Why Social Value is Important
Put simply, social value is an umbrella term for capturing the full net value an organisation provides to society.
This can include how an organisation supports the local economy, for example by helping local people into employment or buying from other local businesses; or activities that provide other benefits, such as promoting opportunities for disadvantaged groups or reducing waste.
Social value embraces both CSR (Corporate Social Responsibility) and ESG (Environmental, Social and Governance).
Social value themes
70% of employees say they would not work for a company without a strong purpose, customers are four times more likely to buy from a company with a strong purpose.
The Public Services (Social Value) Act 2012, allows local authorities to take into consideration, in the award of contracts, any offer of additional community benefit which is over and above the specified requirements, where these meet the local authority’s priorities.
For Suffolk County Council social value helps to maximise the ‘Suffolk £’, develop growth in the local economy, improve our environment and health, wellbeing and safety by building stronger community resilience, mobility and improving educational attainment.
Creating Social Value
Suffolk Chamber of Commerce creates social value in many ways
- Supporting Suffolk businesses by buying locally
- Providing work experience placements
- Signing the Armed Forces Covenant and promoting veterans’ employment
- Being disability confident committed
- Encouraging staff volunteering
- Having Carbon Charter bronze status membership
Two types of social value
Greene King is committed to driving social and environmental change and promoting inclusion and diversity within its business, through its partnerships and in the communities it serves.
A comprehensive study of the wide range of services and activities Suffolk Libraries provides estimated that every £1 spent on Suffolk Libraries’ services creates £6 in ‘social value’.
Providing evidence of your social value
How are you contributing to economic wellbeing?
How are you reducing your environmental impact?
How are you helping your community?
Put together case studies – Showing not just what you do, but also how you make it happen
What we do - Buy locally
How we do it – Examples of your local supply chains
Use the case studies to promote your business and win new customers