Social Value Business, a national specialist in social value, has announced a pilot of reporting tiers for the positive social impacts created by UK companies. By classing impacts as Tier 1, 2, or 3 Social Value Business aims to instil fairness, transparency and professionalism in social reporting.
The organisation is trialling the concept with clients in construction and technology initially and says the move should help organisations stay a step ahead when it comes to meeting public procurement requirements.
The creation of social value is an important condition for being awarded public sector work, carrying a minimum 10% weighting in government tenders. The requirements are expected to become more robust under Labour, with the government seeking to add greater clarity and rigour.
If successful, the new approach will be made available in 2025 to clients of Social Value Business and shared with public sector stakeholders as emerging best practice. Organisations will have their impacts categorised based on whether they benefit internal employees and volunteers (Tier 1), external community stakeholders and beneficiaries (Tier 2) or are generated indirectly through partner relationships (Tier 3).
Richard Dickins, MD, Social Value Business, commented: “Organisations are seeking greater clarity on how to report social impacts and value in a way that is genuinely meaningful, addresses procurement needs and avoids double counting. The pilot of Tiers 1, 2 and 3 marks a UK-first in social value measurement and reporting, aligning it to the robust approaches we are seeing with carbon emissions.
We are delighted that several of our clients will be among the first to benefit from this comprehensive new approach. It offers them a point of distinction with public sector commissioners, investors and stakeholders. They can clearly point to exactly how value is being generated and who it impacts. We believe this level of robustness is exactly what government is looking for.”
For more information visit www.socialvaluebusiness.com or email
