One of the defining characteristics for corporate America in 2020 was a surge in expressions of support for Black Americans. In the wake of George Floyd’s killing and the Covid-19 pandemic’s disproportionate toll on communities of color, businesses raced to announce a slew of programs and initiatives to address inequality. In many cases, these came in the form of promises to support Black-owned businesses by stepping up their supplier diversity programs.
Supplier Diversity Programs Are Failing Black-Owned Businesses
Five recommendations to help your organization become a better partner.
April 19, 2021
Summary.
Large companies are increasing their use of supplier diversity programs in an effort to promote racial equity. However, some of the requirements of these programs — such as training requirements and payment policies — can backfire, reducing or eliminating the benefit that Black-owned businesses should be receiving from them.