The report from Supplier.io titled The 2024 State of Supplier Diversity surveyed over 350 supplier diversity stakeholders to examine how they implemented executive visibility, data accuracy and co-ordinating with environmental, social and corporate governance issues , as well as navigate economic and political pressures.
“Our research underscores that companies are not just investing in these programs, they’re using them as strategic levers to quantify impact, secure executive buy-in, and unlock new growth opportunities. This shift is about building businesses that are not only competitive and sustainable but also deeply committed to creating long-term value for all stakeholders.”
Basom said the construction industry has been “one of the key sectors to embrace supplier diversity, particularly when it comes to working with small, local and minority-owned businesses.” Creation of an annual supplier diversity plan declined to 61 per cent down from 67 per cent and only 42 per cent of respondents included supplier diversity metrics in management performance objectives, down from 48 per cent in 2023.
Globally, the report noted planned supplier diversity programs are on the rise. When asked where they planned to have a supplier diversity program in the next one to two years, 27 per cent named Europe . Canada was also named by 27 per cent of respondents, up from 19 per cent last year. Asia came in at 12 per cent, Africa and Latin America were at 11 per cent and Australia was last at eight per cent.