Social value refers to the broader benefits that an activity, project, or organisation creates for society beyond just economic gains. It encompasses the positive impacts on individuals, communities, and the environment, contributing to well-being, equality, sustainability, and resilience. Social value is often discussed in the context of public procurement, corporate social responsibility (CSR), social enterprises, and community projects.
Legislation such as the UK Social Value Act 2012 mandates public authorities to consider economic, social, and environmental well-being in procurement processes with a minimum evaluation weighting of 10%. This trend is growing globally, meaning that businesses neglecting social value risk missing out on lucrative contracts. The new National Procurement Policy Statement lists five overarching national priorities, the first is Value for Money, the second is Social Value.
More often than not Investors are looking for enterprises that do more than simply tip their hats at delivering social value benefits. Recognising and buying into delivering tangible social value benefits to the communities you work within will not only enhance your reputation, it could enhance your chances of winning further investment when required.
Many enterprises, especially SMEs, struggle to identify how they can make a significant social value contribution. Our team of specialist will audit what you currently do as well as identify what else you could be doing, all without having to find massive increases in your budget.
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