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Today, let’s delve into the transformative power of the 8 Principles of Social Value outlined by Social Value UK. Over the past decade, these principles have emerged as a beacon of excellence, setting the standard for organisations to create positive social impacts. My Social Impact (MSI) is a new consulting firm with a similar vision as Social Value U.K.
“A world where every organisation makes better decisions based on their social impacts“
At MSI, we are excited to share and contribute to this evolving conversation and witness the remarkable progress this field is making, both in the UK and globally. Today, I’d like to expand on the fundamental importance of these 8 principles and their role in shaping a brighter future for society.
The first principle emphasizes the active participation of stakeholders to understand and incorporate their perspectives into decision-making processes. By involving all those affected, organisations gain valuable insights, fostering collaborative solutions that address real societal needs.
Valuing What Matters urges organisations to consider a broader set of impacts beyond financial metrics. By acknowledging the social, environmental, and economic aspects, decision-makers can better assess the true value they create and optimize their impact.
Change is constant, and organisations must adapt to the evolving needs of communities and the environment. This principle encourages continuous learning, monitoring, and evaluation to respond effectively to shifting dynamics and make informed decisions accordingly.
Organisations bear a responsibility for their actions and the impacts they generate. By recognizing this principle, entities are prompted to proactively address negative externalities, minimize harm, and take steps to contribute positively to society and the environment.
Evidence-based decision-making forms the backbone of social value practices. This principle emphasizes the importance of robust data collection, analysis, and reporting, ensuring transparency and accountability while informing future actions.
Transparency builds trust and fosters collaboration. This principle advocates for organisations to be open and honest about their social impact activities, methodologies, and results. By sharing information, knowledge, and best practices, the sector as a whole can advance and improve collectively.
Learning is an ongoing process that drives innovation and continuous improvement. Embracing this principle enables organisations to reflect on their experiences, successes, and challenges, fostering a culture of learning and sharing insights to drive positive change.
This principle reminds organisations to consider the distribution of social value and strive for greater equality. By actively working towards reducing inequalities and addressing social injustice, organisations can contribute to a fairer and more inclusive society.
For over 10 years, Social Value UK has played a pivotal role in establishing the 8 Principles of Social Value as a framework for organisations to make decisions informed by their social impacts. As a new member of this vibrant community, we are thrilled to contribute to this exciting area of development and see the growing momentum in the UK and globally.
My Social Impact specialists in dynamic social impact reporting, and we support organisations in optimizing their social value creation, driving positive change, and collectively building a world where every decision considers its social impacts. Let’s embrace the power of 8 and shape a better future together!
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