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Failure to invest in companies owned by visible minorities affecting economy: report

A recent report titled Supplier Diversity in the GTA: Business Case and Best Practices, finds that most organizations in the Greater Toronto Area (GTA) are not actively seeking to spend money with companies owned by visible minorities.

While 73% of the organizations under study, some of the GTA’s largest, have employee diversity programs, only 13% have supplier diversity programs. These companies account for at least $100 billion in spending annually, or about 33 per cent of the region’s economic activity. Not having a supplier diversity program in place is a missed opportunity.

“Supplier diversity makes good business sense. Companies that ensure they have the most bids when they are making their purchases will get the best price,” explains report author Dr. Paul D. Larson, CN Professor of Supply Chain Management, University of Manitoba. “Billions of dollars are spent in the region of the GTA, dollars that can create opportunities for small businesses.”

“In a region as diverse as the GTA,” adds John Tory, chair, Greater Toronto CivicAction Alliance and co-chair, DiverseCity, “ensuring visible minority run companies have access to these opportunities is important to the GTA’s prosperity.”

Read the full article here.

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