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by Daniel Lewis, Regional Impact and Social Value Officer
Wales stands at the forefront of redefining economic success. The traditional model of measuring progress by looking at the bottom line, often at the expense of social welfare or the environment, is being challenged by innovative legislation and a growing commitment to the wellbeing economy.
Here in Wales, wellbeing is not a buzzword, it’s a world-leading piece of legislation and an evolving paradigm shift. We have a national development framework that clearly envisions a sustainable future for our country and the Well-being of Future Generations Act that commits us to it. We also have the recent Social Partnership and Public Procurement Act that helps create the conditions for better employment, safer workplaces, and a dynamic economy. The evolution of UK legislation, especially with the upcoming Procurement Act, further supports this shift by empowering public sector buyers to consider social and environmental benefits alongside economic factors.
As an organisation, we always consider how we align and maximise our contribution to the national well-being goals and embed the sustainable development principle’s 5 ways of working within the growth deal portfolio and all our engagements. We are committed to growing the right kind of economy; one that respects ecological limits and provides a decent life for generations to come.
To better understand and explore ways to enhance this, we recently conducted a survey that examined the level of awareness and implementation of social value across various sectors in North Wales. The findings revealed a stark difference in familiarity and strategic implementation of social value across different sizes of organisations:
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Smaller organisations, with fewer than 50 employees, generally lack familiarity and a formal social value strategy.
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Medium-sized organisations, with fewer than 250 employees, lack consistent confidence and do not view their methods and outcomes as effective as desired, although mostly developing or having established strategies.
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Large organisations, with over 250 employees, exhibit the highest level of familiarity and more often have well-defined strategies in place.
These insights underscore the need to bridge gaps by connecting resource-rich organisations with those needing support to advance social value principles effectively. It’s clear from the survey that even organisations without formal strategies often engage in community-focused and ethical practices. These findings spotlight the potential to underpin their efforts, enhance their visibility, as well as their ability to participate in public procurement and produce greater value-added outputs.
The survey also highlighted the challenges of quantifying social value. Those currently engaged in strategy development expressed frustration and rated their methods as less effective, illustrating the complexity of measuring and understanding the broader intangible impacts of their initiatives.
Importantly, the survey revealed the power of support networks in enhancing social value outcomes. Organisations involved in such networks reported significantly better results, pointing to collaboration as a crucial element in amplifying social impact.
Recognising the appetite for more structured support, we are keen to foster these networks, encouraging a collaborative approach to tackling social challenges. By sharing best practices and learning from the experiences of others, we can navigate the complexities of implementing social value strategies and ultimately increase our impact.
We see this as a pivotal area for growth and we’re thrilled to have arranged a free online workshop with experienced multisectoral guest speakers sharing their knowledge and opening the door to an invaluable regional support network. The aim is to empower organisations to elevate their social value contributions, further strengthening Wales’ well-being economy.
The growing recognition of social value, and the very encouraging appetite to learn and develop, is a promising sign that we are moving towards a more sustainable economic model. This shift towards a triple-bottom-line approach isn’t just a compliance exercise for Welsh businesses, it’s a chance to lead the way in fostering more resilient and inclusive communities.