Social Value UK

Category: Social Value Commentary

  • Activity spotlight – The Credera Academy

    Activity spotlight – The Credera Academy

    This blog is the first in a series which showcases some of the fantastic activities which members of Social Value UK are conducting to generate a positive social impact.

    In this blog, we’ll be shining a spotlight on the work of one of our organisational members, Credera, and their flagship social value initiative the Credera Academy. Credera are a global consultancy with expertise in data, ecommerce, artificial intelligence, experience design, and management consulting.

    The Credera Academy is a skills-based initiative aimed at 16-18 year olds, delivered in a school setting. Guided by Credera’s staff, students experience a series of interactive workshops crafted to equip them with the tools and knowledge to thrive in the workplace.

    The workshops are provided to schools entirely free of cost, providing students with a window into the world of consultancy – a career path they may not have previously considered or even knew existed.

    Credera Academy workshops cover a broad range of topics, from crafting a great CV from scratch, to understanding how to confidently navigate a job interview. Students are provided with insights and practical activities every step of the way. There’s an emphasis on “soft skills”, too, such as communication skills, collaboration, and critical thinking – skills applicable to any industry the student may choose to start a career in.

    Through interactive activities and case study scenarios based on real-world consultancy projects, students have the opportunity to use and improve their problem-solving and decision-making skills – essential competencies for any aspiring professional.

    The impact of Credera Academy workshops extends far beyond the confines of the classroom. As a member of Social Value UK’s movement, Credera are deeply committed to driving positive social change through their activities. By providing students from all backgrounds access to these workshops and experiences, Credera are helping to unlock the potential of young people as they move from education and into the world of work.

    Case study questions

    Could you tell us briefly about your organisation?

    Credera, a global consulting firm, combines transformational consulting capabilities, deep industry knowledge, and AI and technology expertise to deliver valuable customer experiences and accelerated growth across a broad range of industries worldwide. 

Our one-of-a-kind, global boutique approach means we provide our clients with tailored solutions unique to their organisation that can scale due to our extensive footprint.

    As a values-led organisation, our mission is to make an extraordinary impact on our clients, our people, and our community.

    We believe this approach allows us to work with and transform the most influential brands and organisations in the world, from strategy through to execution. Visit us at www.credera.com

    What social needs/problems is the Credera Academy aimed at solving?

    The Consulting Academy is a skills-based initiative founded on the principles of social mobility. The Academy seeks to bridge the gap between people from disadvantaged backgrounds and secure, prosperous employment with the added benefit of contributing to workplace inclusivity.

    How has it been developed?

    Credera have worked closely with an Education Consultant, and taken onboard feedback from staff and students at their partnership schools, to create a structured curriculum and set of learning objectives based around a series of workshops, helping students to develop relevant business skills that are core to a consultant but are also transferrable across many different work settings.

    What outputs have been achieved?

    30+ Crederians have been trained as facilitators and the Credera Consulting Academy has reached over 500 students in Leeds, Newcastle, London, Jersey and Monmouthshire; with further sessions planned throughout 2024.

    How does this benefit your organisation in the short term?

    Running this initiative enables our people to be a force for good in the communities within which we work.

    How does this benefit your organisation in the long term?

    Running this initiative will allow us to evidence meaningful positive social impact in underprivileged areas and contribute to ensuring that every young person has the opportunity to reach their full potential, regardless of their background.

    Do you have any stories from individual young people who you’ve helped that you could share?

    • “They have made me feel better prepared and less anxious about the working world.”
    • “It has shown me how to be more confident and how to structure my interview.”
    • “I’m now aware of the importance of soft skills, transferable skills and how to take initiative during an interview.”
    • “It has inspired me to look at more career paths.”

    Is your organisation also working to generate positive social impact? If so, learn more about Social Value UK’s mission here, and consider joining our movement.

  • ESG – What’s New?

    ESG – What’s New?

    Our Private Sector Lead Charlotte Österman provides a much needed update on this rapidly evolving area of reporting, with the UK Government preparing to consult on legislation changes.

    There has been a continued surge in interest in ESG (Environmental, Social, and Governance) factors and the concept of Social Value, since the SVUK Sectoral Conference on ESG and Social Value International’s global conversation nearly a year ago.

    Deloitte predicts by 2025, ESG considerations will account for over 50% of professional management investments in the US.

    An insightful Pioneers Post article recently noted the necessity for systemic change that was emphasised at our conference. The author highlighted that while ESG manages risk and conveys an ‘idea of impact’, it may not bring with it the broader change required, simply on its own. 

    Debate persists on whether reporting should remain distinct from understanding organisational management’s actual impact and the larger system within which organisations function.

    In a recent webinar, KPMG UK forecast a ‘regulatory tsunami’ for 2024, with particular focus on sustainability disclosures and ESG – marking a significant shift in the legislative landscape. 

    Within the EU, the Corporate Sustainability Reporting Initiative (CSRD) has replaced the Non-Financial Reporting Directive (NFRD), which has crucial implications for UK businesses operating within the EU.

    This shift not only sets a international precedent, but also acts as a potential focal point for future UK consultations. 

    Of particular interest is the CSRD’s mandating of non-financial reporting for corporates, thus expanding its reach to nearly 50,000 companies, from the previous 11,600 covered by the NFRD.

    The directive introduces a unified framework, utilising European Sustainability Reporting Standards (ESRS) and over 120 Key Performance Indicators (KPIs), determined through a ‘double materiality’ assessment, akin to approaches in the social value movement.

    Sustainability issues that might create financial risks for a company are included, alongside consideration of impact to people and the environment. This goes further than the ESG traditional ‘single materiality’ (risks for the company) approach.

    Moreover, the directive orders third-party assurance, aligning with Social Value International’s Principle 7 call for verification of results.

    The introduction of CSRD will redefine operational processes to meet disclosure requirements, rigorously aligning sustainability reporting with financial reporting expectations. 

    On a global scale, the International Sustainability Standards Board (ISSB) has finalised two Sustainability Disclosure Standards, set to complement the International Financial Reporting Standards (IFRS) Foundation. These standards, designed specifically for capital markets, implement a financial materiality assessment focused on the risks and opportunities caused by ESG factors to financial returns, diverging from the double materiality approach.

    The UK government has acknowledged its’ own legislative gap in a rapidly evolving landscape and committed to establishing a formal assessment mechanism for ISSB standards.

    A call for evidence to review non-financial reporting requirements that closed in August further demonstrated proactive steps toward legislative refinement in the UK. 

    Our aim is for an outcome where genuine impact on people, society and wellbeing is duly accounted for, as opposed to just the impact on the business making the decisions.

    For those seeking more information, Social Value International has a range of helpful resources on materiality available and a 60 seconds to Change the World survey that examines what we all actually want from our investments. 

    For more on ESG, you can access the recorded Sectoral ESG Conference (available via info@socialvalueuk.org) or book your ESG workshop for further insights. 

    So as things develop, let’s continue to shape the future, practise and reporting in a way that is not only about impacts to the business and profits, but the impacts on stakeholders and wellbeing. 

  • British charity shops deliver tens of billions in social value, alongside economic impacts.

    British charity shops deliver tens of billions in social value, alongside economic impacts.

    UK Charity stores created £75.3 billion worth of social value across 2022 in addition to their economic benefits, a Social Value UK assured report has found. 

    Social Value UK’s chief executive Isabelle Parasram OBE said the landmark report shone a light on the broader value created by organisations’ actions and decisions. 

    “This report has identified the positive social value created by British charity stores and enabled it to be expressed in financial terms, so that people sit up and listen to the incredible impact on wellbeing organisations have. 

    “This is a landmark report that I hope encourages more organisations to do the same and the toolkit developed alongside will enable social value creation to be analysed and improved at a local level.” 

    At a launch in parliament last night (Wednesday 26th) Tim Goodspeed of Morethanoutputs, who worked on the linked toolkit, said the Social Return on Investment Report (SROI) revealed the missing piece in our understanding of the true impact charity stores have on British society. 

    The analysis was commissioned by the Charity Retail Association, which represents more than 9,000 charity stores across the UK. 

    The launch was attended by Conservative Minister Stuart Andrew MP of the Department for Digital, Culture, Media and Sport and the Labour Party’s Kim Leadbeater MP. 

    Mr Andrew spoke of the circular connection formed between those touched by the good work of charity stores and future donations, while Ms Leadbeater championed the significant role charity shops could, in her opinion, have in tackling isolation and loneliness. 

    The project was put together by three social value consultants, Mr Goodspeed and Nicola Lynch of LynchPin Support, who worked on the toolkit, and report author Charlotte Österman of Pax Tecum Global Consultancy.

    An SROI is an analysis of impacts on wellbeing using quantitative and qualitative data gathered through surveys and focus groups that engage relevant stakeholders. In this case donors, customers, staff and volunteers. 

    The report was independently assured by Social Value UK, on behalf of the global standard-setting body Social Value International. 

    Mr Goodspeed outlined how the SROI did not start with a list of questions based on how charity shops hoped to have impacted people but instead asked more simply “what changed for you?” and “what changes when you have an interaction with a charity shop?”. 

    Ten outcomes resulted, with the most important for staff, volunteers, customers and donors being the positive feeling generated by “giving back” to others or the planet. 

    Alongside the assured SROI report, the consultants delivered a toolkit for individual charity shops and charity retail chains to assess how they create social value at a local level. 

    The full report can be viewed here. 

    The report recommendations were to use the analysis to demonstrate the “immense social value” created by charity shops and to use the outcomes identified in it to maximise the positive social value created in future. 

  • Social Value UK signs the Disability Employment Charter

    Social Value UK signs the Disability Employment Charter

    We are delighted to announce SVUK have signed the Disability Employment Charter. 

    It is fundamental to achieving positive social value that we strive for a more equal world that sees organisations make decisions that improve people’s wellbeing. 

    The DEC consists of eight measures focused on improving employment opportunities for those with disabilities that we, as signatories, call upon the government to act on. 

    The charter was founded by Disability Rights UK, Disability@Work, the University of Warwick, the DFN Charitable Foundation, Leonard Cheshire, Scope, Shaw Trust Foundation and UNISON. 

    Notable large employers such as the Post Office, McDonalds, the British Paralympic Association and many others have already thrown their weight behind the campaign. 

    SVUK co-CEO Isabelle Parasram OBE said: “Social Value UK is to launch a campaign this summer focused on championing improved equality and opportunity in the workplace, as part of our Social Value in Perspective work. 

    “When we launched Social Value in Perspective in January, we pressed the case for tackling lesser known wellbeing topics in the workplace, not just because it is the right thing to do, but because it is sensible business. 

    “In this next tranche of work, we will shine a spotlight on the UK’s equality issues, such as the near 30% employment gap between those without a disability and those with one. It is why I am delighted to throw our full support behind the Disability Employment Charity.” 

    The Charter’s primary author Professor Kim Hoque, who is Vice Dean of King’s Business School and co-founder of the Disability@Work research group, commented “It is wonderful that Social Value UK have signed the Disability Employment Charter, thereby joining a growing chorus of approaching 140 organisations that are calling on the government to go significantly further in developing employment policies aimed at enabling disabled people to get into and remain in work.

    “Social Value UK’s fantastic support will be invaluable to our ongoing efforts to achieve substantial change aimed at improving the working lives of millions of disabled people.”

    The charter aims to level up disabled peoples’ employment opportunities, increase disabled peoples’ job satisfaction, and reduce disability pay gaps. 

    Further it has the potential to benefit the taxpayer and support the UK’s post-pandemic recovery by providing employers with the widest possible talent pool and addressing skills shortages. 

    Read the Charter recommendations HERE
  • Using social value to create the workforce of tomorrow through apprenticeships

    Using social value to create the workforce of tomorrow through apprenticeships

    Social Value UK has forged a new partnership with the Careers and Enterprise Company to boost youth employment and apprenticeship opportunities.

    The number of 16-18 year olds Not in Employment, Education or Training (NEETs) currently stands at 6.4%, one of the lowest levels ever recorded, according to the Office for National Statistics. 

    But this figure masks a slight fall (0.9 percentage points) in the number of school leavers continuing in education or starting apprenticeships. 

    There are concerns young people are leaving education without a clear career pathway. 

    The government-founded Careers and Enterprise Company (CEC) runs career hubs to assist schools in having meaningful conversations with employers, colleges and apprenticeship providers. 

    The leads and coordinators identify links between education and skills to particular jobs, and provide one-to-one personal guidance. 

    However, hub staff can find it difficult to outline to organisations what the benefits of providing employment and training to young people are. 

    Social Value UK co-CEO Crispen Sachikonye said: “We are designing a programme that will equip the hub leads and coordinators with the language and confidence to speak about social value. 

    “This will bolster their ability to engage with employers who, through mechanisms such as SROI, will be able to measure the impact of taking on apprentices and developing young staff. 

    “Employers will come to understand how careers education can be used to develop their future workforces and sustain their business. 

    “This training programme is an excellent example of how social value can be used as a positive measure to improve outcomes for both employer and employee, while benefitting the wider community. 

    “We are delighted to be providing this training. Our ambition is that by spreading the message of social value accounting, both employers and young people can reap the rewards.” 

    For more information contact: madeleine.england@socialvalueuk.org 

  • Budget policies could boost equality with right support

    Budget policies could boost equality with right support

    SVUK cautiously welcomes some areas of the Budget announced by Chancellor Jeremy Hunt today (March 15), but questions the lack of investment in Green energy.

    …

    Social Value UK welcomes further child care support to boost equality in the workplace, but urges the government to consider a faster timetable for implementation. The current timeframe would see some parents go without support until 2025. We would hope the government funds this appropriately to ensure the policy reaches its full potential. Funding is integral to success, alleviating the stress put on families during a cost of living crisis and providing job security for those working in childcare and early years provision. This would further boost wellbeing.

    “Improving the ability for parents to return to work in some capacity, without facing financial penalties, is an enormous boost to equality and wellbeing provided the government properly funds this policy,” said Isabelle Parasram OBE, SVUK’s joint chief executive.

    SVUK cautiously welcomes the government’s policy shift to axe the Work Capability Assessment, but is eager to understand further detail. There is a 30% employment gap between disabled and non-disabled people in the UK and the government need to address this in any new policy that comes from today’s Budget. We support the principle that those with disabilities or long term conditions should be able to look for work without losing their benefits. This is not only great for wellbeing, but will help address the UK’s chronic shortage of workers.

    SVUK was extremely disappointed not to hear the chancellor announce further sustainable, green energy investment. Delaying investment will lead to further negative social value outcomes. We are heading towards climate disaster and the UK needs to strengthen its commitment to renewable energy sources.

    For Further Comment Contact: matthew.mckew@socialvalueuk.org

  • SVUK meet Labour Party Shadow Business Secretary 

    SVUK meet Labour Party Shadow Business Secretary 

    Social Value UK CEO Isabelle Parasram OBE led a delegation to parliament last Wednesday (March 8) to meet with Labour & Cooperative MP Jonathan Reynolds. 

    The Labour Shadow Business, Energy and Industrial Strategy Secretary was keen to hear how social value could be embedded in the procurement process to ensure companies achieve good outcomes for stakeholder wellbeing, equality and environment. 

    His position reflected that put forward by the Deputy Labour Leader Angela Raynor MP during the Second Reading of the Procurement Bill in the House of Commons. 

    Raynor said: “Social value is a tool that makes it easier to give money to local British enterprises, creating jobs, skills and green opportunities in their communities. It rewards providers who want to build a better society and contribute to our nation’s prosperity in the long term.” 

    During Wednesday’s meeting Reynolds indicated a commitment to seeing strong outcomes, as opposed to companies ticking boxes by achieving mandatory outputs. 

    He further outlined Labour’s goal to turn around the UK economy and make it the best performing in the G7. 

    Reynolds seemed particularly interested by SVUK’s Social Value Perspectives campaign, which has begun to shine a light on the best workplace practices to improve staff wellbeing and productivity. 

    He also showed support for increased equality in the workplace, especially with regards to people with disabilities. This would help Labour address a key concern held by British businesses, unlocking a hidden workforce at a time when companies are struggling to recruit. 

    Social Value UK has begun work to hone the Social Value Perspectives campaign towards targeting specific industries, to improve our message spread. 

    SVUK CEO Isabelle Parasram was joined at last Wednesday’s meeting by Advocacy Lead Matthew Mckew and newly appointed SVUK board director Liam Ronan-Chlond, who facilitated the meeting. 

    “Meeting with politicians from across the political spectrum is key to meeting our vision for a world where more organisations make decisions based by their social impacts,” said Parasram. 

    “If this can be achieved through regulation, government policy or support, we want to help shape the conversations. We need to ensure social value does not become the next version of greenwashing when it comes to ESG strategy.” 

    For further comment or information contact: matthew.mckew@socialvalueuk.org 

  • Contract for Change NEW CASE STUDIES

    Contract for Change NEW CASE STUDIES

    For those of you following our Contract for Change Programme, we have some new Case Studies to share following contributions made at our annual MemEx Conference. 

    The first looks at local authority practice, and the Social Value Engine (SVE), led by East Riding of Yorkshire Council and Rose Regeneration. SVE is an impact measurement software tool – the only UK software tool with Social Value International accreditation issued by SVUK.  The accreditation shows its alignment with the eight Principles of Social Value. The SVE is widely used by 150+ users from the public, private and third sectors. 

    The SVE team have found the world of social value measurement is reaching a tipping point where a local authority developed, and managed solution is in demand and very appealing 

    The Case study lays out the recent Action Learning set process working with Local Authorities to inform the practice behind the SVE and their plans to launch the product nationally across local government.. 

    READ HERE: A Collaborative Approach by Local Authorities

    The other resource we are sharing is from another member – Sodexo. 

    Sodexo recognise their success as a large global company is very much predicated on the success of their eco-system – from colleagues to clients to supply chain to local charities.  

    This has driven them in their journey to better understand charities’ priorities, resilience status and capacity challenges. In doing so, they have set out providing Pro-bono support to local charities, offering their skills, technical and professional expertise free of charge to support. 

    “Involvement of socially responsible organisations such as Sodexo providing skilled volunteering creates immense social impact for charities / people they serve; tangible impact is felt across communities and economies.” – Ed Mayo, CEO, Pilotlight 

    READ HERE: Achieving Impact Collectively

    If you’d also like to contribute to our growing number of resources to share with the Contract for Change community, we welcome contributions!  

    Please email info@socialvalueuk.org for more information. 

    Posted 7th March 2023

  • SVUK attends launch of Sustainable Finance Standard 

    SVUK attends launch of Sustainable Finance Standard 

    A newly launched sustainable finance standard heralds “significant disruption” to accounting for the first time since the Victorian Era, the director-general of standards at the British Standards Insitute has said. 

    Scott Steadman said the BSI ISO 32210 Sustainable Finance Standard was a “collision between normal financial accounting and industry workflow”. 

    The standard provides the finance sector with guidance on how to apply sustainability principles to their work. 

    It was developed for retail banks, lenders and investors, asset owners (sovereign wealth and pension funds), asset managers, insurers and service providers. 

    Recipients of finance, public organisations, industry associations and financial market regulators, are also encouraged to adopt all or part of it. 

    Speaking at last week’s launch event at Bloomberg, London, Steadman said the standards’ launch coincided with a period of significant risk and opportunity for the sector. 

    Social Value UK Advocacy Lead Matthew Mckew attended the event to better understand what impact the standard could have on the global environment and to ask those present if social value had been considered. 

    He was encouraged by the sharp focus on better integrating sustainable practice within financial investment decisions. However, he noted the reluctance to implement regulation, when the UK Financial Conduct Authority’s representative was asked by Steadman how to get firms to abide by the new standard. 

    Social Value is not included within the standards, however, there was a general feeling among many who attended that it should go hand-in-hand with sustainable finance. 

    ISO Secretary General Sergio Mujica said the focus in developing the new standard was not on technicalities, but on creating an easier, safer and better world for people, with sustainability at the top of the agenda. 

    “There is a very strong sense of urgency… whatever we do today, we will only see an effect from in ten to 15 years, so we better start as soon as we can. 21 million people displaced every year, that is a reality today [under UNHCR’s mandate].” 

    Standard author Hayden Morgan wrote in the executive summary: “In some cases, it is anticipated that the standard may be referenced as pseudo-regulation where statutory sustainability requirements are absent or not enforced.” 

    The purpose of the standard concerned areas such as informing an organisation’s sustainability statement/policy, helping develop strategic goals, creating a stakeholder engagement plan and being used as a benchmarking system. 

    There was a broad sense of support, but ISO Risk Management Committee chair Russel Price put forward a challenge alongside his praise during the event: 

    “I want to point the finger back at investors and say why aren’t you asking for evidence of capability? Why aren’t you able to challenge companies you are investing in to be better in areas important to you – and that might be short-term gains or long-term developments.” 

    He further called for greater engagement with SMEs. 

    During a panel session, the Bank of England’s head of climate hub division Chris Faint called for more investment to be made with an eye on the future. 

    He suggested it would be better “if investments were based on not just what we are seeing today, in terms of carbon emissions, but on the trajectory of what will happen to those carbon emissions over time”. 

    “One of the things we are worried about is there is too much focus on right now, what is happening today… And it can count against transitions and can actually create risk.” 

    Faint called for the development of comparable data, to make firms more accountable for their emissions projections. 

    Joseph Noss of Insurance firm Willis Towers Watson added: “We will need to find a way of understanding what a credible transition plan would look like for a business. 

    “Investors can then disagree on how much value that will generate, but that’s what financial markets do, they allow people to express disagreement through price, through value.” 

    The standards can be found HERE

    Posted 7th March 2023

  • GVE (Global Value Exchange) Redevelopment Project – Launch of GVE Advisory Group

    GVE (Global Value Exchange) Redevelopment Project – Launch of GVE Advisory Group

  • SVUK poses social value questions to Southwest lawyers

    SVUK poses social value questions to Southwest lawyers

    “We’ve been doing this, we just didn’t know it” was the overwhelming response to a speech given by Social Value UK chief executive Isabelle Parasram on Thursday evening at Powderham Castle, Devon. 

    Isabelle, alongside two work experience students and SVUK advocacy lead Matthew Mckew, attended a dinner and tour laid on by law firm Michelmores. 

    The focus of the evening was to shed light on the “S” in ESG – Environment, Social and Governance reporting. 

    Isabelle opened her speech by levelling the playing field for the lawyers, who represented diverse firms such as fashion brand Mulberry, utility company Pennon Group and environment charity Client Earth, by outlining what social value is. 

    Positive feedback came back immediately, with those yet to embark on their social value journey suggesting they were already creating positive social impacts but were either yet to measure their impacts or fully involve stakeholders in the process. 

    For others, perhaps further in their journey, Isabelle encouraged the guests to use what they had been measuring to evaluate the outcomes and inform future decisions. 

    The SVUK CEO also flagged the need for organisations to address their negative social impacts and look to challenge themselves. 

    This sparked intrigue from the guests, with some admitting negative impacts had perhaps flown under the radar. 

    Either side of Isabelle’s speech, the assembled guests were treated to a tour of Powderham Castle by the owner, the Earl of Devon Charles Courtenay. 

    Over dinner, SVUK advocacy lead Matthew Mckew invited guests to consider their social value creation through the prism of staff wellbeing. 

    He outlined how the benefits exceeded just moral or ethical rewards and could prove beneficial in terms of productivity. 

    Matthew also challenged guests to consider how they went about trying to achieve a positive impact on their local communities. 

    He asked the lawyers to consider, for example, how pro bono legal advice could be more impactful to an under-resourced community group than a spare pair of hands on a DIY morning. 

    Social Value UK attended the event as part of its advocacy programme. 

    It was an opportunity to spread the social value message to external groups and encourage more organisations to make decisions informed by their social impacts. 

     

    Posted 13th February 2023