A THEORETICAL STUDY ON GLOBAL WORKFORCE DIVERSITY MANAGEMENT, ITS BENEFITS AND CHALLENGES
A THEORETICAL STUDY ON GLOBAL WORKFORCE DIVERSITY MANAGEMENT, ITS BENEFITS AND CHALLENGES

Summary/Abstract: Currently, workforce diversity management is a growing trend in Human Resources practices in most international companies. In the 21st century employees with different backgrounds, mindsets, desires, needs, interests, and personal opinions are acknowledged as the main available source of innovative ideas that companies can implement towards profitable performance and expanded market. Therefore, in this theoretical publication, the authors present a content analysis of the existing research on the notions of diversity and inclusion, equal employment opportunity and diversity management. The paper also includes an analysis of the differences between equal employment opportunity and diversity management and views workforce diversity management in a global context. Based on the report from Mckinsey & Company the authors give an overview of the importance of workforce diversity management, its benefits and challenges that arise along with the implementation of diversity practices in a company. The findings show challenges of workforce diversity management previously discussed by scholars in existing literature from 2017 to 2020. This literature review enhances present materials on a specific topic and forms research possibilities for prospective investigation. Besides, the study reveals several gaps in existing information and explains the need for future research. The authors believe that, due to the lack of a wide representation of this issue in open sources, the materials will be interesting and useful to scholars and HR managers of companies in various sectors of the economy aimed at long-term business development.

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