Vitalii Hutnitskyi

The article examines the conceptual foundations and significance of decent wages as a priority area for implementing socially responsible practices of business organizations. The study substantiates the actual role of this concept in the new business realities, the key trends of which are openness, networking, digitalization and globalization of processes. The purpose of the study is to determine the role of the concept of decent wages in the process of implementing socially responsible practices of a company. When studying theoretical approaches to the role of the concept of decent wages in ensuring the sustainability of business organizations, the author's vision on the value and practical significance of these processes has been formed. The author's own understanding of the relevance of these practices for business and society is determined. The potential opportunities for business organizations in the active application of socially responsible approaches to business activities are outlined and supplemented. Priority directions for strengthening the motivating role of the remuneration system in business organizations are identified. The study substantiates the proposal to reduce the fixed part of wages and increase the variable part, which will accordingly develop the ability of employees who are willing and able to earn money to perform work with greater efficiency. The idea that business entities should increase the share of labor remuneration in the cost of production and increase the amount of real wages has been developed. Since a decrease in real wages will also affect business organizations, with a decrease in the purchasing power of the population, sales volumes will decrease, and income and profits will decrease.

The article reveals the conceptual foundations and importance of the stakeholder model for the successful functioning of modern business organizations, their development, ensuring competitive advantages, strengthening sustainability, brand and image growth. The relevance of this concept is also substantiated for ensuring sustainable social development. The purpose of the study is to examine the practical aspects of stakeholder capitalism as a modern model for implementing social responsibility by business organizations. In the course of scientific research into the essence and scope of expression of the modern stakeholder model of business activities, the author's own idea of the practical value of these processes for business and society as a whole was developed. The key potential benefits for business organizations in establishing an effective dialogue with key stakeholders based on social responsibility are identified. The author's own vision of the substantive essence of an effective model of interaction with stakeholders is developed, which will affect the increase in a company’s capitalization, increased sustainability, and increased investment attractiveness. A list of possible areas and directions of interaction between the company and key stakeholders is presented in a reasoned manner. Proposals have been developed for promising areas for the development of the stakeholder model of capitalism, based on the principles of social responsibility in modern conditions.