Best Practice

10 Best Practices for Supplier Diversity Initiatives

By Ji Hyun Lee

Doing business with minority suppliers is no longer just about social responsibility. Many businesses are realizing that now it's the competitive difference that gives a company its edge. To streamline the process of contracting to women and minority suppliers, here are some best practice strategies recommended by the National Minority Supplier Development Council (NMSDC) and management consultant company Diversity Training Group.

1) Establish Corporate Management Support

A unified effort is crucial to the success of any diversity strategy and the best way to accomplish this is by incorporating it from the top down. "The company CEO must support....