Latest research from the Better Buying Institute (BBI) shows the impact of Social & Labor Convergence Program’s (SLCP) converged assessments – with 74 per cent of savings from reduced audits reinvested into the workplace and 24 per cent on higher wages.
In the “Win-Win Sustainable Partnership” category, suppliers participating in the Better Buying Purchasing Practices Index 2023TM provided answers to questions measuring the efforts made by retailers and brands to reduce audit duplication throughout the industry.
Nearly 88 per cent of respondents indicated that their buyer accepted results from recently finished workplace condition audits or assessments rather than proprietary audits or assessments, with 34.5 per cent stating that their buyer accepted the Converged Assessment Framework (CAF) from SLCP.
The suppliers mentioned that their buyer’s acceptance of the CAF had several advantages, such as improved clarity on corrective actions (71 per cent), less staff time spent on audits (65 per cent), and financial savings on auditing costs (52 per cent).
Janet Mensink, Chief Executive Officer at SLCP, said, “Once again the Better Buying Purchasing Practices IndexTM has shown that converged assessments truly are a win win across the industry – for workers, suppliers and brands.”
Marsha Dickson, President and Co-Founder of Better Buying Institute, comments, “It’s great that suppliers are continuing to save money as a result of their buyers accepting SLCP’s Converged Assessment Framework (CAF), for the benefit of workers, communities and suppliers’ own businesses.”
Since 2019, the global apparel manufacturer Hirdaramani Group has integrated SLCP’s CAF in 12 of its Sri Lankan plants and has shared SLCP-verified CAF data with about 11 brands.
Nikhil Hirdaramani, Director at the Hirdaramani Group said, “The widespread sharing of one single verified assessment like SLCP makes us more efficient and productive, and in turn means we can re-direct time and resources to drive positive impacts for our workers.”
