As a Minority Owned Business Enterprise (MBE) and Veteran Owned Business (VOB), earning Diversity Spend for your organization, Populus Group helps customers earn towards their diverse spend goals, both in the Tier 1 and Tier 2 categories. Through our contract with OMNIA Partners, we can connect organizations with the right people to help them grow, and vice versa, through people-first employment solutions for your non-permanent workforce. Let's dive into diverse spend and why it's important to your organization!
What is Diverse Spend?
Diverse spend simply put is when a company selects a certified diverse-owned company as a supplier or vendor. However, in organizations that have more mature supplier diversity programs, goals might be established around different type of diverse spend, like Tier 1 vs. Tier 2.
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Let's talk about Tier 2 diverse spend for a second -
Why would you want to create goals that, 1) are within another company that you don’t make decisions for, and 2) might minimize available options to you? Because you understand the importance of infusing diversity through an entire supply chain. It’s not enough to have processes that impact DEI efforts internally, but you have a further commitment to this to make real change. You must desire to have an excellent program from start to finish that’s reflective of your community & customer base. You understand that we are all better together and recognize the power of holding our world accountable to making the right choice over the easy choice.
When working with our customers or potential customers, we take time to slow down and clearly define what goals they have especially around supplier diversity objectives. And as an organization, it’s very important to slow down to understand these differences and have clear goals around each piece.
Some goals may be broader like 20% of your spend going to diverse companies, or you might narrow in and have intentionality around focusing on veteran or minority-owned organizations. Regardless, it’s important for companies to partner with a trusted and certified diverse partner to accurately collect towards goals.
Whether you are new to this space or just need a few steps to grow your program to the next level, here are some things to consider as you plan out your 2024 goals:
1. Connect with Like-Minded Companies in your Industry
As the saying goes, birds of a feather flock together. No matter where you’re at in your supplier diversity program, connecting with organizations in your industry can be beneficial. Engaging with companies with similar values and focus can lead to opportunities like idea sharing, mentorship, and collaboration.
2. Look at your Local Diversity Councils
There are a ton of resources available to you through the National Minority Supplier Diversity Council and its regional chapters. These are great support systems that provide organizations with access to certified diverse-owned businesses with the network, resources, and direction you need - all while facilitating connections with organizations who also have diverse spend goals.
3. Contact Populus Group
As a Hispanic- & Veteran-owned business and an organization full of people who deeply value diversity, equity & inclusion, we’re passionate about helping organizations meet goals that make a larger impact on our world. And through our strategic partnerships, we’re able to create opportunities for both Tier 1 or Tier 2 diversity spend in programs with the ability to scale.
Learn more about Populus Group and OMNIA Partners
Populus Group connects organizations with the right people to help them grow, and vice versa, through people-first employment solutions for your non-permanent workforce through OMNIA Partners.