Exploring the People Versus Profit Paradox: Business Leadership for Equitable and Inclusive Sustainable Development in Developing Contexts

Abstract

The world needs to pave a path towards sustainable development to solve global poverty and inequality, thereby ensuring that no one is left behind. The transformative changes brought about by the fourth industrial revolution (4IR), encompassed by the new world of work (NWOW), pose a significant threat to the displacement of jobs, especially in developing contexts, where many jobs are susceptible to automation. This results in a tension between the stakeholder and shareholder perspectives, which results in the phenomenon referred to in this study as the People Versus Profit Paradox. The purpose of this study is to determine business leaders’ perceptions of this paradox by generating an in-depth understanding of its nature and potential consequences. This study generated insights through a generic qualitative research design based on 10 semi-structured interviews with business leaders from multiple industries in developing countries. This study’s major contribution is the development of an up-to-date understanding of business leaders’ perceptions of sustainable development with respect to the 4IR and the People Versus Profit Paradox in developing countries. The two main findings of the study reveal that organisational purpose has changed towards a more inclusive stakeholder perspective, and that business leaders’ perceptions reveal a relative state of bias regarding the current impact of the 4IR in developing contexts. This study aims to inspire business leaders in developing contexts to embrace sustainable development and the disruptive changes brought about by the 4IR, to usher in a sustainable future where no one is left behind.

Citation

Storm, G.L., Desvaux De Marigny, S. and Thakhathi, A. (2022), "Exploring the People Versus Profit Paradox: Business Leadership for Equitable and Inclusive Sustainable Development in Developing Contexts", Thakhathi, A. (Ed.) Transcendent Development: The Ethics of Universal Dignity (Research in Ethical Issues in Organizations, Vol. 25), Emerald Publishing Limited, Leeds, pp. 79-134. https://doi.org/10.1108/S1529-209620220000025008