What is Social Value?
Social value is the strategic process of positively impacting societies and is the responsibility of all organisations regardless of their finances, scale or business focus.
Reporting on social value is an important part of this process. There is a monetary dimension to social impact reporting, and while this is vital, there are richer outcomes that showcase the wider impact of your organisation. Robust data insights are needed to inform future social investments.
Social value goes beyond the inconsistencies of current corporate social responsibility reporting. Corporate social responsibility is often an add-on, whereas real social value sits at the heart of the business culture, ethos and strategy.
There are four main elements to consider when understanding social impact. They are community, sustainability, well-being and diversity, supported by utilising your business assets.
What is social value in action? See our social value examples here.