{"id":1168,"date":"2023-06-07T14:42:51","date_gmt":"2023-06-07T14:42:51","guid":{"rendered":"https:\/\/socialvaluebusiness.com\/?page_id=1168"},"modified":"2023-10-04T08:28:37","modified_gmt":"2023-10-04T08:28:37","slug":"what-is-social-value","status":"publish","type":"page","link":"https:\/\/socialvaluebusiness.com\/what-is-social-value\/","title":{"rendered":"Social Value: What it Is and Why it Matters"},"content":{"rendered":"

<\/div>

Sustainable
\nbusiness
\nthat helps
\nsociety thrive<\/p><\/h1><\/div><\/div><\/div><\/div><\/div>

What is Social Value?<\/h1><\/div>

Social Value isn\u2019t rocket science: we work with you to make it understandable, measurable and achievable.<\/p>\n

We define it as \u2018the positive impact created for society by the actions and legacy of an organisation or individual<\/strong>\u2019.<\/p>\n

Consider what social value means for your organisation specifically. How do you create positive impact for your suppliers, employees, communities, and the environment?<\/p>\n<\/div><\/div><\/div><\/div><\/div>

<\/i><\/i><\/span>What\u2019s the difference between Social Value, ESG and Sustainability?<\/span><\/a><\/h3><\/div>
\n

ESG<\/strong> \u2013 Environmental, Social, Governance \u2013 is an umbrella term often used by large organisations to help frame the way they report.<\/p>\n

Social Value<\/strong> is the Social strand of ESG. Going a little deeper, ESG was originally conceived with Risk avoidance in mind, while social value is a more positive way of constructing the narrative \u2013 by looking at the value you can proactively create.<\/p>\n

Sustainability<\/strong> is often used interchangeably to refer to either social sustainability or \u2013 more frequently \u2013 environmental sustainability. A way of operating that can be maintained without depleting resources.<\/p>\n

If you\u2019ve come to us for advice on any of the above, you\u2019re in the right place. Together with our partners, we\u2019ve got all angles covered.<\/p>\n<\/div><\/div><\/div>

<\/i><\/i><\/span>What are the different Social Value themes?<\/span><\/a><\/h3><\/div>
\"ValueOur \u2018Wheel of Value\u2019 shows the ten themes that businesses can impact through their everyday actions.<\/p>\n

Some themes might feel more relevant to you than others \u2013 and that\u2019s OK.<\/p>\n

But if you\u2019ve only considered Volunteering, Community and the Environment, you could be overlooking large chunks of hidden value.<\/p>\n

You create \u2018Economic\u2019 value, for example, when you commission local SMEs, micro businesses or social enterprise.<\/p>\n

What value could you be missing?<\/div><\/div><\/div>

<\/i><\/i><\/span>How is Social Value measured?<\/span><\/a><\/h3><\/div>
There are many different, recognised ways of grouping and measuring social value outcomes: National TOMs Framework, Local Multiplier, Outcome Stars, UN Sustainability Goals and our own developed methods.<\/p>\n

Rather than choosing a single approach, you\u2019ll want to blend methodologies to arrive at a set of measures that are right for your organisation. These need to align to your activities, your audiences and your strategic business goals.<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div>

What\u2019s it worth?<\/h2><\/div>

Here are a few examples. All of your activities can be measured and quantified in this way, enabling you to report additional value beyond profit.<\/p>\n<\/div><\/div><\/div><\/div><\/div>

Providing 2 weeks of meaningful (unpaid) work experience<\/p>\n<\/div>

<\/div><\/div>

<\/span> \u00a3389<\/span><\/span><\/span> <\/span><\/h3><\/div><\/div><\/div>

Taking on an apprentice for 6 months<\/p>\n<\/div>

<\/div><\/div>

<\/span> \u00a36,043<\/span><\/span><\/span> <\/span><\/h3><\/div><\/div><\/div>

Volunteering 10 hours of skilled support to a charity (e.g. finance, legal)<\/p>\n<\/div>

<\/div><\/div>

<\/span> \u00a31,010<\/span><\/span><\/span> <\/span><\/h3><\/div><\/div><\/div>

Reducing 10 tonnes of waste by reusing the product and materials<\/p>\n<\/div>

<\/div><\/div>

<\/span> \u00a3967<\/span><\/span><\/span> <\/span><\/h3><\/div><\/div><\/div>

Providing a 3-hour CV writing and mock interview workshop for 10 unemployed people<\/p>\n<\/div>

<\/div><\/div>

<\/span> \u00a33,167<\/span><\/span><\/span> <\/span><\/h3><\/div><\/div><\/div>

Source: TOMs framework 2022-23<\/p>\n<\/div><\/div><\/div><\/div><\/div>

What are the benefits?<\/h2><\/div>

Social Value isn\u2019t a \u2018nice to have\u2019; it creates more competitive, better performing, sustainable organisations. In short, it\u2019s the future of good business.<\/p>\n<\/div><\/div><\/div>

Investing in training and skills<\/h3><\/div><\/div><\/div>
Helps reduce unemployment rates and associated homelessness\u2026<\/span><\/a><\/div>
\u2026while creating a pipeline of skills for your industry.<\/span><\/a><\/div><\/div><\/div><\/div>

Sponsoring mental health and wellbeing initiatives<\/h3><\/div><\/div><\/div>
Reduces the rates of depression, suicide and unemployment\u2026<\/span><\/a><\/div>
\u2026while creating a happier, more motivated, less absent workforce<\/span><\/a><\/div><\/div><\/div><\/div>

Placing more business locally<\/h3><\/div><\/div><\/div>
Creates more wealth within your local economy\u2026<\/span><\/a><\/div>
\u2026that local citizens can spend on goods and services<\/span><\/a><\/div><\/div><\/div><\/div>

Introducing a volunteering scheme<\/h3><\/div><\/div><\/div>
Increases the resources, impact and service provision of local charities\u2026<\/span><\/a><\/div>
\u2026while improving your staff wellbeing, engagement and retention<\/span><\/a><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"100-width.php","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"acf":[],"yoast_head":"\nWhat is social value<\/title>\n<meta name=\"description\" content=\"What social value and ESG is and why it matters. 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