Supplier diversity programs provide competitive advantage.

Inherently, we know that diversity is good. Companies diversify their product lines. Individuals diversify their investment portfolios. Professionals join trade organizations in order to benefit from communications with peers in a variety of other businesses or industries.

In the corporate supply chain, diversity programs have a unique ability to make a difference in socioeconomic development. Simply put, they return value to the communities and the groups that either directly or indirectly influence where and how we sell our products and services. They also tap into a rich variety of talent that can provide competitive advantage.

The corporate movement toward having a committed Supplier Diversity Program is well under way. Our global markets are becoming more competitive, and companies need to enhance their programs in order to maintain or expand their businesses. Today, minority and women-owned businesses are the fastest-growing segment of new business in the United States. They are the growth engine of our economy, and we all should be prepared to seize the opportunities they provide.

So how can you improve your diversity program?

To succeed in a diversity initiative, it is imperative to align your goals and objectives with your chosen suppliers. This can be achieved by communicating your organization's commitment, by developing policies and procedures for your service providers to follow, and by defining your decision-making criteria and selection process. Finally, it is important to record and monitor activity, and evaluate and ensure that each service provider has the proper training and technical assistance.

When it comes to identifying strong M/WBE partners, there are benefits to using both large Tier I service suppliers with successful diversity programs--because you can tap into that success--and Tier II suppliers. For example, the sheer depth and breadth of the Cushman & Wakefield organization requires us to meet the needs of many different clients from various cultural backgrounds. As a global real estate firm, we have 189 offices in 57 countries. Therefore, 24 hours a day, seven days a week, 365 days of the year, we are constantly in the market procuring goods and services somewhere in the world.

By pounding the pavement in search of qualified vendors, we find many qualified Tier II M/WBE service providers. We communicate our diversity goals to our global service suppliers, using them as a resource. A key component is finding a service provider that can offer your company Tier II M/WBE suppliers in a variety of services.

We identify M/WBEs in various ways, the most basic of which is asking.

Recently, a representative from a national HVAC engineering firm came to our New Jersey office to introduce his firm. After he completed his 30-minute presentation, I asked if their company was an M/ WBE. It is woman-owned, but the representative never mentioned that fact in the presentation.

We also train our employees to share. We shared information on this national HVAC engineering firm with our colleagues through our technology platforms and in peer-to-peer communications.

In some cases, we even share information with other real estate service providers. This exchange makes us more efficient as service providers and enables M/WBEs to grow.

For all of us, Supplier Diversity Programs are avenues to growth on many levels. At the core, they give back to the community while allowing us to tap into incredible talent.

They also enable us to see things from a broader perspective, providing a greater insight into how we are all connected.

EILEEN CAREY, SENIOR PORTFOLIO MANAGER, CUSHMAN & WAKEFIELD, INC., CLIENT SOLUTIONS