Sixty percent of Black households are facing serious financial problems since the pandemic began, according to a national poll released this week by NPR, the Robert Wood Johnson Foundation and the Harvard T.H. Chan School of Public Health. That includes 41% who say they've used up most or all their savings, while an additional 10% had no savings before the outbreak.

It is a mutually beneficial relationship between small and big businesses. Large corporations buy the goods and services from 1.1 million small supplier businesses*, many of which are owned by minorities, women, LGBTQ+, individuals with disabilities, and veterans. 

As the spotlight on systemic racism roils the United States, these programs are more important than ever, yet too few companies have them and many of those who do have allowed their diversity initiatives to become token gestures.

In partnership with Vox Media Studios and Vox, this enlightening explainer series will take viewers deep inside a wide range of culturally relevant topics, questions, and ideas. Each episode will explore current events and social trends pulled from the zeitgeist, touching topics across politics, science, history and pop culture -- featuring interviews with some of the most authoritative experts in their respective fields.

Company leaders are making it a strategic business priority and rigorously tracking their purchasing spend with diverse suppliers. This level of supplier collaboration can help the smaller supplier establish a stable revenue stream, build credibility for investors and clients, and generate job growth in the community,

According to a 2015 study by the Hackett Group, supplier diversity programs on average add $3.6 million to the bottom line for every $1 million in procurement operation costs.

As our population becomes more diverse, companies that don’t invest in DE&I in their workforce and supplier base can find themselves getting left behind. Businesses that prioritize DE&I are well positioned to have a greater positive impact on their employees, customers, vendors and the communities where they live and work.

An increasingly diverse global population means that not only are minority audiences becoming a larger target for companies, but minority-run businesses are comprising a larger portion of the small business sector. Minority business enterprise sales are growing 34% annually—twice as fast as the national average, according to the CVM Solutions’ report How to Measure Your Supplier Diversity Programs’ Success, meaning they are fast becoming a significant force of economic growth.