8 diversity, equity & inclusion (DE&I) credentials to starttracking on your suppliers today
Today, businesses all around the world are setting targets and KPIs to advance diversity, equity & inclusion (DE&I) throughout their organisations and value chain. But with so many dimensions of DE&I, how can you measure your progress?
Set out below is a snapshot of 8 DE&I credentials that advance ‘S – Social’ and ‘G – Governance’ to start trackingamong your suppliers. You will also learn why embedding DE&I beyond your direct workforce, and throughout your organisation's entire value chain is a game-changer for your business.
Women’s Empowerment Principles (WEP) signatory
Description: The Women’s Empowerment Principles (WEP) are a set of 7 principles offering guidance to business on how to promote gender equality and women’s empowerment in the workplace, marketplace and community. The WEP were established by the UN Global Compact and UN Women and were informed byinternational labour and human rights standards. The WEP are a vehicle forcorporates to deliver on gender equality dimensions of the 2030 agenda and theUN Sustainable Development Goals (UN SDGs).
WEP signatories are companies (private, public, state-owned and cooperatives) that have provided a signed CEO Statement of Support for the WEP. There are no formal requirements to implement the principles in a particular order, specific way or particular timeframe, however, WEP signatories are expected to make efforts to advance gender equality in the workplace, marketplace and community. Signatories are encouraged to monitor and report on their progress.
WEConnect International Certified
Description: WEConnect International is a certifier of women-owned businesses in 46 countries (excluding the U.S.) and a global network that connects women-owned businesses to qualified buyers around the world.
WEConnect International certified businesses are certified by WEConnect as being at least 51% owned, managed and independently controlled by a woman, or a group of women. Certifications must be renewed annually. A certified business can be decertified if it no longer meets the eligibility criteria.
Workplace Gender Equality Agency Agency (WGEA) Pay Equity ambassador
The WGEA works with Workplace Gender Equality Agency (WGEA) Pay Equity ambassadors, a network of CEOs, heads of department and directors in the public and private sector, who are committed to pay equity and gender equality. WGEA Pay Equity ambassadors help to create change by: (i) playing a leadership rolein their business community and to the broader public; (ii) reinforcing theircommitment to pay equity within their own organisation; and (iii) profiling andpromoting their approach to pay equity.
A WGEA Pay Equity ambassador’s organisation is required to have:
(i) undertaken a pay gap analysis of its workforce in the last two years andtaken action on the results; (ii) reported pay equity metrics to the executiveand board; and (iii) communicated the organisation’s pay equity initiatives to employees. Ambassadors sign the pay equity pledge and commit themselves toworking with the WGEA to promote and improve gender equality. An ambassador’s commitment to pay equity must be renewed every 2 years.rs.
Femeconomy approved businesses are members of Femeconomy that have been certified by Femeconomy as having at least 30% women on the Board of Directorsor being 50% female owned. Members are verified annually against these criteria.
National Minority Supplier Development Council Corporate Plus Member
Jurisdiction: United States
Description: The NMSDC advances business opportunities for certified minority business enterprises located in the US and connects them to corporate members. Certified minority business enterprises are at least 51% minority-owned, managed and controlled by one or more minority group members. A minority group member is an individual who is at least 25% Asian-Indian, Asian-Pacific, Black, Hispanic or Native American.
Corporate Plus® is a membership program for NMSDC-certified minority businesses that meet higher requirements than other minority business enterprises.
The Corporate Plus® members are recommended by corporate members for this designation, have demonstrated their capacity to execute national contracts for major corporations and have a minimum gross revenue of US$10 million p.a.