What is BS 8950 - Social value about?
Interest in the concept of social value is growing as organizations increasingly want to show social responsibility leadership, further embed sustainable practices, or simply find another way to improve how they do business and benefit their communities.
BS 8950 has been written to help users identify, preserve and enhance their organization’s social value.
Who is BS 8950 - Social value for?
The intended users of BS 8950 on social value are decision-makers within organizations and those who support the decision-making process. This covers:
- Organizations and companies of all sizes in all sectors – public, private, civil society, and government, as well as collaborations and partnerships
- Investors, commissioners, and advisors
- Those who are already measuring social value as well as those who are new to it
Why should you use BS 8950 - Social value?
BS 8950 on social value gives guidance and principles for the understanding, preservation, and enhancement of social value.
It focuses on the collection and use of appropriate data for making decisions about social value in all types and sizes of activities, organizations, and groups, including public, private and social purpose organizations working alone or with others; and creates a framework for measuring social value, building on and linking to existing principles and frameworks.
BS 8950 on social value:
- Helps organizations to understand their role in preserving and enhancing social value
- Helps with decision making by collecting and using appropriate data
- Gives a framework for measuring activities and makes links with existing frameworks
- Outlines principles to help organizations recognize, account for and report on social value
- Outlines social value in the context of sustainability
- Helps identify the benefits of social value, no matter how little data or maturity an organization has
NOTE: BS 8950 on social value is a guide, not a requirements standard. Also, it doesn’t provide detailed practical instructions for carrying out specific related social value activities; and standardized data for qualifying impact.
