Insights

There has been a growing consciousness in the past few years of Environmental, Social, and Governance (ESG) and Corporate Social Responsibility (CSR) – the subjects of which have come to inform policies and business commitments throughout all sectors.

However, where these often place a focus on the reduction or elimination of the negative effects of business activity, another concept that businesses and organisations within the commercial sector are becoming increasingly aware of is the measurement of the positive effects that they are making on the lives and experiences of their people and any external people who are directly impacted by their business affairs – this is known as Social Value.

Business, particularly within recruitment, are under increasing pressure to have a robust social value strategy, with clients demanding more. It offers the opportunity to deliver real value to communities and shape how organisations are run, making sure it’s a meaningful, sustainable and a long-term approach to supporting people.

What is Social Value?

Social value covers a broad range of contributing factors and these will vary widely depending on the nature of a particular business. It is often closely tied to wellbeing, for example through the support of physical and mental health, or the provision of community spaces and amenities like libraries and playgrounds. It could also include environmental benefits like the preservation or restoration of natural surroundings. Essentially, if a positive impact is being made on people’s lives as a result of the practices of a business or organisation, this can be considered and measured as social value.

Why is Social Value Important in the Commercial Sector?

Beyond the measurement of traditional business objectives (e.g. financial), social value is an important and valuable means of identifying the positive impact of a business. Organisations within the commercial sector might measure their social value by the creation of new jobs or upskilling of workforces, as well as those broader factors that all contribute to the wellbeing of personnel.

A key aspect in the measurement of social value is the involvement of people, be they employees or relevant external parties. By proactively engaging with people and learning about what matters to them, commercial sector businesses can understand the lives and experiences of their people, identify areas to make a difference, and recognise the ultimate impact of their choices – supporting a more human-level of socially and environmentally conscious decision-making for the future.

How can Neuven Solutions Support Your Business’ Social Value?

At Neuven Solutions, through our services and collaborative approach, we support businesses in integrating social value and driving positive change at a fundamental level. Whether through the implementation of wellbeing-focused elements into candidate management or the execution of social value audits, tailored to the practices of your particular business.

Get in touch with us to discuss how we can help drive social value through your business activities and strategies.