What is Social Value and Why is it Important?

Understanding Social Value

Social value represents a more comprehensive concept of value that transcends the conventional reliance on money as the primary gauge. Instead, it places significant emphasis on engaging individuals to comprehend how decisions influence their lives, with their perspectives being of paramount importance.

Organisations inevitably generate both positive and negative experiences. However, the ultimate goal should be to cultivate a net positive impact in the present and for the sustainable future. This necessitates the measurement of their impacts and the utilisation of this insight to make decisions that prioritise people’s well-being.

Assessing Non-Monetary Significance

For some individuals, social value emanates from their personal experiences at home or in the workplace. It could be linked to the satisfaction derived from quality time spent with family or the rejuvenation experienced during a leisurely stroll in the countryside, breathing in the fresh air.

All these facets of daily life exert an influence on overall well-being. Factors such as health, relationships, employment, residential location, personal finances, education, the natural environment, economic shifts, governance, and self-perception collectively impact well-being. Social value measurement strives to comprehend and document the varying significance attributed to the changes in well-being. Its purpose is to guide more informed decision-making, amplifying positive changes while mitigating negative ones.

Avoiding Superficial Approaches

When it comes to social value, avoiding superficiality is crucial. Authentic social value entails the involvement of individuals across the spectrum, from customers and service users to employees and the broader community. We must listen to their voices, trust their experiences, and be responsible for responding to their concerns.

Genuine social value can only be captured through comprehensive data analysis, as a mere checkbox exercise can be easily manipulated.

In essence, social value measurement transcends economic and financial realms, striving to encompass the full scope of social impact.

TSS believes that social value holds immense potential to reshape our perception of the world and guide resource allocation decisions. By revolutionising how we account for value, we envision a world marked by enhanced well-being and greater equity for all.

For more information please visit https://socialvalueuk.org/