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In a world facing serious challenges of inequality, climate change and wellbeing, organisations have a responsibility to act upon, and be responsive to, these challenges by purposefully making decisions that optimise the positive impact their activities have. Making decisions based on optimising the social value or impact that an organization can make increases an organisation’s accountability and its potential to create as much social value as possible.
That is why we are excited that Social Value International has announced the launch of the latest Principle 8: Be Responsive. This eighth Principle of Social Value is a management principle and represents the need for organisations to respond to impact measurement or ‘Social Value accounts’ with actions.
Be Responsive: Optimise the impacts on wellbeing of all materially affected stakeholders through decision making that is timely and supported by appropriate accounting and reporting.
This standard will help you use the social value or impact data that you have to make decisions in a way that will help you achieve your goals, contribute to a more sustainable and equitable world, and optimise impacts on wellbeing for all materially affected stakeholder groups. This standard will also help organizations to create a structured ‘impact management approach’ that can guide decision making at strategic, tactical and operational levels to optimise impacts on wellbeing for all materially affected stakeholder groups.
By adopting this approach organizations will be able to implement more of the activities that are designed to maximise positive changes in wellbeing, and also identify and eliminate activities that result in negative changes in wellbeing as fast as possible.
Watch here an introduction to the Principle: Youtube
Download the standard of applying Principle 8 here.