23 Feb The benefits of valuing supplier diversity within the LGBTQ+ community for SMEs in the UK
Supplier diversity is a significant component of corporate social responsibility and has the potential to be crucial in advancing equity and inclusion in the marketplace. In the UK, there is a huge opportunity for small and medium-sized enterprises (SMEs) owned by members of LGBTQ+ community to contribute to supplier diversity initiatives.
Information regarding the diversity of suppliers in the United Kingdom
- According to The Human Rights Campaign Foundation, 50% of employers in the UK reported having supplier diversity programs, with 57% of these programs including LGBTQ-owned businesses.
- The Supplier Diversity UK Council strives to give practical recommendations and help for creating supplier diversity initiatives that are inclusive of all diversities, Work with the government to establish stricter rules for supplier diversity and a network of support for all businesses.
By actively engaging with and supporting LGBTQ+ businesses in supplier diversity, companies can help to break down barriers and promote economic empowerment for marginalized groups. Additionally, incorporating LGBT-owned companies into supplier diversity initiatives may aid in promoting inclusion and diversity throughout the organization as a whole.
That is why being certified as an LGBTQ-owned business can provide a number of benefits, especially for SMEs. Here are five potential benefits of certification:
- Increased visibility: Certification can help an LGBTQ-owned business gain recognition and visibility within the LGBTQ community and among corporations and government entities that are committed to working with LGBTQ-owned businesses.
- Access to new business opportunities: Certification can open up opportunities for an LGBTQ-owned business to participate in supplier diversity programs and access new business opportunities with corporations, government entities, and other organizations that prioritize working with certified LGBTQ-owned businesses.
- Increased credibility: Certification can provide an LGBTQ-owned business with a stamp of credibility that can help it to stand out in a competitive marketplace.
- Networking opportunities: Certification can provide an LGBTQ-owned business with opportunities to connect and network with other certified LGBTQ-owned businesses and with corporations, government entities, and other organizations that are committed to working with LGBTQ-owned businesses.
- Promoting positive change: Certifying LGBTQ-owned business will promote change in the business culture, which will result in a more inclusive and equitable society.
OutBritian is the official source of certifying LGBT+ companies in the UK and they have consistently demonstrated a strong commitment to creating an inclusive and welcoming space for the LGBT+ community within procurement and supplier diversity.
Supplier diversity is an important aspect of creating an inclusive and equitable economy in the UK. It involves actively seeking out and working with a diverse range of suppliers, including those that are owned or operated by members of underrepresented groups, such as women, people of color, and people with disabilities. By doing so, companies and organizations can help to promote economic growth and opportunity for all members of society, while also gaining access to a wider pool of suppliers that can offer unique perspectives and ideas. Additionally, supplier diversity can help to promote innovation and competitiveness, as well as to build stronger relationships with diverse communities.
Particularly in the UK, supplier diversity is gaining increased attention as a means of addressing and reducing the effects of historical discriminations, such as in supply chain management and procurement. Additionally, a lot of businesses have made efforts to diversify their supplier base, either through internal programmes or through collaborations with businesses that focus on assisting different suppliers.
Overall, businesses and organisations in the UK may make a difference by fostering supplier diversity in order to build a more inclusive and equitable economy and a better society.
By: Ne Lwin MBA