What does Social Values mean?

Social values are principles in which individuals and businesses follow to conduct morally correct actions, thoughts, and decisions within their social system. These provide clear lines between what is considered right and wrong and are defined by social traditions, religion, culture and, institutions. It also includes how much value a business gives back to or supports a local cause such as economic or environmental changes.

An individual or business must follow the social values to build relationships, reputation and, respect for the society they are in. Furthermore, it is common that most governments establish laws to preserve social values through enforcement to ensure that all business within the society is conducted properly.

How does my business add social value?

Your business can add social value to your community by:

Creating Jobs – by creating jobs you are giving more people a chance to start a career within your area and expand your community with local skills and employment which will boost your reputation.

Supporting the Environment – Using sustainable energy, materials or supporting green projects shows the commitment to protecting the Earth and local green spaces.

Supporting Local Businesses – If you are well established within a community why not give back? By supporting a local business you can build strong relations that benefit all parties.

Innovation – Promoting innovative thinking attracts new skills and ways to make the community or business more effective.

You can calculate how much social value you are adding as a public sector here: socialvalueportal.com

COVID-19 and the Affect on Social Value

The importance of social value is more important now than ever as we make a recovery from COVID-19 as so many lives and communities have been affected. More people are being put out of work due to lockdowns and closings of many businesses, many of which are small businesses that may not recover, and the demand for jobs is rising.

We have seen social value at work during this unfortunate period as many supermarkets such as Tesco, Asda, Aldi, and Lidl open thousands of temporary jobs for those who had been put out of work. We also saw many manufacturers supplying critical supplies to combat COVID-19 to the NHS around the nation. Finally, we saw air pollution drop as more people started to work from home and use vehicles less to commute.

We hope to see these social values continue as we make a recovery from COVID-19 and that more businesses contribute to their communities.