Illustration by Ricardo Santos
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Large companies are striving to increase their purchases from small, diverse-owned businesses (SDBs) — those that are 51% or more owned and operated by an individual or group that is part of a historically underrepresented or underserved group (e.g., women, racial minorities, veterans, LGBTQIA+, and people with disabilities). Despite their pledges, they are struggling to meet their goals. The practices of four federal agencies can help them make their programs more effective.
Since George Floyd’s murder in 2020 and the nationwide protests in the United States to address racial injustice that it sparked, large companies in the United States have been increasingly looking to supplier diversity programs as a means to advance racial equity.
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Copyright for syndicated content belongs to the linked Source : Harvard Business – https://hbr.org/2024/02/building-a-supplier-diversity-program-learn-from-the-u-s-government