Social Value

Social Value

The value of social value

Organisations with strong social value credentials are increasing being sought out by investors, workers and customers. As recognition and expectations grow around social value (as the 'S' of ESG) it is increasingly important for businesses to take an active role in managing this corporate imperative.

What is social value and why is it important?

Put simply, social value is how a company interacts with and supports its workforce and the communities around it. How an organisation responds to the opportunity this presents says much about its values, ethos and ambitions and is an integral part of publicly demonstrating they are acting sustainably and not just offering empty platitudes.

Social value can influence several business-critical issues:

workforce retention  

Workforce attraction and retention
Strong social value credentials allow you to place your organisation in prime position to recruit, and retain, the best people.
 

reputation  

Corporate reputation
Protect and enhance your reputation by revealing and proactively addressing critical social issues, including human and worker rights protection, child labour, fair pay and workforce welfare.
 

consumer choice  

Customer choice
Encourage customer interest and loyalty as consumers flock towards the most socially responsible and progressive suppliers.
 

investment  

Investment decisions
Encourage support from investors who are increasingly seeking companies with the best ESG and social value credentials.

How Ricardo can support your social value journey

At Ricardo we understand the importance of social value as a critical part of business strategy.  We can help you make sense of this growing and exciting feature of the corporate landscape and maximise the opportunities it presents. We can offer support as a focused area of work or as part of a wider ESG package. 

Whether you are just starting out on your social value journey or are concerned you are missing critical elements, Ricardo can help by:

  • Establishing where you are in your social value journey – gap analysis using practical diagnostic tools that identify your strengths and weaknesses.
  • Providing critical insights – analysing what’s really important and particularly how your environmental performance can influence social impacts, and vice versa.
  • Developing your strategy - pulling together a bespoke plan tailored to your organisational needs based our robust analysis.
  • Taking it beyond words -  facilitating implementation of your plans, selecting the most impactful actions that address your core material issues in a meaningful way.
  • Reviewing how you are doing and picking up the pace  - reviewing your existing social strategies and actions, securing broader support and accountability and  communicating your approach.

Speak to us about your social value needs

No matter where you are on your social value journey, we can help you to assess how far you've come, which direction you should take and what your next steps should be. Get in touch to find out how Ricardo can support your organisation, contact [email protected]