The focus on diversity is growing in the business world, where procurement teams have historically strived to meet (or exceed) their companies’ supplier diversity requirements. With racial injustice and social unrest both driving the need for more inclusivity across all business sectors, updating and enhancing supplier diversity programs will likely remain an imperative for companies as we move into 2021 (and beyond).
According to HBR, a diverse supplier is a business that is at least 51% owned and operated by an individual or group that is part of a traditionally underrepresented or underserved group. Common classifications include small-business enterprises (SBEs), minority-owned enterprises (MBEs) and woman-owned enterprises (WBEs). “Over time,” HBR points out, “the definition of diversity has expanded to businesses owned by other minority groups such as LGBQT, veterans, and proprietors with disabilities.”
