Social Value

Social value is a concept that extends beyond the financial and economic benefits of a project. It encompasses the broader impact on the community and environment, aiming to enhance the well-being of individuals and society as a whole.

Implementing social value policies can significantly bolster the local economy by creating jobs and driving sustainable growth. These policies encourage investment in local businesses and communities, fostering collaborative efforts that maximise benefits and drive social value.

What is Social Value?

Social value refers to the positive impact that an organisation has on society, beyond its financial performance. It encompasses the economic, social, and environmental benefits that an organisation creates for its stakeholders, including customers, employees, suppliers, and the wider community. By focusing on social value, businesses can contribute to the well-being of society and the environment, creating a more sustainable and equitable world.

Defining Social Value

Social value is a broad concept that can be defined in various ways, depending on the context and perspective. However, at its core, social value is about creating positive outcomes for society, such as improving health and wellbeing, reducing inequality, and promoting environmental sustainability. It involves considering the wider impact of business activities and making decisions that benefit not just the organisation, but also the community and the environment.

Importance in Modern Business

In today’s business landscape, social value is becoming increasingly important for organisations. Consumers, investors, and employees are demanding more from businesses, expecting them to not only generate profits but also to contribute positively to society. By prioritising social value, organisations can enhance their reputation, build trust with stakeholders, and ultimately drive long-term success. Embracing social value can lead to increased customer loyalty, better employee engagement, and a stronger brand image, all of which are crucial for sustainable growth.

Policy Scope and Purpose

A social value policy is a statement that outlines an organisation’s commitment to creating positive social value. It provides a framework for decision-making and guides the organisation’s actions and behaviours. By having a clear social value policy, businesses can ensure that their efforts are aligned with their values and goals, and that they are making a meaningful impact on society.

Objectives of Social Value Policies

The primary objectives of a social value policy are to:

• Define the organisation’s social value goals and objectives
• Identify the key stakeholders and their interests
• Outline the strategies and actions for creating social value
• Establish metrics and benchmarks for measuring social value outcomes
• Ensure transparency and accountability in social value reporting

These objectives help organisations to systematically approach social value creation, ensuring that their efforts are targeted, measurable, and effective.

Aligning with Business Goals

A social value policy should be aligned with an organisation’s overall business goals and strategy. By integrating social value into the organisation’s core operations, businesses can create a competitive advantage, drive innovation, and ultimately achieve long-term success.

In the context of public services, social value policies are particularly important, as they can help organisations to deliver maximum benefit to local communities, support growth, and achieve cost savings. By prioritising social value, public sector organisations can also enhance their reputation, build trust with stakeholders, and ultimately drive positive outcomes for society.

In the supply chain, social value policies can help organisations to promote responsible sourcing practices, reduce environmental impacts, and support local economies. By engaging with stakeholders and reporting on social value outcomes, organisations can also demonstrate their commitment to creating positive social value.

Overall, social value policies are essential for organisations that want to create positive outcomes for society, drive long-term success, and build trust with stakeholders. By prioritising social value, businesses can enhance their reputation, drive innovation, and ultimately achieve their goals.

Expert Social Value Policy Drafting Services

At Athena Commercial, we create custom social value policies. They will meet legal requirements and suit your business’s unique operations. We aim to help your company integrate social value into its procurement and operations. This will ensure compliance with the Public Services (Social Value) Act 2012 and other regulations.

Additionally, Athena Commercial assists businesses in establishing and tracking their social value commitments to ensure ongoing compliance and impact.

Understanding Your Business

We start with a thorough engagement phase. We partner with you to grasp your business’s inner workings. This involves:

• Initial Consultation: We meet with key stakeholders, including public sector organisations. We discuss your goals, procurement practices, and desired impacts.
• Operational Analysis: We will analyse your business operations. We will find ways to boost social value and fit it into your frameworks.
• Stakeholder Engagement: We will discuss our ideas with your suppliers, customers, and partners. This will help us gather insights and align with their needs.

Drafting Customised Policies

We draft social value policies. They meet legal requirements and boost your CSR profile. We design our policies to:

• Ensure Tender Compliance: We align Social Value policies or responses to your business and the requirements.
• Align with Business Operations: Our policies fit your operations. This makes it easier to put in place and manage social value initiatives.
• Maximise Impact: We create policies that deliver real social, economic, and environmental benefits. They contribute to making a difference in your community and stakeholders.

Athena Commercial ensures that the drafted policies align with national social frameworks and standards to maximise their impact.

Ongoing Support and Review

Our commitment doesn’t end with the delivery of your social value policy. We offer help throughout policy implementation, covering installation and beyond.

• Training and Workshops: We offer sessions to train your team on the new policy and its daily use.
• Monitoring and Evaluation: We create frameworks to track and improve your social initiatives, with particular focus on targeted efforts to address key social issues.
• We conduct policy reviews on a schedule. It keeps your social value strategies relevant in a changing business world.

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Partner with Athena Commercial to develop a comprehensive social value policy that not only complies with legal requirements but also drives impactful change for your business and community. Reach out to us today to discover how we can help you lead with purpose and achieve meaningful outcomes.