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Social Value is a broader understanding of value. It moves beyond using money as the main indicator of value, instead putting the emphasis on engaging people to understand the impact of decisions on their lives.
The Social Value Principles help to guide our practice irrespective of the size of our organisations and operations, the industry, sector or purpose of our organisations work, and the level of our understanding of what social value is and how we impact this through what we do.
The Principles of Social Value. Our approach to measuring social impacts and making decisions is guided by the Principles of Social Value. The first seven explain how to measure and report, while the eighth explains how to make decisions based on those measurements.
Social value is about a mindset shift where our impact on people and planet are a part of our everyday culture, and are embedded into how we define our purpose, how we plan our activities, and how we continuously manage our activities.
What is Social Value? Social Value is a broader understanding of value. It moves beyond using money as the main indicator of value, instead putting the emphasis on engaging people to understand the impact of decisions on their lives. The people’s perspective is critical.
The Principles of Social Value provide the basic building blocks for anyone who wants to make decisions that take this wider definition of value into account, in order to increase equality, improve wellbeing and increase environmental sustainability.
The Principles of Social Value are the global standards for social value measurement and management. They have been developed through engagement with stakeholders across the world – including social enterprises, civil society organisations, investors, small and large companies, evaluators, researchers, practitioners, academics and policy makers.
Social value banks have been around for a while and have served a useful purpose but can be problematic. There are crucial steps to measuring social value in line with the new guidance – the need to ask those you are working with, and are therefore affected, to reveal the impact of your project.
Social Value UK empowers organisations to be responsive. We help them make timely decisions that are informed by evidence. We help them measure social value, provide training, assure their reports and issue guidance on how to act.
BSI, in its role as the UK National Standards Body, has today published the first standard addressing the concept of social value. The new British standard outlines advice and principles to help public and private sector organizations understand and enhance their social value.