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It’s a common misconception that Corporate Social Responsibility and Social Value are the same thing. Ilaria Agueci, AtkinsRéalis Social Value Lead, explains the differences and commonalities between Corporate Social Responsibility and Social Value.
Although both focus on making a difference to communities and the environment, there are key differences and purposes which have an important impact on how a business can report on, and quantify the difference it makes.
Corporate Social Responsibility and Social Value
Corporate Social Responsibility (CSR) is a catch-all term used to talk about the policies and processes that help a business operate responsibly and ethically.
These ways of working are typically set by a business and aligned to their strategy, shareholders and business model, but are not aligned to the requirements of any governmental bodies or institutions.
An example of CSR is ethical sourcing or compliance statement to meet the Modern Slavery Act.
Social Value on the other hand, is defined as creating long-term, positive changes within communities that are measurable.
Social Value is defined in the 2012 Public Services (Social Value) Act which requires all public sector organizations and their suppliers to look beyond the financial cost of a contract and consider how they can improve the economic, social and environmental well-being of an area.
An example of Social Value is increasing spend with local supply chains or dedicate resources to provide work experience to young people under the care of the public authority.
What are the commonalities?
Social Value and CSR activities are linked to the business’ growth; both create good news stories and evidence that can back up new business bids and bolster an organization’s reputation and win public contracts.
What are the differences?
Reporting - CSR is aligned with a business's values and morals but unlike Social Value, it is not reported upon. The reporting of CSR is not often regulated by any governmental bodies or institutions. As such, there are no target against CSR and, the delivery of activities are based on individual choices to charitable contributions, and these are not measured.
Case studies from CSR activities are typically created from one-off activity, hence the positive impact the business makes can be short-term.
Contractual obligation - Social Value is linked directly to Public Procurement Regulation and with many of our secured public sector projects, it becomes a contractual obligation we have with our clients.
With Social Value, we are committing to leave the places we work, in a better way than how we found them. By taking a proactive approach, we can help tackle pressing social issues in the communities where we deliver work.
CSR activities do not necessarily have to take place where we deliver work. But, if a team is delivering a volunteering activity in an area where we deliver work, we can link these with social value activities, creating a bigger long-term impact and benefit to our clients.
Unlocking maximum benefits
As an organization we already make a difference, and we should be proud of all we do. But we need to get smarter at coordinating and consolidating our efforts so we can demonstrate to our clients – and the communities we work in – the social value we're adding.
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Ilaria Agueci
Social Value Regional Lead, London contact form