Social value refers to the broader non-financial impact of organisations, particularly in terms of the well-being of individuals and communities, and the environment.
It encompasses the positive changes generated by an organisation's actions, often beyond the scope of traditional financial metrics.
At its core, social value is about understanding and addressing the needs of society. It involves considering how an organisation’s operations and activities contribute to the welfare of the community, promote social equity, and lead to sustainable environmental practices.
This concept has gained significant traction as businesses, governments, and non-profit organisations increasingly recognise that their responsibilities extend beyond financial performance to include social, environmental, and economic welfare.
Social value is increasingly being measured and reported on, as stakeholders demand greater transparency and accountability from organisations. By focusing on creating social value, organisations can contribute to a more equitable, sustainable, and prosperous society, while also enhancing their own long-term success and resilience.
Key aspects of social value include:
Community Well-being and Economic Development
This aspect focuses on enhancing community life and local economic growth through supportive initiatives for local businesses, community projects, and job creation.
Environmental
Sustainability
A key element of social value, this involves actions to reduce environmental impact, including energy efficiency improvements and the promotion of renewable energy.
Inclusivity, Equality, and Health
This combines the promotion of diversity and equity in the workplace and community with initiatives aimed at improving physical and mental health.
Health and
Well-being
Centered on improving individual well-being, this aspect emphasises workplace health programs and community health initiatives, contributing to overall societal health.
Social value is increasingly recognised as a crucial aspect of business operations, reflecting a fundamental shift in how companies view their role in society.
In the modern business landscape, social value is important because it extends the focus beyond profit, emphasising a company's impact on its community, environment, and employees. By prioritising social value, businesses can build stronger relationships with their stakeholders, including customers, employees, and the wider community. This approach leads to enhanced brand reputation, customer loyalty, and employee engagement, as businesses are seen as responsible and contributing positively to societal and environmental well-being.
Moreover, integrating social value aligns businesses with emerging regulatory requirements and societal expectations, helping them to stay ahead in a rapidly evolving commercial world where sustainability and social responsibility are increasingly becoming the benchmarks for success.
In essence, incorporating social value is not just about doing good; it's a strategic imperative that fosters long-term sustainability and profitability.
In 2015 the United Nations set forth seventeen interrelated Sustainable Development Goals.
They touch on a variety of social, economic and environmental concerns with the ultimate aim
There is social value in SDGs because they provide a global benchmark for measuring and enhancing desirable social and environmental outcomes.
Additionally, every target has some objectives and indicators to it that organisations can use to evaluate their social impact programs. This ensures that whatever they do at local level contributes to broader global goals resulting into impactful social value.
Our Social Value Tool/Calculator stands as a groundbreaking resource for businesses aiming to analyse and quantify their impact on social value. This intuitive tool allows companies to delve into their social contributions through a series of questions, which can be completed at their convenience. Upon completion, it generates a comprehensive reporting dashboard, detailing essential social value metrics, providing businesses with a clear and concise overview of their performance in various social responsibility areas.
Alongside this, the tool offers the added benefit of producing professional PDF reports, ideal for showcasing a company’s social value impact in presentations or stakeholder meetings. A unique feature of this tool is its ability to generate a Social Value Badge, complete with a star rating, symbolising the company's commitment and achievements in social value creation. This badge can be prominently displayed on websites and marketing materials, serving as a visible testament to the company's dedication to positive societal impact.
The Social Value Tool, is not just an analytical device; it's a comprehensive solution for businesses to measure, comprehend, and exhibit their societal contributions effectively.
Get Started Today
Book a discovery call, and one of our social value experts will arrange a convenient time for a 30-minute call to discuss how we can assist with your social value needs.