Social value refers to the benefits organisations and social enterprises provide to both society and the economy. Over the last few years, there has been an increase in demand to measure and maximise it, with many organisations seeking to understand and communicate the positive social values they are creating in an attempt to attain economical, environmental and social benefits.
Why is it important?
With the final changes to The Social Value Act 2012 being implemented over the coming months, there is no better time than now to learn how to effectively measure and maximise social value from procured activity. The amendments focus on issues beyond simply creating monetary value by enticing consumers, and instead, require commissioners to reduce environmental impact, increase accessibility and inclusivity in the workforce and support employee health and wellbeing. This has challenged organisations to be more transparent in showcasing areas of added social value.
Simple ways to maximise the Social Value in your organisation
Due to its intangible nature, there are various ways to maximise social value. However, these methods can often be difficult to navigate through, acting as a barrier to implementation. So, with this in mind, we have piled together a list of top tips to help you get the best out of your social value.
Have a defined vision
It is important to have a clear and concise definition of what social value mean to your organisation. So consider questions like: what is your social value strategy, policy or framework? It is also worth considering additional, broader social factors that may influence community opinions. This is because it will allow the organisation to identify the value they want to add and the subsequent stakeholders that will attend.
Consider long term partnerships
By fostering long term partnerships with local communities, including MPs and local authorities, organisations will be able to respond meaningfully and accurately to rising issues, by designing better services and offering more innovative solutions which are in line with societal needs.
Open conversations with potential stakeholders
A collaborative approach, consisting of open line of communication, is vital to maximise social value. This is because, it allows organisations to nurture important relationships with stakeholders who are involved in developing, delivering and driving social values.
Why is it important to measure Social Value in your organisation?
The measurement of social value is highly favoured as it allows organisations to:
· Accurately allocate resources
· Gain a competitive advantage
It is important to note that, whilst measuring social value is a worthwhile objective, it is a complex process which proposes several challenges. This is because, it is a subjective term, meaning that the factors considered to be important in creating social change differ based on the organisation. Hence, the process involved in executing and measuring it remains ambiguous.
What about you?
Do you know any alternative ways to maximise Social Value? Tweet us using #UMGTraining @UModernGov. Alternatively, if you would like to talk to a member of our team about anything you have read in this blog, please contact us on 0800 542 9440 or email firstname.lastname@example.org.
Contact our In-House Training team on InHouse@moderngov.com or call 0800 542 9414