Social value (definition)

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Social Value is a principle that champions the holistic well-being of both current and future generations. Emphasizing the importance of supporting both individual welfare and planetary sustainability, it traverses three central areas:

1. Social: This revolves around enhancing the well-being of individuals and communities, advocating for interconnectedness and mutual support.^[1]

2. Economic: This focuses on the promotion of economic policies and business practices that uplift societal well-being, recognizing that economic prosperity should be intertwined with societal progress.^[1]

3. Environmental: This stresses the criticality of sustainable processes which look after both the social and physical environment, ensuring a viable future for all.^[1]

Central to Social Value is the concept of "good work". The nature and quality of work play a pivotal role in individual well-being. Good work, in a supportive and empowering environment, can be a cornerstone of personal and societal well-being. Conversely, detrimental work conditions can erode individual well-being and, by extension, the broader social fabric. Good work thus becomes a key determinant in the creation or diminishment of social value.

Beyond large-scale initiatives, Social Value also encapsulates daily actions and decisions. It recognizes the significance of interpersonal interactions, well-being pursuits, and eco-friendly practices in augmenting societal well-being and environmental conservation.^[1]

Understanding Social Value includes recognizing the intrinsic non-economic value society assigns to resources, be it the collective benefits of clean air and water or the shared aspirations for a cohesive community.^[2]

Ultimately, Social Value underscores the relative weight people assign to changes in their well-being. By harnessing these insights, society can make informed decisions, ensuring actions resonate with shared values and drive collective benefit.^[3]