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 socio-economic 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. These companies 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 objectives with your chosen suppliers. This can be achieved by communicating your organization's commitment to a diversity program, developing policies and procedures for your service providers to follow and defining your decision-making criteria and selection process.

Once you have set the service providers' goals, it is important to monitor their activity and provide the training and technical assistance to ensure program compliance.

When it comes to meeting your diversity objectives, there are benefits to using both Tier I and Tier II suppliers.

Cushman & Wake field's alliance with JRT Realty Group, Inc. allows companies to obtain their Tier I objectives. As the largest woman-owned and M/ WBE certified commercial real estate services firm in the nation, JRT Realty provides leasing and asset management services at more than 150 buildings, totaling over 12 million square feet of office and industrial space in key urban and suburban markets. Through Cushman & Wakefield and JRT's collaborative partnership clients are offered access to one of the leading M/WBEs in the commercial real estate services industry, and JRT Realty has successfully expanded into the global arena.

The sheer depth and breadth of the Cushman & Wakefield organization requires as to meet the needs of many different clients from various cultural backgrounds. As a global real estate firm, we have 192 offices in 58 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 also find many qualified Tier II M/ WBE service providers for our clients.

Through communicating and training our employees to share information with their colleagues we have expanded our business.

As demonstrated through our partnership with JRT Realty, we even share information with other real estate service providers. This exchange makes us more efficient 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.

By Eileen Carey,

SENIOR PORTFOLIO MANAGER

Cushman & Wakefield, New Jersey