Supplier diversity metrics are measurements used to evaluate and track the progress and effectiveness of supplier diversity initiatives within an organisation. These metrics are designed to assess the level of engagement and success in sourcing products and services from diverse suppliers, such as minority-owned, women-owned, veteran-owned, LGBTQ+-owned, and other underrepresented groups. Key metrics to track are:
- Diversity of candidates from different recruitment partners
- Spend with Diverse Suppliers
- Supplier Diversity Spend by Category
- Number of Diverse Suppliers
- Diverse Supplier Development
- Supplier Engagement (e.g. no. of bids provided to tier 2 suppliers)
- Contract Awards (the number and value of contracts awarded to diverse suppliers).
- Supplier Retention and Performance
- Supplier Diversity Goals
- Reporting and Transparency
These metrics help organisations evaluate the impact and effectiveness of their supplier diversity programs, identify areas for improvement, and demonstrate their commitment to diversity and inclusion. It is important to tailor these metrics to the specific goals and needs of each organisation and regularly review them to drive continuous improvement.
Learn more about how Acolyte can help solve diversity challenges with our Talent Diagnostics solution https://www.acolytegroup.co.uk/solutions/talent-diagnostics