Driving Organization Impact Beyond Spend: A Guide to Fostering Diversity Through Procurement
Companies of all sizes can benefit from increasing diversity throughout their companies. Doing so can help find new talent, bring in more perspectives to spark innovative ideas, attract diverse customer segments and more.
Set a diversity spend goal
The first step toward fostering diversity through procurement should be setting a diversity spend goal so you have a mark to measure your efforts against. This goal can differ from company to company based on your circumstances, such as your current level of diversity spend and your resources to find diverse suppliers.
The federal government, for example, sets goals to use different types of small business suppliers, such as allocating at least 5% of all federal contracting dollars annually to women-owned small businesses