what is social value

Social value refers to the degree of importance that people place on changes to their wellbeing. It is a broader understanding of value that moves beyond using money as the main indicator of value. Social value is about respecting people, listening to them, and using the insights to optimize value for both people and the planet. It is also about being more accountable to those people whose lives are affected and making better decisions on how we allocate our resources. Social value is important in businesses to maintain healthy relationships between co-workers and between the company and society. A good social value is a business that supports a cause in a positive way. Social value measurement tries to understand and record the relative importance we place on the wellbeing changes we experience. It helps to inform better decision-making to increase positive change and decrease the negative. Organizations can use social value insights to tell a story about the positive value they create for the economy, communities, and society.