Diversity Insight: Widening your vendor pool
A supplier diversity program’s intent is to build a pipeline of potentials that includes diverse businesses, individuals and groups.
From the caterers who make your working lunches a delight to the architects redesigning your corporate headquarters, your credit union works with multiple suppliers daily. But when was the last time you assessed your current vendor pool to ensure it is diverse and inclusive? If you are ready to take steps toward greater equity amongst your service providers, a supplier diversity program is a great place to start.
What Is Supplier Diversity?
Supplier diversity is the idea of creating an equitable playing field in the procurement of goods and services for businesses and organizations. A diverse supplier is a business that is at least 51% owned and operated by an individual or group of people of a designated diverse background, including women, minorities, members of the LGBTQIA community and veterans. A supplier diversity program’s intent is to maintain a supply chain inclusive of these diverse businesses, individuals or groups.
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