Posted on : 2022-08-28 21:24:36
Article : Good morning, Monday Management solution for TASK 205-An inclusive procurement strategy widens the pool of potential suppliers and promotes competition in the diverse supply base, which can improve product quality and drive down costs
Most studies surrounding diversity in the workplace have found that for every 1% increase in gender diversity, company revenue increases by 3%. Higher levels of ethnic diversity increase revenue by a whopping 15%. According to Glassdoor, 67% of active and passive job seekers say that when evaluating companies and job offers, it is important to them that the company has a diverse workforce. when it comes to diversity hiring, let us take a closer look at the companies around the world that are excelling, they vary from industry to industry and all of them are embracing diversity in different ways. To substantiate our TASK statements, here in this part we discuss about few top global companies from different sectors like Master card, Accenture, EY and Coca Cola.
Mastercard- a financial services company with worldwide work force of 13400+ expresses “we strongly believe that to address the diverse needs of a global marketplace, we must ensure the demographics of our suppliers reflect those of our customers and consumers”. Our mission is to create an inclusive and sustainable supply base that reflects the diversity of our marketplace, strengthens our communities and creates lasting value for Mastercard and our partners.
We are committed to advancing diversity and inclusion in all aspects of our business, while ensuring high-quality, innovative and cost-effective products and services. Through our supplier diversity processes, Mastercard actively seeks to provide diverse and small businesses an opportunity to participate in procurement activities. We look to partner with, grow and develop diverse businesses in our supplier base. We recognize that successfully maintaining a robust, diverse supply base requires commitment and teamwork throughout the organization. We encourage all employees to support these efforts and ensure diverse suppliers have a fair and equal opportunity to compete for our business.
Accenture is a Professional IT Services/Consulting with 513,000+ of Employees Worldwide: Accenture believe that “no one should be discriminated against because of their differences, such as age, disability, ethnicity, gender, gender identity and expression, religion or sexual orientation.” Diversity training within the company is broken into 3 different categories:
1.) Diversity Awareness – to help people understand the benefits of working with a diverse organisation. 2.) Diversity Management – to equip executives to manage diverse teams. 3) Professional Development – to enable women, LGBT and ethnically diverse employees to build skills for success.
The organisation also hosts a company-wide celebration of International Day of Persons with Disabilities as well as endeavour to help their employees with various supports, like assistive technology, flexible work arrangements and additional training.
EY Building a better working world with professional services offering has 280,000+ Employees Worldwide. At EY, they believe that “only the highest-performing teams, which maximise the power of different opinions, perspectives, and cultural references, will succeed in the global marketplace.” The organisation was the first of the Big Four to assign full-time, partner-level leadership to diversity recruiting. Ever since, the number of women in top executive management positions has increased by more than 20% and programmes such as EY Launch have begun, which is for ethnically diverse college freshmen, sophomores and transfer students, and builds awareness of accounting as a major and professional services as a profession.
Coca Cola is a global no 1 beverage company with around 86,200+ Employees Worldwide: At Coca-Cola, diversity is seen “as more than just policies and practices. It is an integral part of who we are as a company, how we operate and how we see our future.” Diversity education programs include Diversity Training, a Diversity Speaker Series and a Diversity Library. In 2017, a new parental benefits policy was implemented, whereby 6 weeks of paid leave is extended to all new mothers and fathers. The move was championed by ‘Coca-Cola Millennial Voices’, a group of young employees tasked with making sure there is a healthy level of employee retention in millennial consumers and staff members.
End point- On a greater level, helping supplier diversity grants the economy as well as the corporation’s more direct community with the inflow of cash. Nonetheless, commencing or ramping up current programs also offers a multitude of tangible benefits to your business, including improving market share, increasing company flexibility, and boosting competition among a business’s suppliers.
To a more local degree, purchasing from diverse businesses permits them to boost current jobs and generate new ones, boost wages, and pay extra in tax revenue, which helps their local communities. Numerous companies with supplier diversity programs assess indicators of this economic influence like jobs endorsed and money donated to the economy to demonstrate how their diversity programs influence the world around them.
Log on to www.wingsofmanagement.com to know more about our “Strategy Management consultancy’s” versatile capabilities, global clients and to read our weekly posts and our projects.