Organizations can further gender equality by working with or supporting diverse suppliers and guaranteeing women’s rights in suppliers’ workplaces.
While organizations are committed to improving gender equality within their own workplaces, only 28 percent of companies currently address gender equality among their suppliers and less than 25 percent require suppliers to submit gender-disaggregated data.2 Additionally, while 51 percent of Canadian private sector enterprises have implemented supplier diversity initiatives, Canadian women-owned businesses comprise less than 5 percent of all domestic and international suppliers to corporations and governments.3
Organizations that prioritize supplier diversity and empower women in the supply chain benefit from a number of strategic opportunities, including:4
- A 133 percent higher return on procurement investments and a 20 percent lower cost on buying operations
- Better customer base representation as women dominate the global marketplace, controlling over $20 trillion in consumer spending and 85 percent of consumer purchasing decisions
- Greater ability to meet production and delivery deadlines or safeguard against disruptions by diversifying the supply chain and guaranteeing compliance with human rights and labour laws
- Stimulate community development, job creation, and market growth as women invest the majority of their income back into their families and communities