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, 2SLGBTQI+Q, 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.
CAMSC, CGLCC, WEConnect International will be holding a webinar on October 28, 2022 at 1pm EDT to further discuss the findings in this report.
Access the research
To read the full report
About CAMSC
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
About CGLCC
Canada’s 2SLGBTQI+ Chamber of Commerce (CGLCC) links 2SLGBTQI+ businesses in Canada to the wider business and corporate community. It fosters economic growth by supporting and nurturing 2SLGBTQI+ businesses, entrepreneurs, students and allies, and by helping Canada’s corporate world connect with the 2SLGBTQI+ business community. www.cglcc.ca
For Media inquiries, contact:
Amber Phalen, Manager – Marketing & Communications
