Social value strategies and the benefits for your business
The actions of organisations and their impact on their community are scrutinised heavily. A business can often see its reputation rise or fall depending on the views of the outside world, so it is important that businesses have solid social value strategies in place.
Social value can also be a key determinant if you are seeking investment, grants or work from public sector organisations.
What is social value?
Social value came about through the Public Services (Social Value) Act 2012, which required those commissioning public services to consider how they can secure wider social, economic, and environmental benefits.
These considerations require public sector organisations to think about more than just financial implications when handling contracts, and how the services they commission could improve an area’s social, economic, and environmental well-being.
With these additional factors being key issues surrounding the procurement of contracts for public services, businesses with social value strategies in place could well find themselves at an advantage when it comes to winning these contracts.
What social value strategies can I implement?
If your plans include tendering for public sector work, here are just a few strategies to increase the value of your business:
- Reducing waste and increasing/improving recycling
- Work experience placements
- Enhancing the natural environment around the area of the business
- Creation of jobs for the local community
- Handing out sub-contracts to local businesses
- Nominating a ‘charity of the year’ and setting up fundraisers
- Developing employee initiatives such as weekend volunteering and lunchtime cycling/jogging sessions
What are the benefits of social value strategies to my business?
If your business uses social value strategies, it will emphasise your standing within the local community, and put you in a good light with the public sector organisations who are handing out contracts.
It is important to know that when scoring bids for public contracts, the Government awards up to 10 per cent of marks for social value – this could be the difference between winning or losing a bid.
If your business is well-versed in social value, it can also make you an attractive proposition for new clients who will be impressed with your efforts to go above and beyond for your community.
It can also bring a positive atmosphere to the workplace, with staff enjoying the employee initiatives, potentially increasing overall productivity.
For more information about social value strategies, please contact us today.