Social value (definition)

This article is about the definition of Social Value as applicable to society as a whole. For the UK legislation, see Public Services (Social Value) Act 2012.

Social Value is a principle that champions the holistic well-being of both current and future generations. Emphasizing the importance of supporting both individual welfare and planetary sustainability, it traverses three central areas:

1. Social: This revolves around enhancing the well-being of individuals and communities, advocating for interconnectedness and mutual support.

2. Economic: This focuses on the promotion of economic policies and business practices that uplift societal well-being, recognizing that economic prosperity should be intertwined with societal progress.

3. Environmental: This stresses the criticality of sustainable processes which look after both the social and physical environment, ensuring a viable future for all.

Central to Social Value is the concept of "good work". The nature and quality of work play a pivotal role in individual well-being. Good work, in a supportive and empowering environment, can be a cornerstone of personal and societal well-being. Conversely, detrimental work conditions can erode individual well-being and, by extension, the broader social fabric. Good work thus becomes a key determinant in the creation or diminishment of social value.

Beyond large-scale initiatives, Social Value also encapsulates daily actions and decisions. It recognizes the significance of interpersonal interactions, well-being pursuits, and eco-friendly practices in augmenting societal well-being and environmental conservation.

Understanding Social Value includes recognizing the intrinsic non-economic value society assigns to resources, be it the collective benefits of clean air and water or the shared aspirations for a cohesive community.

Ultimately, Social Value underscores the relative weight people assign to changes in their well-being. By harnessing these insights, society can make informed decisions, ensuring actions resonate with shared values and drive collective benefit.

Context

Social Value serves as an introspective tool, prompting individuals, communities and organisations to reflect on the broader repercussions of their actions on societal value and future generations. It nurtures an ethos of social consciousness and encourages a holistic view of progress and development. Furthermore, it provides a comprehensive framework for measuring the impact of actions, extending beyond tangible economic metrics to embrace expansive societal and environmental considerations.

Benefits for employers

For the business sector, integrating the principles of Social Value yields multifaceted benefits:

• It prioritizes staff well-being, invariably leading to augmented employee loyalty and enhanced productivity.
• It accentuates inclusivity, providing opportunities to potentially marginalized segments, thereby not only diversifying the talent reservoir but also bolstering organizational reputation.
• It propels businesses towards adopting sustainable operational practices, such as minimizing their carbon footprint and advancing waste reduction, aligning with the broader global shifts towards sustainability.

See also

• Value (ethics and social sciences)
• Public Services (Social Value) Act 2012
• Corporate social responsibility
• Creating shared value