Celebrating your supplier diversity program and the people involved in making it successful has multiple benefits. The most obvious is that the people being recognized feel honored and appreciated, driving higher productivity and innovation. In a recent survey reported on by Great Place to Work, 37 percent of respondents said that receiving personal recognition motivated them to produce better work more often. Another study analyzing 1.7 million employee surveys conducted from 2018 to 2020 in companies of all sizes revealed that “recognition makes employees feel promotions are fair, spurs innovation and extra effort.”
The positive impact goes beyond individual honorees, however. When you make a point to celebrate your supplier diversity program, you raise the program’s profile within your organization; drive excitement around supplier diversity; reinforce your organization’s commitment to diversity, equity, and inclusion; and normalize supplier diversity as a business process.
Let’s talk about how you can reap the rewards of celebrating your supplier diversity program!
As noted above, recognizing the people who make your supplier diversity program successful yields a wide range of benefits. These champions range from buyers and members of the supplier diversity team to executives and the diverse suppliers themselves.
Honor members of your procurement team who are committed to including diverse suppliers with a supplier diversity champion award. This could be an annual award or one that’s given out quarterly to boost engagement. Be sure to submit information about this honor to the company newsletter for greater exposure.
Get diverse suppliers in front of the right people with a supplier showcase event or vendor fair. Invite qualified diverse suppliers to present their products and services to buyers in your organization.
Submit a diverse supplier spotlight for the company newsletter or intranet to raise their profile and increase awareness of your supplier diversity program.
Reward exemplary suppliers with a diverse supplier award given out annually or quarterly. This award not only spotlights high-performing suppliers but also reinforces the quality and innovation diverse suppliers bring to the table.
Supplier Diversity Team
Your supplier diversity team works hard to advance the organization’s goals. Celebrate their work with an award, a profile in the company newsletter, or something as simple as providing coffee and doughnuts to show your appreciation.
Don’t forget other members of the supplier diversity team, such as members of your supplier diversity committee or board of directors. Include them when recognizing successes and sharing words of appreciation. Depending on their level of involvement, consider a supplier diversity champion award for this cohort as well.
Spread the Word
Celebrating your supplier diversity program is a surefire way to increase the program’s profile and drive excitement about it within your organization. Think outside the box to publicize what your program does and celebrate your successes.
Collaborate with employee resource groups (ERGs) to cohost events and recognize supplier diversity champions. ERGs by their very nature are plugged in to employee culture. You may be surprised by the interest generated in supplier diversity after attending a single ERG meeting.
Remember that supplier diversity is a company-wide endeavor, meaning that everyone in the company is a stakeholder and should be receiving frequent updates. Include metrics and success stories about your program in corporate social responsibility reports, company newsletters, and other internal communications as appropriate. And don’t forget staff meetings. Come prepared with information about how supplier diversity is benefitting your company and how employees can support the program.
Celebrating your supplier diversity program within your organization should be a priority. People like having their hard work recognized, and doing so generates excitement and motivation in others as well. Raise your program’s profile, reiterate the company’s commitment to DEI, and normalize supplier diversity within your organization with frequent updates and celebrations of the program’s successes.
Learn how supplier.io provides businesses deep insights into their diversity program’s global economic reach through our Supplier Diversity Economic Impact Analysis.