The goal of the research is to describe theoretical aspects of following concepts: stakeholders, staff, human resources and social responsibility; in order to analyse and evaluate the commonalities and differences of these concepts. Several research methods, such as analysis and synthesis of scientific literature, logical and comparative analysis were applied. Based on theoretical research and empirical analysis, authors provide a summary of concept development and own understanding of the concepts as part of socially responsible business strategy or approach to creating shared value. Identification and analysis of the current situation is based on scientific papers, books and results of scientific research. Analysing the most popular definitions and classifications of the concept "stakeholders", authors conclude that interaction of stakeholders and organization is mutual in almost all cases with differences observed only in terms of impact closeness, intensity and importance. To develop a socially responsible strategy companies should identify their stakeholders and their interests, and find the optimal cooperation strategy for each stakeholder. Implementing such strategy will yield stakeholder loyalty, efficient long-term performance of the company and additional competitive advantage. When implementing socially responsible strategy, the company needs to balance productive performance and socially responsible activities. Therefore, human resources become one of the key resources in a company that is focused on sustainable development. However, it should be pointed out that social responsibility in Latvia is mainly part of strategies of medium and large companies that have multiple stakeholders. Companies have to foster development of their human resources’ ability to establish and maintain suitable relationships with stakeholders.