Social value and social impact
The meaning and difference
Diversity, Inclusion, Equality, and Purpose (DIEP) for great sustainable workplace health & wellness is amazing. Are you ready to get started with DIEP? Start up with necessary knowledge about it. Let’s focus for now on social value and social impact. Read more about the meaning and the difference between both.
About social value
Social value is asking the question:
‘If €1 is spent on providing services or buying goods, can that same €1 also be used to produce a greater benefit to the community?’ If you are wondering about whether the whole amount of money spend, don’t. It is about the value of the amount.
Linking social impact
It is all about the change. To people, the community, or the environment as a result of activities or services. Social impact includes social, economic, environmental, and community changes. The changes can be positive, negative, intentional, or unintentional. It affects short, medium, or long term.
Connecting with diversity, inclusion, equality and purpose
Social value and social impact should always be considered when working with diversity, inclusion, equality, and purpose. It is heavily connected to serving people and society. Within companies, it is about serving employees, customers, the company, and society.
Nowadays, we can state Millenials and GenZ are especially interested in companies, employers and products- services that are considered sustainable and responsible”. This affects social value and social impact as well. They demand more DIEP companies (and products and employers)
Most companies are not ready for this big change. They should be though. Studies show in 10 years, both these groups will dominate every market possible! Ring the alarm! It means for companies the best or the worst. If you are not investing in DIEP< you will lose out on attracting and retaining talent (and let’s not even start with the money spent on these HR topics) and you will lose customers.