Social value is the significance, utility, or attractiveness of something to the broader public. It contrasts with monetary value, which represents the monetary worth of something. Social value focuses on the extent to which something contributes to society as a whole, rather than solely its financial value.
Social value refers to the importance, desirability, or usefulness of something to the general public. It encompasses the value that extends beyond its monetary worth or price. For instance, a park offers social value to the community as it provides a space for people to engage in physical activities, unwind, and connect with nature. Similarly, a company that prioritizes sustainability and ethical practices generates social value by contributing to a healthier environment and society. Additionally, a non-profit organisation that offers education and resources to underprivileged communities creates social value by empowering individuals and enhancing their quality of life. These examples demonstrate how social value transcends financial gain and contributes to the overall well-being of society.
Social value refers to the positive impact that a business or organisation has on the community and society as a whole, beyond just financial profit.
Social value can be measured through various metrics, such as the organisation’s contribution to job creation, environmental sustainability, community engagement, and support for local businesses.
In some jurisdictions, there are legal requirements for certain businesses to demonstrate their social value, especially when bidding for public contracts or operating in regulated industries.
While there may not be specific laws that directly hold businesses accountable for not delivering social value, there are legal mechanisms, such as corporate social responsibility regulations and consumer protection laws, that can indirectly impact businesses that fail to deliver social value.
Businesses can incorporate social value into their legal obligations by adopting corporate social responsibility policies, engaging in community outreach programs, and ensuring ethical and sustainable business practices.
Some jurisdictions offer legal benefits, such as tax incentives or preferential treatment in public procurement, to businesses that can demonstrate a positive social impact.
Businesses that overstate their social value can face legal risks, such as accusations of false advertising, consumer fraud, or breach of contract if they fail to deliver on their promised social impact.
Businesses can ensure legal compliance in delivering social value by conducting regular audits, maintaining transparent reporting, and seeking legal counsel to ensure their practices align with relevant regulations.
In some cases, individuals or communities may have legal standing to take action against businesses that fail to deliver social value, especially if it directly impacts their rights or well-being.
Government regulations can play a significant role in promoting social value by setting standards, providing incentives, and enforcing compliance to ensure businesses contribute positively to society.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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