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Organizations have experienced that when they support women—as customers, employees, leaders, future investors, and partners—both their businesses and communities win.
Today, India is seeing a surge of women choosing to create business adding value to the country’s economy. Women entrepreneurs make a significant contribution to the Indian economy. World Bank statistics say that there are more than three million micro, small and medium enterprises with full or partial female ownership.
Worldwide, organizations are supporting high potential women entrepreneurs. Companies like Accenture, IBM, Coca Cola are running special programs to support diversity business partners. Why are such reputed organizations worried about women business partners?
IBM says that, ‘a diverse supplier base is integral to company profitability and strategic objectives’. It further adds, ‘Building and maintaining a community of diverse suppliers increases IBM’s opportunity to hear new ideas, apply different approaches, and gain access to additional solutions that respond to customer needs.’
Global platforms like ‘We Connect International’ define their mission as helping women owned business succeed in global value chains. To engage with women partners, they educate, train, assess their potential and connect women led business with companies.
Closer at home, organizations like Biz Divas Foundation is investing in mentoring, training and supporting women entrepreneurs to connect with the Industry through prestigious event like I-Inspire, Mentoring Leadership Series.
Where do organizations in India rank in Inclusive Sourcing?
The procurement process in companies functioning in India is unfortunately subjected to complex processes most of which are not diversity friendly. Sourcing partners are treated as vendors, there is lack of transparency and of course, the first point of conversation is not quality, experience, credibility but PRICE. Undercutting and client outings at hotels, restaurants, pubs are other glaring reasons stopping women to approach corporate sector. I might be sounding like a cynic here, but as a woman entrepreneur, have experienced all the above. Crossing the boundaries of dignity, have myself left meetings, when personal remarks overtake the business conversation.
Why India Inc should focus on Inclusive Sourcing ?
India Inc is talking big about Inclusivity. Sourcing and business partners are integral part of Inclusive culture.
Diversity sourcing adds to the vendor pool and provides a gamut of new product and service options.
Consistent outreach to diverse businesses helps organizations forge relationships and enhance their supply chain
Innovation and Diversity are well known to be linked, this further leads to competitive advantage
An organization’s customer base is also diverse, a good supplier diversity program helps the organization recognize diverse customer need and serve them better.
Supplier integrity and loyalty adds to the bottom line profitability.
The organization gets a chance to go a step forward in employer branding. Pro diversity supplier organizations are also seen to be better employers of diverse executives.
How can Organizations ensure a rise in number of Diversity Business partner?
This is not as simple as it sounds, however it is not unachievable as well. Any change in culture requires reassessment of policies and rule books. To begin with, a policy which ensures application and quotes from diversity partners should be implemented. Selection committee should have a member from Diversity council as part of the committee. The leadership has to constantly reinforce the importance of Diversity in the sourcing and procurement division. A complaint committee which is accessible to Diversity partner should be in place so as to report any case of sexual harassment or any other malpractices.
Are You Ready
A healthy, progressive and productive culture is a culture with equal opportunities for all. If today, we truly want organizations to be inclusive, organizations will have to work internally as well as with the surrounding environment. Its time for Action – make your organization a truly diverse and inclusive work place.
