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08 Dec 20201 minute read

New British Standards guide on social value

New British Standards guide on social value

The British Standards Institute (BSI) has published a new guide for businesses and organisations of all sizes on social value. This covers social responsibility, sustainable practices, and sustainable development in line with the UN Sustainable Development goals.

The new guide, named BS 8950:2020, can be accessed here.

BS 8950:2020 focuses on the collection and use of suitable data for making decisions about social value in all types and sizes of activities, organizations and groups, including public and private organizations working alone or with others; and creates a framework for measuring social value, building on and linking to existing principles and frameworks. It aims to:

  • Help organizations to understand their role in preserving and enhancing social value
  • Help with decision making by collecting and using appropriate data
  • Give a framework for measuring activities and makes links with existing frameworks
  • Outline principles to help organizations recognize, account for and report on social value
  • Outline social value in the context of sustainability
  • Help identify the benefits of social value, no matter how little data or maturity an organization has