Using the national TOMs Framework, to provide a minimum reporting standard as a basis for measuring social value, enables us to measure what matters in an objective and organised way. It also enables us to capture and communicate the social value that we and our supply chain are creating in terms of our financial, environmental and societal contributions. And, because we retain ownership of our logistics parks and build long-lasting relationships with our customers and the local community, this system will also enable us to work with our customers and record the enduring social value provided by our logistics parks over their lifetime.
When you consider that the Social Value Act was introduced over five years ago, it’s surprising that some businesses are still struggling to articulate what social value actually means and that’s why it’s so important to have partnerships and measurement tools which can identify tangible outcomes and deliver consistent, meaningful metrics.
It’s also important to remind ourselves that social value isn’t a new thing: many businesses with strong company values have been making genuinely positive contributions to the wider economy and our society for many years. From training and employing the long-term unemployed and people with convictions, to sourcing material locally and improving green spaces in the local community, many of these initiatives are already happening – the problem is they often go unnoticed or unrecorded.
The emergence of social value has put people and ethics back at the heart of business and, for companies with a strong culture of ‘doing the right thing’, there is an opportunity to build on trusted partnerships for the long-term and measure how shared mutual values can bring long-term benefits for local communities.