What is Social Value? And How Can You Measure it in Projects?

TL;DR

This video explores the concept of social value and how project managers can measure and incorporate it into their projects.

Transcript

increasingly both project managers and our clients are asking how can we deliver social value in our projects so in this video I want to answer the questions what is social value and how can we measure it in our projects so what is social value well let's start with what value is it's the importance usefulness desirability or worth of something so ... Read More

Key Insights

• 👯 Social value is the importance and worth of positive changes in people's lives and communities.
• 🚚 Projects can deliver social value through choices and actions that favor fairness, sustainability, and well-being.
• 📽️ Governments and not-for-profit organizations are increasingly seeking social value in all projects.
• 📽️ Building a case for social value based on its benefits can help project managers incorporate it into their projects.
• 🤪 Measuring social value requires going beyond traditional financial measures and considering non-financial evidence as well.
• 🇺🇳 The Tom system is an internationally used methodology for measuring social value, aligning with the United Nations' sustainable development goals.
• 💦 Including social value in projects benefits not only communities but also sponsoring organizations, attracting employees and fostering purpose-driven work.

Questions & Answers

Q: How is social value defined?

Social value refers to the importance that people place on positive changes in their lives, including enrichment and contributions to their community.

Q: What are some examples of social value in projects?

Examples include making buying choices that favor fairness and the environment, creating training and employment opportunities, supporting volunteering and community service, and enhancing well-being and equality.

Q: How can project managers create social value in their projects?

Project managers can build a case for social value based on the benefits it brings, such as attracting and retaining staff, brand strength, trust and loyalty, and competitive advantage.

Q: How can social value be measured in projects?

Social value goes beyond traditional financial measures, but it can be measured by calculating the net benefit or satisfaction of requirements divided by the use of resources. Alternatively, the return on investment (ROI) concept combines these measures.

Summary & Key Takeaways

• Social value refers to the importance and desirability of positive changes in people's lives and communities.

• Projects can deliver social value by making choices that favor fairness and environmental sustainability, providing opportunities and support, and enhancing well-being and equality.

• Governments and not-for-profit organizations are increasingly seeking social value in all their projects, not just those designed for that purpose.