Social value refers to the network of environmental, social, and economic impacts resulting from an organisation’s activities in an area. It is the long-term, sustainable improvement for society that can be gained by promoting positive social, economic and environmental impacts.
We believe that social value is important and is all about transforming services, creating new innovative approaches, building in sustainability, and delivering business with benefits for all.
None of this can be achieved in silos, in single departments, or by things being added on to existing practice/contracts as a token gesture. Rather, it comes from an understanding that effective services and business are inextricably interlinked with the health and prosperity of the people and communities in which we operate.
There is a clear challenge – creating social value is difficult and complex to achieve. Defining it is difficult, integrating it across services is challenging, delivering it with partners requires collaboration, and measuring it is tricky. But all achievable!
The first step in the creation of any social value strategy is an understanding of the local priorities which need to be addressed. Defining what social value is for an organisation in its local area is key. Achieving this definition and an associated clarity of purpose is a critical step in understanding how best to deliver and maximise such value.
We see the following as the key priorities of our social value strategy;