CORPORATE RESPONSIBILITY AND SUSTAINABILITY IN BUSINESS: A BALANCED APPROACH TO PROFIT AND SOCIAL VALUES

Abstract

Corporate responsibility has become one of the most important topics in modern business. Companies are increasingly aware of their role in society and the impact they have on the environment, economy and people. As a result, the concept of corporate responsibility (CSR) is developing, which includes a wide range of actions aimed at taking into account the interests of all interested parties. In this article, we considered various types of corporate responsibility: ethical, economic, legal, environmental, social, cultural, political. In addition, their role in modern business is considered: survival in an unstable economic environment, attraction and retention of customers, innovation and development. It was determined that in order to achieve sustainability in business, it is necessary to adhere to the following principles: care for the environment and minimization of negative impact on it; social responsibility and taking into account the interests of interested parties; efficient use of resources and reduction of waste; innovativeness and ability to adapt to changes. The importance of social responsibility of modern business enterprises is characterized. The importance of sustainable development for business has been studied. In the modern business world, one has to face a number of difficulties and challenges. One such challenge is the need to balance profit and social values. More and more companies are realizing that it is just as important to care about their financial success as it is about their contribution to society and the environment. As a result, the concept of corporate responsibility and sustainability in business emerges. A balanced approach to profit and social values in the context of social responsibility means that a company considers not only its financial performance, but also its social responsibility. This implies that the company strives to achieve profit, but at the same time takes into account its obligations to society and the environment. Corporate responsibility and sustainability in business are closely related to each other. Companies that practice corporate responsibility usually also seek sustainability in business, and companies that practice sustainability often also demonstrate corporate responsibility.