Although the Social Value Act does not directly apply to the Private Sector it is clearly beneficial for Private Sector Organisations to embrace and embed Social Value into their business processes as it will enhance their chances of winning Public Sector contracts and give their business in general a competitive edge by delivering social value as part of their offering.
What does Social Value mean to the Private Sector
The response to the act do far from the private sector has been interesting. Some industry areas are already pushing ahead, such as construction, where Wates have been pioneers – getting social enterprises into their local supply chains. Others have shown a clear interest, such as SITA and Veolia in the waste and recycling field: thinking in-depth about what it means for their field of work. And we are also beginning to see the major public outsourcers (the likes of Amey, Mitie, Interserve etc) consider what the Act means for their business.
There are countless areas of public service where Third Sector organisations deliver social value as part of their day job and as such Public organisations benefit greatly, but equally there are many areas where Third Sector organisations cannot deliver.
This creates an opportunity for Private Sector organisations to put social value at the heart of their business and bring third sector organisations into their supply chain. By embedding this approach we will really begin to see a change in public service delivery.
Social Value Diagnostic Tool
So how good is your organisation at delivering social value, click here to take the test now