Social Value

As outlined in the introduction to this glossary there are many definitions of social value. It really does depend on the perspective of the stakeholders but here are some examples:

1. The value attributed (see SROI) to the change to individuals, groups or society. Often stated in £s and expressed as a ratio in comparison to its cost.
2. The UK Cabinet Office (2012) describes it as the positive social, environmental and economic impact of an activity on stakeholders over and above what would have happened anyway, considering the negative impact of an activity.
3. Social Value UK says: ‘Social value is the quantification of the relative importance that people place on the changes they experience in their lives. Some, but not all of this value is captured in market prices. It is important to consider and measure this social value from the perspective of those affected by an organisation’s work.’
4. Enterprise UK define Social Value as ‘the additional benefit to the community from a commissioning/procurement process over and above the direct purchasing of goods, services and outcome.’ (Cook and Monk 2012)