Social Values
Social values refer to the principles and standards that are morally acceptable by society and are created by the dynamics of the community, institutions, traditions, and cultural norms. These values are about understanding the relative importance that people place on changes to their wellbeing and using these insights to make better decisions. Social value is the quantification of the relative importance that people place on the changes they experience in their lives. It is important to consider and measure this social value from the perspective of those affected by an organization’s work.
In essence, 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 resources are allocated. Social values are important in businesses to maintain healthy relationships between co-workers and between the company and society. They shape the way that society behaves and guarantee a coexistence between participants in society.
In conclusion, social values are about understanding and respecting the relative importance that people place on changes to their wellbeing and using these insights to make better decisions, ultimately increasing the overall value of our work.
