Supplier diversity programs are hard work but having one in your organization is always worth the effort. Although they cost more money at first, they eventually pay for themselves in the long-term. However, one of the common mistakes companies make regarding supplier diversity is having it simply for the sake of having it, which doesn’t translate to a better community relationship. So, how do you properly integrate a supplier diversity program in your company?
In this episode, we discuss why supplier diversity is more than just a business outreach program and how to intentionally utilize one within your organization. We explain how supplier diversity programs can be a source of revenue. We describe the official definition of a small business according to the SPA. We also share how the environment is now being considered when partnering or merging in any industry.
Topics discussed in this episode of Breaking Barriers, Building Hire Ground:
- Defining supplier diversity as a revenue generator
- Why we should have partnered with diverse companies long ago
- Why most companies are only looking at supplier diversity from a spending viewpoint
- The differences between companies that have supplier diversity programs and those that only have compliance programs
- What industries should do to have a diverse company that’s part of the “billion-dollar table”
- How the ecosystem has become an essential factor when working with new and legacy companies
- The SPA definition of small business for tech and manufacturing
This podcast is brought to you by Hire Ground.
Hire Ground is a technology company whose mission is to bridge the wealth gap through access to procurement opportunities. Hire Ground is making the enterprise ecosystem more viable, profitable, and competitive by clearing the path for minority-led, women-led, LGBT-led, and veteran-led small businesses to contribute to the global economy as suppliers to enterprise organizations.
For more information on getting started please visit us @ hireground.io today!
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