Social value is the quantification – usually financial – of an organisation’s impact on society. Social value can include a range of outcomes, such as leaving a skills legacy by employing locally and creating sustainable apprenticeships in the area around the scheme, and boosting local small, medium and micro businesses and social enterprise by ensuring they form a core part of the supply chain and that a high proportion of the project spend goes to local suppliers. Reducing air pollution, maximising green space and ensuring the value of materials is optimised through a circular economy.
Source: Balfour Beatty – Shared Value -helping local authorities unlock social value, 2018
IEMA is the membership body for environment and sustainability professionals