Canadian real estate company Dream has set targets to make its supply chain more diverse and inclusive by 2025 under a new Social Procurement Strategy.
The company has set a target of awarding 20% of the annual value of its contracts to local, independent and/or socially-responsible businesses. The same proportion of spend will be awarded to businesses that are majority-owned or managed by an equity-seeking group – people and communities that experience economic disadvantages, discrimination, and barriers to equal opportunities.
A fifth of jobs created through capital and operational spending every year will be filled by people from equity-seeking groups, with 30% of apprentice hours spent on development projects to be completed by equity-seeking groups.
The company said its Social Procurement Strategy was ambitious and would serve as a new model for diversity and equity in the real estate sector and beyond. It said it was among the first organisations in Canada’s private sector to set quantifiable targets to meet these goals by 2025, with annual progress reports beginning in 2022.
Dream said the strategy would be implemented across the entire lifecycle of the group’s projects, from planning and design, sales and leasing, construction, and property management.
The company will also create an open-source database of equity-seeking suppliers and local, independent and/or socially-responsible businesses, to be published early next year.
Dream said it would support suppliers to implement and track employment and training progress among equity-seeking groups.
Tsering Yangki, head of real estate finance and development at Dream, said targets would transform its entire supply chain.
“We believe our Social Procurement Strategy is one of the most robust programmes of its kind in Canada, and we hope to set a new benchmark for other real estate companies to help realise this vision,” she said.
☛ Want to stay up to date with the news? Sign up to our daily bulletin.