Achieving Business Sustainability through Diversity Management and Effective HRM

Abstract

Diversity management and business sustainability are increasingly becoming essential drivers for business growth and development across the globe. It is because businesses in varying forms and sizes are the engine of the supply of goods, employment creation and innovation and contribute to the economic growth of different economies in the global sphere. Most modern businesses and organizations comprise a diverse workforce whereby managing employee expectations and maintaining an actively engaged labour force is challenging for management. Business globalization, workplace relations and varying organizational demographics necessitate diversity management for businesses. Despite the contribution of businesses to the development of labour market economies, diversity is overlooked, and achieving sustainable businesses is still a challenge in the world. Numerous business scholars have addressed the issues underlying the business sector by identifying causes and analyzing business failure rates but failed to provide answers as to what businesses can do to achieve diversity and become sustainable. This chapter highlights the importance of diversity management as a strategy to enhance sustainable businesses in the global economy. The chapter focuses on managing diversity, business sustainability and human resource management to achieve its objectives.