Companies are seeing calls to action from consumers and employees to invest in areas of environmental, social, and corporate governance. This has led to an increased focus on partnering with diverse suppliers (i.e., businesses that are at least 51% owned and operated by an individual or group that is part of a traditionally underrepresented or underserved group). According to The Hackett Group, nearly 30% of organization surveyed stated that they are now setting formal diversity spend goals for the first time. By 2025, diversity spend goals are expected to increase to over 50%, with organizations projected to target 13% of their spend towards companies across a wide range of underrepresented diversity groups.1
We suspect that supplier diversity spend may be a growing priority for your company too. It certainly has been for American Express Global Business Travel (GBT). In fact, we’ve recently been inundated with queries about how companies like yours can direct more spend toward diverse suppliers within the meeting and travel space. Reaching these diversity goals requires first determining how much of the spend is currently devoted to diverse suppliers and, second, finding diverse suppliers to add to the portfolio. Both tasks can be labor-intensive. To help guide you through this process, Ariana Reed, senior manager of business strategy, American Express Meetings & Events (M&E), and Katherine O’Neill, global strategic sourcing manager, corporate services and sustainability, explain how we can help you and your company build a diverse supplier base.
Learn more about what they have to say and discover ways to make your travel program more diverse.