Equity At Work
We Help Companies Create Equitable Workplaces
patrick-tomasso-71909-unsplash copy.jpg

The Equity At Work Blog

We Write The

Equity At Work Blog

The E4W Blog

Supplier Diversity Starter Checklist & Best Practices

 

Supplier Diversity programs can be a terrific way to extend your organization's DEI principles out into your community.  Supplier diversity isn't limited to products - think of your business partners, referral partners and service providers - they can all fall into your supplier diversity strategy.  Being intentional about who you spend your money with as an organization can make a big difference!


Not sure where to begin?  Here are some steps to get you started:

  1. Define what “diverse supplier” means to your organization

    1. Owned only vs owned and operated

    2. Include women, race, LGBTQ+, veteran, disabled, immigrant, others?

    3. Local and/or small business included? Prioritized?

    4. Is certification required?

  2. Track your spend now and set baseline for future goals

    1. Look at $ spent and % of total spend

    2. In total and by category

    3. Identify key areas to target for diverse suppliers

    4. Identify goals for diverse supplier spend with timeframes ($ and/or % spend)

    5. Develop reporting-out mechanism

  3. Identify partners and resources to reach diverse suppliers

    1. Regional certification organizations

    2. Chambers of commerce

      1. Include city Chambers as well as Chambers specifically for diverse business owners

    3. Current business partners, especially those with supplier diversity programs

    4. Local non-profits

  4. Create and launch communications plan

    1. Internal and external communications

    2. Include purpose of program, alignment with organization’s values and story of impact being made

    3. Communicate how to submit suggested vendors/suppliers

  5. Develop internal group to support diverse suppliers

    1. Onboarding

    2. Identify where terms may need flexibility (such as payment terms, insurance, etc.)

    3. Provide point of contact for support as needed

  6. Conduct regular reviews of program

    1. Every 6 months – what is working, what needs to be improved, big wins to share in communications, etc.

    2. Share out to leadership along with spend and impact tracking

And please see below for our infographic on Supplier Diversity Best Practices.
 
Need help determining how to best develop your DEI plans and programs to deliver high-impact, measurable results?  Contact us here.

by Michelle Bogan

Sign up to receive our newsletter in your inbox and get DEI insights from Equity At Work first.

 
 
 
Michelle Bogan