What is BS 8950:2020 about?
Interest in the concept of social value is growing as organizations increasingly want to show social responsibility leadership, further embed sustainable practices, or simply find another way to improve how they do business and benefit their communities. BS 8950:2020 has been written to help users identify, preserve and enhance their organization’s social value.
Who is BS 8950:2020 for?
The intended users of this guide are decision makers within organizations and those who support the decision-making process. This covers:
- Organizations and companies of all sizes in all sectors – public, private, civil society, and government, as well as collaborations and partnerships
- Investors, commissioners and advisors
- Those who are already measuring social value as well as those who are new to it
Why should you use BS 8950:2020?
This British Standard gives guidance and principles for the understanding, preservation and enhancement of social value. It focuses on the collection and use of appropriate data for making decisions about social value in all types and sizes of activities, organizations and groups, including public, private and social purpose organizations working alone or with others; and creates a framework for measuring social value, building on and linking to existing principles and frameworks.
The standard:
- Helps organizations to understand their role in preserving and enhancing social value
- Helps with decision making by collecting and using appropriate data
- Gives a framework for measuring activities and makes links with existing frameworks
- Outlines principles to help organizations recognize, account for and report on social value
- Outlines social value in the context of sustainability
- Helps identify the benefits of social value, no matter how little data or maturity an organization has
NOTE: This is a guide, not a requirements standard. Also it doesn’t provide detailed practical instructions for carrying out specific related social value activities; and standardized data for qualifying impact.