Supplier Diversity: Powering Success and Opportunities
In today’s dynamic business landscape, diversity is a critical component of success. Endo’s supplier diversity program promotes the use of diverse-owned companies to achieve measurable business results and to extend our strategic priority to be a force for good.
According to a McKinsey & Company publication1, diverse teams are not only over 39% more productive but also make better decisions 87% of the time, ultimately leading to increased profitability.
Since its start, our supplier diversity program has achieved impressive results. Keep reading to discover how we’re building a more inclusive supply chain and a more successful and sustainable company through diversity.
Getting Our Start with Veterans
We knew that embracing diverse suppliers would be transformative for our business. Endo incorporated supplier diversity into our corporate scorecard (our companywide goals against which we measure our success each year) in 2022, aiming to increase the engagement of veteran-owned businesses by 10%.
Cole Esposito, Indirect Strategic Sourcing Associate Director, and Michael Freed, Executive Director of IT, immediately got to work.
Cole researched several qualified suppliers and introduced Michael’s team to a Pennsylvania-based, veteran-owned HP partner and IT equipment supplier. The company’s winning bid created immediate benefits, both in terms of budget and service. In fact, the first shipment was delivered to our Malvern, PA facility within a week of placing the order.
And that was just the beginning. For the year, Endo increased engagement with veteran-owned businesses by over 30% and bolstered spending with these suppliers by 500%—far exceeding our 10% goal.
Building a Diverse Bench of Suppliers
Each year, we establish goals to enhance our roster of diverse-owned suppliers. Following our veteran-owned business success, we elevated our engagement of LGBTQ-owned businesses by an impressive 200% in 2023.
A diverse supplier base propels business forward while broadening opportunities for historically underrepresented entrepreneurs. Our commitment to this program supports an inclusive and powerful supply chain, aligns with our company’s strategic priorities, and demonstrates leadership within our industry.
Learn more about our suppliers.
References
1. Diversity matters even more: The case for holistic impact. McKinsey& Company. December 5, 2023. Accessed April 16, 2024. Why diversity matters even more | McKinsey
