Video : What’s the difference between social value and social impact?

You asked, so I’ll answer – What’s the difference between social value and social impact?

Let’s start with social value:

Social value describes the wider social, economic, and environmental benefits that derive from an organisation’s work or from the commissioning of services or the purchasing of goods.

Social value is focused on getting more value from the money we spend. It enables us to maximise the positive impact our work and procurement has on local communities, people and the environment.

Social value asks the question ‘If £1 is spent on the delivery of services or purchasing of goods can that same £1 be used to also produce a wider benefit to the community?’

Now let’s look at social impact:

Social impact is the change that happens to people, the community or the environment as a result of our activities or services.

Social impact includes social, economic, environmental and wider community changes.

The changes can be positive, negative, intended or unintended.

They can also be short, medium or long-term changes.