FOR IMMEDIATE RELEASE
TORONTO, ON – SEPTEMBER 19, 2022
Canadian firms attribute their success to the recognition and realization of the business benefits to the inclusion of a diverse supplier base.
According to a recently released report, a majority (60%) of participating Canadian companies believe that engaging with diverse suppliers has a positive impact, with an overwhelming 88% of respondents measuring their community impact through spending with diverse businesses.
Recent study findings highlighting The State of Canadian Supplier Diversity have been released by CAMSC, CGLCC, and WEConnect International. The study conducted by Supplier.io in 2022 collated responses from Supplier Diversity professionals across all industries for this inaugural survey about their Supplier Diversity programs in Canada. The study specifically examined supplier diversity through the lens of support to women, minority, LGBTQ, disabled, Indigenous and veteran-owned businesses.
Despite finding that 87% of respondents believe engaging with diverse suppliers has measurable and significant impacts on their community, the data also showed that only 19% of the respondent companies have a formal Supplier Diversity program in Canada of which 62% of US and Canada Supplier Diversity programs are under 3 years old.
Other key findings from the study indicate that while the average spend with diverse suppliers is only 2.6%, this was facilitated by 72-74% of respondents using certification agencies to connect diverse suppliers to their corporate teams and procurement opportunities.
Engaging senior leadership was also reported as an effective growth strategy for Supplier Diversity initiatives. The report shows that for those companies that have Supplier Diversity programs, 89% of senior management is either engaged or actively engaged in supporting it. Over 76% of companies’ leadership were shown to be engaged and actively engaged in promoting Supplier Diversity within their company. However it seems that more work can be done in terms of policy and performance objectives with only 62% of Supplier Diversity programs having a formal Supplier Diversity policy and only 53% of programs including Supplier Diversity in management performance objectives.
In summary, the study results indicate that as the business benefits of supplier diversity are further recognized and realized, advocacy organizations can play an important role in helping companies implement successful programs through access to knowledge, best practices, and networks of diverse businesses and other program managers. For access to the full details of the study, CAMSC, CGLCC, WEConnect International will be holding a webinar on October 28, 2022 at 1pm EDT to further discuss the findings in this report. Register Here
To access the research, please visit: https://weconnectinternational.org/supplier-diversity-inclusion-resources/#2022-state-of-canadian-supplier-diversity-report
Founded in 2004, the Canadian Aboriginal and Minority Supplier Council (CAMSC) facilitates the growth of Aboriginal and minority owned businesses, by connecting them to procurement opportunities with companies and governments committed to a diverse and inclusive supply chain. At the same time, CAMSC works with both large organizations and governments to develop and enhance their inclusive procurement processes and connect them to certified suppliers.
For more information, contact:
Cassandra Dorrington, President & CEO
Canada’s LGBT+ Chamber of Commerce (CGLCC) links LGBT+ businesses in Canada to the wider business and corporate community. It fosters economic growth by supporting and nurturing LGBT+ businesses, entrepreneurs, students and allies, and by helping Canada’s corporate world connect with the LGBT+ business community. www.cglcc.ca
Amber Phalen (she/her)
Manager, Marketing & Communications
Direct: (416) 761-5151 ext. 22
Toll Free: 1-866-300-7556
About WEConnect International
WEConnect International is a member-led, global non-profit that brings motivated, large corporate, multilateral and government buyers together with qualified women-owned suppliers around the world. It works with over 160 multinational buying organizations, with over $1 trillion in annual purchasing power combined, that have committed to sourcing more products and services from women-owned businesses based in over 135 countries. WEConnect International identifies, educates, registers and certifies women’s business enterprises that are at least 51% owned, managed and controlled by one or more women. WEConnect International provides Women Business Enterprise certification in over 55 countries that represent 70% of the world’s population. https://weconnectinternational.org/
For more information, please contact:
Stephanie Fontaine, Regional Director for Canada and the US