Creating a Supplier Diversity Policy:
How Does It Work?

Your organization should be focusing on creating a supplier diversity policy. It’s no secret that the workforce in America is changing. As the population becomes more diverse, it’s important to support these changes by aiming for a supplier diversity policy. 

It has been proven that inclusive supplier diversity policies can lead to increased profits and decreased turnover.

A supplier diversity policy can be created by following these three steps: first, conduct an audit of your current suppliers; second, create a supplier development program; third, identify any barriers to inclusion and work with them until you eliminate those barriers entirely!

Conduct An Audit of Your Current Suppliers

The first step in creating a supplier diversity policy is to conduct an audit of your current suppliers. This will help you not only identify the barriers that exist but also determine what resources are available and who might be able to participate in a supplier development program.

Consider what resources you have available and choose a program based on those resources.

Identify suppliers with whom you can start out by identifying potential partners. These are typically those who have a long history of supporting other organizations in this field or they may even be affiliated with your organization already.

Develop metrics that provide insight into areas where there is room for improvement: What does success look like? How do we measure progress?

These are all crucial questions when forming such an initiative! Provide regular updates on these numbers every month – without them, any changes you may make could be lost to the wind.

Create A Supplier Development Program

The second step in creating a supplier diversity policy is to create a supplier development program that will help you find new suppliers. This can be as simple as attending trade shows or reaching out to manufacturers, distributors, and vendors who are not currently working with your company. You’ll need to keep the pipeline full of potential suppliers so that when one falls through for any reason there’s another ready to take its place!

After conducting the audit, you will be able to develop a supplier development program that includes educational seminars on diversity and cultural awareness training. You may also want to offer discounts or other incentives for those who are willing to undergo these steps. This is going to depend largely on your company’s resources and what they’re trying best suited in order to bring more diverse suppliers into their supply chain.

Identify Any Barriers To Inclusion And Work With Them Until You Eliminate Those Barriers!

In addition, it’s important not only to identify any existing barriers but work with them until all of them are eliminated. Doing this will ensure that anyone who tries entering your supply chain has every opportunity possible to do so.

You may also want to offer discounts or other incentives for those willing to undergo these steps if necessary. It’ll depend largely on what resources you as a company have available and what specific goals of yours best suit this type of program – whether it be education programs geared towards diversity awareness training, etc.

Create educational seminars geared towards diversity, inclusivity, and other related topics. Make it easier for people who want to enter your supply chain by eliminating barriers that might exist.

Create partnerships with organizations geared towards the same goals as yours. This will allow both groups to educate each other about how things work best from their perspectives so they can build strategies together tailored specifically for this type of endeavor.

Track supplier diversity success over time and use data to measure how successful these relationships have been for both parties involved.

Creating a fair process for suppliers to apply that is timely enough to be effective in today’s fast-paced world; making sure there are adequate financial resources available at all times to ensure success as well as ongoing engagement with key stakeholders such as community members, customers, and employees.