What Are Social Values in Business: Introduction
Social value in business refers to the positive impact that a company creates for society and the community through its activities. It goes beyond just making money. It’s about doing things that make people’s lives better and contribute to the overall wellbeing of communities.
For example, a business that provides jobs, supports education, cares for the environment, or helps local charities is creating social value. It’s like being a good neighbour – you’re not just concerned with your own interests, but you’re also thinking about how your actions affect those around you.
Today’s business education is the first in a series focusing on social values. This week we focus on the types of Social Value businesses can engage in. The next in the series will focus on the benefits to your business.
Play It Green helps our members engage in all the social values above and through our content, we help educate you on what it all means. So please read on to find out about ten different types of social value your business can engage in.
Social Values in Business: 1-4
Community Engagement and Development: Supporting local communities through initiatives like job creation, skills training, and infrastructure development.
Environmental Sustainability: Implementing eco-friendly practices and reducing carbon footprint to contribute positively to the environment.
Ethical Sourcing and Supply Chain Management: Ensuring fair labour practices, responsible sourcing, and ethical treatment of workers throughout the supply chain.
Social Procurement: Prioritising suppliers that are committed to social responsibility, diversity, and inclusion.
Social Values in Business: 8-10
Philanthropy and Charitable Giving: Donating to causes, charities, and nonprofits to address social issues and support those in need.
Employee Well-being and Development: Providing a supportive work environment, fair wages, and opportunities development, making the workplace a place of belonging.
Diversity, Equity, and Inclusion: Promoting a diverse and inclusive workplace that values individuals regardless of background or identity.
Social Values in Business: 5-7
Social Innovation and Collaboration: Fostering innovation to address societal challenges and collaborating with other organizations for collective impact.
Education and Skills Development: Supporting educational initiatives and providing opportunities for skill-building and lifelong learning.
Health and Well-being: Promoting initiatives that improve physical and mental well-being in both the workplace and the wider community.
Social Values in Business: Wrap Up
Social value can be measured in terms of how much people appreciate the positive changes a business brings to their lives. It includes things like improving health, happiness, and inclusion in the community.
Overall, businesses that focus on social value aim to do well for themselves while also doing good for the world around them. It’s a win-win situation – the company prospers, and the community benefits too.
Even if you don’t see it as a moral imperative, the business case for engaging in Social Value is there for all to see and will be the focus of next week’s business tip. But if you can’t wait, here are a couple of facts from research carried out recently.
66% of consumers would spend more for a product if it came from a sustainable brand, and 81% of global consumers feel strongly that companies should help improve the environment
Having a transparent sustainability strategy can reduce costs substantially and can affect operating profits by as much as 60%
Of the 14,700 Gen Z and Millennials surveyed in our global employee survey 20% would not even consider working for a company with poor or no environmental and social credentials.
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