What is Social Value?
Social Value is about the wellbeing of current and future generations and covers three different areas:
- Social – the wellbeing of individuals and communities.
- Economic – putting in place economic policies and business practices to improve the wellbeing of society.
- Environmental – looking after the social and physical environment and where possible developing more sustainable processes.
Why is it important?
Social Value is important because it gets us to think through our actions, consider whether they add value to society and how they can impact on future generations. It helps us to be more socially conscious.
Social Value is not just about creating projects that have a big impact but also looking at what we can do individually day to day; for example how we treat the people we come in contact with, how we look after all living things (animals, insects and trees/plants) and what we can do to lower carbon emissions which contribute to climate change etc.
How does it benefit employers?
Social Value gets employers to think about three specific areas – staff wellbeing, the impact their business is having on society and the environment.
Staff well-being is a principle of Good Work where employers are encouraged to build a workforce that is happy, safe and healthy and think of ways to maintain or improve this. Building a happy workforce means that employers can benefit from higher employee retention rates as well as higher productivity levels.
Employers can also have a positive effect on society by being more inclusive and offering employment opportunities to people who may have previously been overlooked. This increases the pool of talent that they have access to and also improves their reputation, which is good for future business. Employees from disadvantaged backgrounds are generally more likely to stay working for a good employer for longer.
Employers can also put in place sustainable practices to protect the environment. Being less reliant on natural resources means that businesses are less likely to be effected by increasing costs due to climate change. Areas to focus on include reducing reliance on fossil fuels, preventing unnecessary travel or carbon miles, encouraging recycling and reducing waste.
Would you like to start a conversation with an organisation committed to helping you improve the diversity and engagement of your workforce? Get in touch and we’ll gladly help you understand how Good Work can support your recruitment strategy. Email us at email@example.com.
Written by Jags Lota, Marketing Content Officer at Shaw Trust.
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