Empowering Communities, Enhancing Well-being: Your Partner in Responsible Social Value
Social Value Background
Explore the concept of social value and its transformative role in shaping community-focused projects and corporate policies.
Social value encompasses the broad range of economic, social, and environmental benefits that arise from public contracts, extending well beyond the basic scope of the procured assets.
This concept gained prominence with the enactment of the Social Value Act in 2012, which mandated that public bodies must consider how the services they are procuring can improve social, economic and environmental well being in the communities they serve.
This requirement has emphasized the importance of integrating social considerations into business operations, particularly within procurement processes.
ECONOMIC, SOCIAL & ENVIRONMENTAL BENEFIT
Since then, the importance of social value has been increasingly recognized by the private sector as well.
Businesses across various industries are now considering social value as a crucial factor in their procurement decisions, prompting a shift towards incorporating these values into their overarching corporate policies.
A BENEFIT TO THE BUSINESS SECTOR
To facilitate the evaluation of social value, numerous measurement tools have been developed.
These tools are designed to assign monetary values to the social, economic, and environmental outcomes of projects, providing a tangible way to assess and compare the impact of different initiatives.
As organisations continue to prioritise social value, these tools play a vital role in enabling a structured and quantifiable approach to understanding and enhancing the benefits delivered to communities.
Some popular measurement services are offered by Social Value Portal, HACT and Loop.
THE MEANS TO MEASURE SOCIAL VALUE
