Rather than look at people as individuals, social value looks at people as a whole and the social conducts and norms they share. What measures how an innovative opportunity may deliver social value is known as social impact. Broadly speaking, social impact is all about the effect (positive or negative) of the value. It is a snapshot in time looking at how the value influences the way a society operates. This involves thinking about how the value created will change or improve ways of being, quality of life, or morals. These changes or improvements can come in many different forms, such as improving the safety of societies or the development of public infrastructure.
Not every organisation will create direct social value, however, they all have the opportunity to contribute to the creation of social value. One way for an organisation to do this is to pledge a percentage of each sale to a good cause. This can be done through the Pledge 1% movement. Another way is to become a certified B company. These types of companies are legally required to consider the impact of their decisions on their works, customers, suppliers, community and the environment.
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ExampleSupport provider with a difference
Hireup is an online platform that helps people with disabilities find, hire and manage support workers by connecting both parties based on shared interests, location and credentials. The platform is intuitive and easy to use for peoples with disabilities, acting as a tool to break down the geographical barriers making it easier to connect with support workers. This creates social impact by giving the people with disabilities the power to manage their own lives based on their individual preferences of what they want from a support worker, giving them choice and control.
