Our commitment to supplier diversity
September 19, 2022
For more than two decades, Element Fleet Management has been developing our supplier diversity program to ensure the inclusion of diverse suppliers in our supply chain and the ability to report on diverse spend for our clients. As a prioritized business imperative, the scope of what we provide as well as our knowledge and capabilities have grown considerably.
Our ultimate goal is to drive real societal change through community impact.
No matter the size of your fleet budget, intentional inclusion of small, minority-owned, women-owned, disadvantaged/disabled, veteran-owned and LGBTQA business enterprises as suppliers for your business needs can make a significant impact to local communities. Supporting diverse suppliers is a pathway to growth – growing small and diverse businesses powers economic inclusion and fuels local economies. We’re shaping Diversity, Equity and Inclusion in the fleet industry and helping our clients realize their impact through insights.
Take the guesswork out of diverse spend tracking
With Element’s supplier diversity program, we help our clients report diverse spend with confidence with our robust supplier database and reporting system.
Data you can verify and trust
Our supplier network is verified by a national certificate or through a third-party self-identification process. This ensures our clients accurate reporting for their records.
Customized tracking solutions
Element’s tracking solutions ensure our clients’ diversity commitments are understood, organized, and accurately reported.
With data our clients can trust, and a configurable reporting system tailored to their commitments, our clients can action and proudly report their data as well as identify opportunities to improve their own supplier diversity practices.
Prioritization of supplier diversity in the fleet management industry
The purpose of Element’s supplier diversity program is to provide opportunities for diverse suppliers while supporting our clients in achieving their supplier diversity spend goals. Through our expanded diverse supplier database, enhanced systems, automated reporting, and industry-leading capabilities, we are committed to taking action and driving societal change.
Win-win for diverse suppliers and companies that prioritize diverse spend
According to a study by The Hackett Group*, companies that increase their diverse spend see an increase in market share compared to those that spend less with diverse suppliers.
In fact, the study shows companies that allocate 20% or more of their spend to diverse suppliers, attribute 10%-15% of their annual sales to supplier diversity programs.
Conversely, the study demonstrates companies that direct less than 20% of spend to diverse suppliers, attribute under 5% of sales to their supplier diversity program.
Contact Element Fleet Management today to learn more about our diverse supply chains in vehicle acquisition, delivery, upfit, maintenance, transportation, fueling and accident repair.
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