CORRELATION AND IMPORTANCE OF SOCIALLY RESPONSIBLE BUSINESS AND ORGANIZATIONAL CULTURE OF COMPANIES

Abstract

When defining a business strategy, companies should take into consideration the relationship that a company has with its stakeholders and what kind of image it creates on the market. The concept of social responsibility or socially responsible business is defining the norms, values, and behaviour of the company according to the internal and external environment. In this way, the socially responsible business of the company contributes to the improvement of relations with the key players, which contributes to the long-term sustainability of the company and the differentiation of the same among successful enterprises. The paper points to the important link between corporate social responsibility and the organizational culture of the company. The paper gives a theoretical overview of the CSR concept, focusing on the importance of the organizational culture of the company as an important segment that creates a successful relationship with the internal and external environment. The paper defines the term CSR as well as its significance and special characteristics in the application in companies. Paper defines and explains the term organizational culture of the company, as well as what the organizational culture of the company makes. Also, a link between the socially responsible companies and the organizational culture has been defined and explained, as well as the importance in defining the right systems of values and norms in companies, both for the company itself and for all its stakeholders, and ultimately for the competitive advantage that the company in this way does. The paper also has a practical part in which is explained the link between social responsibility and the organizational culture of the company on the example of Faculty of Business and Tourism.