Innovating Social Value
Social value has emerged not just as a regulatory requirement but as a strategic asset that can distinguish a company from its competitors, particularly in bids, where it can make up 10-20% of the marks (and sometimes more).
I love social value and one of the reasons for this is that it has the potential to develop innovation for organisations, including in their service delivery. In this blog, we will have a quick look at how thinking outside the box can not only fulfil but magnify the benefits we bring to society.
What is Social Value?
Social value refers to the broader impacts of actions taken by a business or organisation, particularly in terms of positive social, economic, and environmental outcomes. It’s about the value that stakeholders experience through improved well-being, environmental quality, and economic prosperity.
The UK's Social Value Act of 2012 was a game changer, mandating that public authorities consider how their procurements might improve local social, economic, and environmental well-being. Alongside this, Procurement Policy Notes (PPNs) have reinforced the need to integrate these considerations into all aspects of procurement, ensuring that social value is woven into the fabric of public spending.
Standard Social Value Categories:
Social: Initiatives often include promoting employment and fair labour practices, and enhancing community engagement and cohesion.
Economic: This might involve supporting local SMEs, fostering innovation, and ensuring economic inclusion.
Environmental: Efforts here focus on sustainability through waste reduction, improved resource efficiency, and lowering carbon footprints.
Wellbeing: Projects can promote physical and mental health, contributing to safer and healthier communities.
Bespoke Social Value
True innovation in social value comes from tailoring initiatives to align with the specific needs and priorities of the end client. This bespoke approach means that strategies are designed not just to meet but to integrate seamlessly with the goals of the communities they impact.
Each project is a fresh opportunity to rethink social value creation. With almost limitless possibilities, organisations can align closely with a client's social value priorities through creative, evidence-backed proposals. Innovation here is not just allowed but encouraged.
Below are some ideas to get you thinking:
Social:
Community Skill Sharing Networks: Develop local networks where residents can share skills with each other, such as gardening, cooking, digital literacy, or trades like plumbing and carpentry. This fosters community spirit and helps individuals develop new competencies.
Intergenerational Mentoring Programs: Create programs that pair young people with older adults for mutual mentoring. Young people can assist with technology and digital skills, while older adults can offer career advice, life skills, and emotional support.
Economic:
Local Business Incubators: Establish incubators in economically deprived areas to support local entrepreneurs with resources, mentorship, and funding to start and grow their businesses, thereby stimulating the local economy.
Community Investment Funds: Set up community-based investment funds where local residents can invest in local businesses and projects. Profits are reinvested into the community, creating a sustainable economic growth cycle.
Wellbeing:
Green Exercise Initiatives: Promote outdoor physical activities, such as community gardening, walking clubs, and outdoor fitness classes, to improve physical and mental health while enhancing community green spaces.
Mental Health First Aid Training: Provide free or subsidised mental health first aid training to residents and employees of local businesses to build a community that is knowledgeable and supportive of mental health issues.
Environmental:
Urban Greening Projects: Launch projects to increase green spaces in urban areas, including rooftop gardens, green walls, and pocket parks, which improve air quality, reduce heat islands, and enhance biodiversity.
Community Renewable Energy Schemes: Implement local renewable energy projects, such as solar panels on community buildings or small wind turbines, with the profits reinvested into local sustainability initiatives.
Conclusion
Whatever ideas you do suggest in a bid, you should ensure that the social value ideas you propose are not only innovative but also practical and aligned with your capabilities. It's crucial that these ideas address the specific needs of the local community and can be realistically implemented and sustained throughout the duration of the contract. By focusing on deliverable, locally-relevant initiatives, you can make a meaningful and lasting impact, fulfilling your commitments and enhancing your reputation within the community. It can also help you win a bid!