"How many diverse suppliers did we invite for bidding?" - asked my client when I was working with a client from the USA region. This was my first time with a global client and, term was new to me, but I soon realized it wasn't just another buzzword.
In today's fast-paced business world, diversity isn't just a checkbox; it's a strategic advantage. In the USA, laws mandate the inclusion of diverse suppliers, reflecting our commitment to fairness and economic empowerment. Here's why it matters:
Why Diversity Matters:
1. Economic Growth:Supporting small and diverse businesses fuels innovation and economic prosperity.
2. Social Responsibility: Embracing diverse suppliers promotes equity and breaks down barriers.
3. Competitive Advantage: Diverse suppliers bring fresh perspectives and skills, giving businesses a competitive edge.
Provisions in US Legislation:
1. Small Business Act: Ensures federal contracts are accessible to small, minority, women, veteran, and disadvantaged businesses.
2. Executive Order 11246: Prohibits discrimination among federal contractors and promotes diversity and inclusion.
3. MBDA Support: The Minority Business Development Agency assists minority-owned businesses in accessing contracts and resources.
Understanding Diverse Suppliers:
- Minority-Owned
- Women-Owned
- Veteran-Owned
- Disability-Owned
Conclusion:
Supplier diversity isn't just about compliance—it's about leveraging the power of diversity to drive success. Let's build a more inclusive economy together. Have you encountered similar practices in India or elsewhere across the globe? Share your insights!
#SupplierDiversity #Inclusion #BusinessSuccess 🌐🤝
3D Artist & Routing Support
2moGood Job Bini Celine 🌸✨