What is Social Value?

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.

what is social value?

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.

Why is Social Value Important?

why is social value important?

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.

How Social Value is Measured

How is social value measured

Sustainable Development Goals

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.

Sustainable social value goals

Our Social Value Tool

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.

social value reporting tools

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.

  • Discover Customised Strategies: Explore our innovative approach tailored to maximise social value in your projects
  • Gain Industry Insights: Stay ahead with the latest market trends and understand customer expectations specific to your sector
  • Schedule a No-Obligation Chat: Enjoy a free, 30-minute consultation to discuss your unique needs and how we can assist
Book a Discovery Call
book a demo of our platform

Social Value Glossary of Terms

  • Carbon Footprint:
    The total amount of greenhouse gases produced to directly and indirectly support human activities, usually expressed in equivalent tons of carbon dioxide (CO2).
  • Community Engagement:
    The process of working collaboratively with community groups to address issues that impact the well-being of those groups.
  • Community Investment:
    Financial and non-financial resources provided by an organisation to support community initiatives.
  • Corporate Social Responsibility (CSR):
    A business model that helps a company be socially accountable to itself, its stakeholders, and the public.
  • Diversity and Inclusion:
    Policies and practices that promote the representation and participation of different groups of individuals, including people of different genders, races, ethnicities, abilities, and sexual orientations.
  • Employee Assistance Program (EAP):
    A work-based intervention program designed to assist employees in resolving personal problems that might adversely impact their work performance, health, and well-being.
  • Environmental, Social, and Governance (ESG) Criteria:
    Standards for a company's operations that socially conscious investors use to screen potential investments.
  • Equality, Diversity, and Inclusion (EDI):
    Policies and practices that ensure fair treatment and opportunity for all, celebrating and embracing differences within the workplace and society.
  • Ethical Business Practices:
    Actions by a company that are in line with the accepted principles of right and wrong governing the conduct of business people.
  • Gross Value Added (GVA):
    A measure of economic productivity that assesses the contribution of an individual producer, industry, sector, or region to the economy.
  • Impact Assessment:
    A systematic approach to identifying and evaluating the consequences of business activities on the community and the environment.
  • Intrinsic Social Value:
    The inherent worth of something in terms of its benefits to society, not solely measured by its economic value.
  • Key Performance Indicators (KPIs):
    Quantifiable measures used to evaluate the success of an organisation, employee, etc., in meeting objectives for performance.
  • Local Multiplier 3 (LM3):
    A measure used to analyse how income entering an economy circulates and benefits that economy.
  • Mental Health First Aid (MHFA):
    A training program that teaches members of the public how to help a person developing a mental health problem, experiencing a worsening of an existing mental health problem, or in a mental health crisis.
  • Social Impact:
    The effect of an activity on the social fabric of the community and well-being of the individuals and families.
  • Social Return on Investment (SROI):
    A framework for measuring and valuing a broad concept of value that includes social, environmental, and economic outcomes.
  • Social Value:
    The quantifiable impact of an organisation's actions on society, encompassing social, environmental, and economic benefits.
  • Stakeholder Engagement:
    The process of involving individuals or groups who are directly or indirectly affected by an organisation's activities in decision-making processes.
  • Sustainability Reporting:
    The practice of a company disclosing information about its environmental, social, and governance performance.
  • Sustainable Development Goals (SDGs):
    A collection of 17 global goals set by the United Nations General Assembly in 2015 for the year 2030, aiming to achieve a better and more sustainable future for all.
  • Triple Bottom Line:
    A framework or theory that recommends that companies commit to focusing on social and environmental concerns just as they do on profits.
  • Well-being:
    The state of being comfortable, healthy, or happy, often used to describe the quality of life of individuals and communities.