity & Inclusion actions, but they should include a holistic approach that encompasses various levels.
Strategy; DE&I efforts are fully embedded within ALL company’s Diversity, Equality & Inclusion and ESG actions
Leadership; Involvement of all management levels (C-suite and board) to inform about stragey and drive accountability throughout the company
Performance; Expand efforts into all sourcing opportunities and track on broader level on ie socioeconomic impact in addition to spend only
By taking a holistic approach to business diversity, companies can create a more inclusive and equitable business environment that benefits everyone involved.