Can improved procurement strategies scrub the stain of modern slavery from our supply chains?
Procurement can help avoid the growing trend of modern slavery in supply chains by implementing several strategies:
Due diligence: Procurement teams can conduct due diligence on suppliers and their supply chains to identify and address any potential risks of modern slavery. This can include reviewing suppliers' policies, procedures, and practices related to labor rights, as well as conducting on-site inspections and audits.
Risk assessment: Procurement teams can conduct risk assessments to identify areas where there may be a higher likelihood of modern slavery in the supply chain. This can include assessing the risk of forced labor, child labor, or other forms of exploitation in the countries, sectors, or types of goods and services being procured.
Supplier engagement: Procurement teams can engage with suppliers to encourage them to adopt policies and procedures that promote ethical labor practices. This can include working with suppliers to develop and implement action plans to address any issues related to modern slavery that are identified during due diligence or risk assessments.
Collaboration: Procurement teams can collaborate with other departments and stakeholders, such as legal, compliance, and human rights teams, to develop and implement strategies to address modern slavery in the supply chain.
Transparency: Procurement teams can promote transparency in the supply chain by publishing supplier information and encouraging suppliers to be transparent in their own operations.
Continuous improvement: Procurement teams can monitor and evaluate the effectiveness of their strategies and make adjustments as needed to ensure that they are continuously improving their approach to addressing modern slavery in the supply chain.
Ethical procurement: Procurement teams can take a proactive approach to ethical procurement, they can implement procurement policies and guidelines that promote ethical labor practices, such as fair wages and working hours, as well as safe and healthy working conditions.
Big Lots, in response to product shortages caused by the closure of UFI, has adopted various procurement strategies.