Social Value and Local Economic Value Measurement Changes | The Planet Mark

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Social Value and Local Economic Value Measurement Changes

Dec 11, 2020 | News

By <a href="https://www.theplanetmark.com/author/claire-walmsley-moss/" target="_self">Claire Walmsley Moss</a>

By Claire Walmsley Moss

Head of Marketing

 Members of The Planet Mark can choose to measure Social Value alongside their carbon measurement. The Social Value measurement has historically looked at social, environmental and economic activities such as people, community and volunteering, donations, procurement, and positive environmental impact. It has also included the number of local employees and local procurement spend 

At The Planet Mark, we follow the Social Value Portal National TOMs methodology for measuring and reporting our members’ Social Value. 

The Social Value Portal is an online solution that allows organisations to measure and manage the contribution that their organisation makes to society, according to the principles laid out within the Public Services (Social Value) Act 2012. The Social Value Portal solution allows organisations to report both non-financial and financial dataand rewards organisations for doing “more good” in the community. 

The Social Value measurement is a relatively new approach and the Social Value Portal have been looking into ways to make the reporting more meaningful, each year releasing updated proxies and measures. The Covid-19 pandemic has accelerated this need for continuous improvement and to adapt to our rapidly changing world. Until recently, both Social Valuewhich encompasses the areas described aboveand Local Economic Valuewhich focuses on local employees and local procurementwere combined to give a financial outcome that includes both in one measurement. 

Although useful as a single metric, a monetary value is not always a true representation of  “the good “ a company delivers in terms of its contributions to society. At The Planet Mark we are continuously seeking ways to help improve, report on, and communicate our members contributions to society. 

Following a review and recent guidance by The Social Value Portal, The Planet Mark is now no longer recommending including local employment and local spend within the Social Value measurement, as these measures are more accurately classified as Local Economic Value, which is now considered apart from Social Value and thus will be reported on separately.  

For further information, the Social Value Toolkit and workshop available on this website and outlines 10 ways to improve Social Value reporting. 

More information on how Social Value will now be measured through The Planet Mark will be available in our member’s area shortly. In the meantime, our Certification team will contact any members affected by this change in reporting practices. If you would like specific support around communicating any changes to your reported figures, please contact Claire Walmsley-Moss. 

We know that all our members are making phenomenal strides in building a better world for the environment and society. We are here to support you though this transitional phase and on your wider sustainability journey. Together, we are a collective force for good.