Best practices of socially responsible business

Abstract

Recently, increasing attention has been paid to the importance of the social responsibility of enterprises, and their impact on society is growing. Ukrainian legislation already recognizes this role and emphasizes the need to develop key areas in this area, taking into account foreign experience. In particular, social responsibility is being integrated into the core business operations of companies. The Ukrainian business community is increasingly aware of the need to move to more responsible business practices, so the choice of strategic directions in the field of social responsibility based on international experience is relevant. The article aims to study the best international practices in the field of corporate social responsibility with a view to implementing them in the specifics of doing business in Ukraine. The article highlights the theoretical foundations and methods of studying the concept of corporate social responsibility in business. The authors highlight the key areas and methods of implementing social responsibility in practice. The strengths and weaknesses of corporate social responsibility practices are analyzed. Three models of social responsibility are described: American, European, and Asian. Global approaches that can be adapted in Ukraine are highlighted. Recommendations on the main areas of social responsibility development for Ukrainian companies are presented. The article emphasizes the importance of the active role of the state in clarifying the criteria, improving existing, and developing new programs in the field of corporate social responsibility, as well as stimulating scientific and practical initiatives to create a socially responsible community. Areas of social activity of companies with a high level of corporate social responsibility are identified.