The Social Value movement is well embedded in the public sector and is growing quickly in the private sector. Over half of the FTSE 100 companies now have a board-level committee dedicated to sustainability or ESG strategies.
Organisations with a Social Value strategy can make a huge difference to their community. It is self-evident that whenever a business does things like building a community garden, hiring locally, or contributing to charity, they help build a better society.
It’s not a one-sided flow of benefits, however. Social Value also makes good business sense. Businesses who follow a Social Value agenda are proven to be more successful. According to Porter Novelli, 89% of executives believe strong purpose provides competitive advantage.
“A company with a good moral compass will succeed and go further, fulfilling their staff and the clients alike!”
– Jeff Joseph, Head of Social Value at Bouygues UK
Customers also agree. Zeno reports that customers are four times more likely to purchase from a company that leads with purpose. We see advertising campaigns from B2C behemoths like McDonald’s and John Lewis work hard to show how their brands improve the day-to-day lives of communities across the UK.
Despite all this, I regularly speak to people who just don’t know how to start their Social Value journey. Although the benefits of a Social Value strategy are evident, navigating the landscape can be daunting.
“There are so many models and frameworks out there relating to social value that it is easy not to know where to start.”
– Michelle McCann, NHS London Procurement Partnership.
We’re here to help! I’m delighted to introduce Social Value 101, a new introductory guide to the world of Social Value.
Social Value 101 outlines what Social Value is, where it came from, where it’s going and why and how you should get on board. What I’m most proud of is that it clearly illustrates what I’ve been telling people for years. Businesses and communities alike will benefit from a Social Value strategy.
We can’t wait to see the difference you make.