Spur Economic Growth By Protecting Supplier Diversity Programs

Supplier diversity programs spur economic growth and inclusivity. The ongoing debate surrounding supplier diversity programs has recently become more heated with increasing lawsuits against them. While critics raise concerns about potential reverse discrimination against non-diverse-owned businesses, proponents stress the positive impact of these programs in driving economic growth for everyone. Corporate and government supplier diversity programs promote broader participation in the procurement process. It drives up the quality and innovation of products while maintaining cost competitiveness. These aspects make diversity vital for corporations and governments to consider when sourcing their products and services. The lawsuits are out of step with the views of the American public: 83% of consumers and 86% of employees believe that companies should actively shape ESG best practices and prefer to support or work with those who share their values, according to PwC . Importantly, supplier diversity programs close disparities for diverse-owned businesses and grow the economy. The Benefits Of Closing The Gaps In Entrepreneurship The truth is that not everyone has equal access to opportunity. Diverse or marginalized entrepreneurs are often defined by gender, race, ethnicity, sexual orientation and identity, abilities, and veteran status. They tend to be less networked to business opportunities. MORE FOR YOU Russia Announced It Had Deployed, To Ukraine, Its Best New Artillery-Detecting Radar. Hours Later, The Ukrainians Blew It Up—With Artillery. A Grenade-Armed Ukrainian Drone Spotted Two Russian Soldiers. One Russian Lit A Smoke, And Asked The Drone-Operator To Kill His Comrade First. As a result, diverse-owned employers—particularly those owned by women of color—are much smaller than men-owned employers. ForbesWomen: Get the ForbesWomen newsletter, and supercharge your mission with success stories, tips and more. By signing up, you accept and agree to our Terms of Service (including the class action waiver and arbitration provisions), and Privacy Statement . White […]

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By Donato