Supplier diversity is a business strategy that ensures a diverse supplier base in the procurement of goods and services for any business or organization. Research show that companies that embrace diversity are more profitable than companies that don’t. “On average, supplier diversity programs add $3.6M to the bottom line for every $1M in procurement operation costs” according to a 2015 study by The Hackett Group. The high return on investment is undeniable!
Monsanto embraces and is strongly committed to inclusion and diversity in all areas of its business. To affirm this strategy with its suppliers, in 2014, they formally launched their “Growing Together” Initiative in the form of their Supplier Diversity Mentoring Program. This is a 12-month development program which includes mentoring from Monsanto’s executive leadership team, on-site training sessions with their subject matter experts, assessment evaluations and access to an external professional coach! Wow! The goal is to develop diverse certified suppliers who have the ability, capacity and skills necessary to grow their business in profitability, business development and business management skills.
Today, we have joining us, Dr. Damion Jones, Global Director of Diversity and Inclusion and Daphanie Pointer, North American Supplier Diversity Lead and creator of this new mentoring program. We are also joined by 2 recent graduates of this program—Mercedes Enrique, President, CMS Corporation and Lisa Nichols, CEO, Technology Partners.