Let’s Talk Social Value - Season 4, Episode 1
Isabelle Parasram OBE, CEO of The Institute of Social Value
About Isabelle and The Institute for Social Value
Our latest episode features Isabelle Parasram, CEO of the Institute for Social Value (formerly Social Value UK). Isabelle leads the newly retitled Institute, continuing to focus its work on fostering a community-oriented approach to social value and impact management, alongside supporting companies in tackling social value washing. Her impressive background covers a legal career as a barrister alongside her political engagement and working with the charity sector, where she is a prominent advocate for social justice.
The Institute for Social Value is a professional body that helps organisations understand, measure the impact of, and manage social value, based on their 8 Principles of Social Value.
Listen in to find out:
What the Institute for Social Value aims to achieve
How businesses can transform social value from a ‘box-ticking’ exercise into meaningful practices
Insights into the future of social value in light of the Procurement Act and a new Labour Government
Isabelle’s perspective on the issue of ‘social value washing’
In this episode, Sarah talks to Isabelle about:
The journey of transitioning from Social Value UK to the Institute for Social Value, the Institute’s goals for professionalising the sector, and its emphasis on community-building and inclusivity.
“We are all engaged in the creation or destruction of social value. It’s something everyone should understand, be passionate about, and actively contribute to.”
Find out more:
What the new Institute for Social Value hopes to achieve:
Community Building: Creating an environment where all stakeholders feel ownership of the Institute’s mission.
Professionalisation: Establishing standards, codes of conduct, and a collective voice for the sector.
Advocacy and Policy Influence: Amplifying the voices of those that are often unheard, and shaping meaningful social value policies.
What businesses need to do to change their perception of social value from a box-ticking exercise to a meaningful practice:
Understand Impact Beyond Metrics: Recognise that social value isn’t just about measuring numbers but about genuine community and stakeholder engagement.
Embed Social Value in Strategy: Integrate social value considerations into core business operations, not as an afterthought.
Engage Leadership: Secure buy-in from decision-makers to foster a culture of responsibility and innovation.
Seek Honest Feedback: Welcome constructive criticism and use it to drive meaningful changes.
Avoid Social Value Washing: Commit to authentic practices to ensure credibility, reliability and long-term success.
Social value isn’t just about measuring numbers but about genuine community and stakeholder engagement.
Will the change of government affect social value?
Isabelle highlights the importance of cross-party collaboration in shaping policies around social value and The Institute’s advocacy role ensures that voices within the sector are heard regardless of political leadership. While a new government may influence the focus and mechanisms of social value policies, there is growing recognition and understanding of its importance which will ensure social value continues to mature and deliver meaningful impact.
How the new Procurement Act will influence social value:
The Procurement Act, which will come into effect in February 2025, emphasises accountability. Isabelle comments that the transparency notices and KPIs should ensure that organisations will genuinely embed social value practices throughout their business as they will be held to account. This may present opportunities to reform the sector and standardise frameworks.
What we decided not to talk about:
Isabelle and Sarah chose not to discuss the question of the ‘best tool for measuring social value’.
“Social value is about so much more than simply measuring it. We wanted to focus on the broader impacts and the journey towards meaningful practices rather than just the tools.”
If you're a contracting authority or supplier seeking to improve your social value practices, Samtaler is here to help. With experienced professionals and a deep understanding of social value implementation, Samtaler offers tailored solutions to navigate complexities and maximise impact.
Take the first step towards sustainable and socially responsible procurement. Contact Samtaler today to benefit your organisation and contribute to a better society.
To find out how we can help send an email to hello@samtaler.co.uk
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