Social Value captures the difference an organisation or project can make to the community it operates in.
Social Value considers social, environmental, and economic benefits to capture the difference an organisation or project can make to the communities it operates in. It encompasses a wider definition of value than simply financial outcomes.
As a public body, we have a duty to consider Social Value as an integral part of procurement processes. However, our commitment to Social Value goes beyond procurement processes. We will ensure Social Value benefits are realised in all activity across the organisation.
Social Value is especially important in the Liverpool City Region. Over the last 10 years, there has been demonstrable improvement in the city region’s economy; the population is more skilled, the business base is more diverse, and the city region is better connected.
However further action is required if we are to truly disrupt the long-standing economic, social and environmental challenges and inequality which persists across the city region.
These challenges affect the health, wellbeing and quality of life of our citizens and communities and are likely to get worse as we experience further economic turmoil and a cost-of-living crisis.
Our commitment to maximising positive outcomes for the people and places across the Liverpool City Region is set out in the Liverpool City Region Combined Authority Social Value Policy and Framework, published in April 2022.
This details how we will maximise the Social Value we create to deliver a fairer, stronger, and greener city region where no one is left behind through our role as an employer, an organisation with devolved powers and a regional civic leader.
We are committed to hold ourselves to account and will report our progress and impact annually in order to do so.
The annual report 2023 is the first opportunity to measure and monitor progress over the last year, report on our commitments and identify ways to challenge ourselves moving forward.
This report is the first annual Social Value report following the launch of our Social Value Framework last year. This report will act as a benchmark for how we will measure our progress and report on our Social Value impact in future annual reports.